The number of investment grade preferred stocks selling for a market price below these security's $25 par value is now at 113, up from 22 just three months ago. The reaction of fearful sellers and elated buyers to rumors of a Fed rate increase (which did not materialize) has continued to follow the same pattern that we saw in 2004, the last time we had similar conditions. The net result has been a step toward a more normal marketplace during the second quarter with higher returns available at lower prices for preferred stock investors...
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