"For a portfolio for "all but the most conservative investors", it's pretty heavy on financials and REITs, isn't it?"Financials and reits are the great majority of pfd stocks and ETD's. Next would likely be utilities. It's impossible to make a portfolio for any but the most conservative without being heavy in them. I break them down into five categories......banks, insurance, reits, utilities, and others. There are very few stocks in the others category. Utilities are pricey and yields are comparatively low. They are indeed for the most conservative theoretically......at least as far as dividend safety is concerned. So you are left with two choices.....financials (banks and insurance)and reits. That's the pfd stock world. It is what it is. For this reason and because of liquidity issues, the pfd ETF's (PGF,PGX,PFF,PSK) are all heavy in financials. Some have a smattering of reits or others/utilities but an investment in them is pretty much a straight bet on the financials. So if you want to make a large investment in pfds by way of the ETF's then you are into financial pfds. To get more diversification, you have to do it yourself....such as i've demonstrated........................................Xot
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