I just think locking in long-term 6% returns through a perpetual security that is not puttable, which most aren't, is a very dangerous gameIs a Single Premium Immediate Annuity a dangerous game?How about a pension from a private employer?A 30 year bond held to maturity?All of these, along with a preferred stock held in perpetuity, are different versions of the same thing: long term reliable fixed income.Yes indeed, these have risks. Default is #1, but for most, a small risk. The 600 lb gorilla in the risk-room for this kind of fixed income is purchasing power, for which the recipient of the income stream is purely at the mercy of the economy and the actions (or inactions) of Federal Reserve monetary policy.BruceM
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