"Just logged into my broker and looked up these preferred off the top of my head, here is the status:1) GKK PA --> 200k shares available to borrow (aka, available to short)2) KIM PH --> 1k shares available to borrow3) FUR PD --> 15k shares available to borrow4) RPT PD --> 15k shares available to borrow"Boy, I would sure jump on shorting those 1,000 shares of KIM PH while I still could. That is if I was one of you.Ju.................st joking! I love buying illiquid small cap stocks, but there are a few rules to keep from losing your ass.Among those rules are:1) Let the illiquidity and resulting volatility to work for you. Easier to do on the buy side because illiquid small caps can really drop to ridiculously low prices near the bottoms and occasionally have been able to let those factors work for me to sell at equally ridiculously high prices a few times.2) Don't let the illiquidity and volatility to work against you, primarily by never getting into the position of ever HAVING TO SELL one of these thinly traded securities. The easiest ways of having to sell is using margin and I guess shorting could put you in an equally bad position of having to buy. Yoda's point of using limit orders is a good idea as well. One of the smartest men I ever knew, SFC Carrasco my Senior Drill Sergeant, once told me, "Just because you can do something, doesn't mean you should!"I have noticed that the thinly traded illiquid securities seem to drop more in prolonged down markets. Nothing scientific, just I am pretty sure that such under performance happens a lot in down markets. I wouldn't want to try selling many illiquid preferreds when interest rates start to rise and if I was committed to a large scale portfolio of either bonds or preferreds I would reinvest 2-3% of my interest or dividends each year to protect myself from inflation.
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