The latest (Feb 9) issue of Barron's has a bullish article on preferred stocks
SATURDAY, FEBRUARY 7, 2009 It Only Looks Like a Wipeout By ANDREW BARY Preferred stocks may harbor fewer risks, more rewards.
The article lists several preferred stocks trading at yields exceeding
10% and well below par value (typically $25). The risk is that the companies may be forced to stop paying dividends on the preferred. A closed-end fund mentioned in the article is"Flaherty & Crumrine Preferred Income Opportunity (PFO), now at around $4.50 a share; it has a 13% current yield, and trades at a 4% discount to its asset value."
There is an informative report "Preferred Valuation After the TARP (Jan 5, 2009)" at