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But I become an investing pessimist when I run the tax and inflation numbers for preferreds...

Moi aussi, pretty much. Many trade "by appointment only" and with large bid/ask spreads. Because demand for them tends to be light, they can drop like rocks in time of market unrest. Most eventually recover, but if the objective was to avoid turbulence, they won't do that.

That said, I still have small positions two preferreds: CHSCO and CHSCN. CHS is the largest ag co-op in the U.S. (hence not a publicly traded company, although the preferreds are), based in MN. Backed by silos of soybeans. I'd buy more, but it's difficult to execute anything more than small buys, so I put it off. Oh, well.
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