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<<the odds on getting your principal back are about like a lottery ticket.>>

So you really think the probability of Bank of America surviving until January is like 1 in 100? Would you like to make a little bet on that?

I was hoping for a substantive response about these specific bonds, not cliches.

Yes the market is trying to "tell me something." But it may be telling me that some bond holders must come up with cash right now and are willing to sacrifice a few hundred dollars in interest payments to do so.

In that regard, there are a good number of very high-quality preferred stocks trading at significant discounts at the moment. I have been buying, carefully, as people are tossing good stuff out the windows. I notice that, e.g., Buffett is doing it, too.
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