""Are you pleased that the yield(for other people-yours is already set) went up after you bought them?That's the part that is confusing me. I understand that you got a bargain, and you expect them to pay off. Unless you are buying more, a higher yield just means the market thinks the risk of default went up. I don't see that it benefits you.Vickifool ""You're right. The increase in yield did not benefit me; in fact, it was a bit scary.What pleased me was the jump in prices in the face of negative news.I have never been very good at buying at the bottom so the decline in the preferreds was not a new experience for me.The market's response to this morning's news about the partial sale of GMAC is dissapointing, but I remain comfotable with my positions and still expect a large payday. In the meantime, I have a nice income stream while I wait for that day.
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