I agree. In fairness, I'd rather have a 7.5-8% pref than a 3% treasury. But, I'd rather have a 2.8-3.8% yielding KO, PEP, KFT, PG, PM, CL at these prices.

Theoretically you can roll short-term treasuries, but it isn't worth it given the paltry yields. I'd rather stay in cash and pounce on an opportunity. The time to buy rock solid preferreds for double digit non-callable returns is when interest rates start going up. Otherwise, you're locked in to something that at some point will be pretty unattractive. PEP and KO won't be unattractive in an inflationary environment. On the contrary.