IMO - When looking at preferred shares, as long as you are buying quality where the dividend should always be paid, the rate resets are among the best places to be because they over time adjust to whats happening with interest rates. Like almost all preferred shares, they do have one major flaw and that is that they are not redeemable no way out other than selling into the market. As such buying them at a discount to their $25 issue price is the only way to go. Lots of them are trading at a considerable discount. If preserving capital is important, you have to be prepared to hold till they trade higher in price than you paid (they do pay you to wait though) and this could take some time. IMO
