RE:RE:Fund StrategyHi Ed,
Yes, I am in the preferreds right now as well but looking to get back into commons when there is a correction. The reason I see my question as important is if the fund tries to time the market there are scenarios where they could do severe damage to the NAV which makes it hard to recover. I am very comfortable with the preferreds of FFN/FTN, but I cannot figure out what happen to FTU for example. Since the preferreds are a series B, maybe there was a corporate transaction that I am not aware of that makes up for the fact that the shares are trading at $7.50 but they have a notional of $10. I would be devastated if the FFN/FTN preferreds traded in the $7s for an extended period as I do not see a scenario where that seems likely (possible yes).