SKYSHIP wrote:BBB - "...the same used to be said (at least by me!) of preference shares."
Sorry, could you explain. ... Are you referring perhaps to a pref share trading at a premium to par as it adjusts higher to falling interest rates? If so then I'm afraid your comment is incorrect and I'll elucidate once confirmed.
I certainly said prior to the start of new millenium that you should not buy prefs above par so my comment is absolutely correct. Somewhere round about then came a tipping point and that rule no longer applied. Prior to that - quality Prefs (Aviva, Stand.ch.7te pr (STAB)) etc hovered either side of par and you could make a turn if you played the market - much as you can on Green Infrastructure shares today as well as collecting nice dividends along the way. I remember a 'conversation with CompSciDude on the Motley Fool on how I did it.
If you download the data from ADVFN (which only goes back to 2000) on STAB you will see this. I realised this was a tipping point and held on to my AVIVA prefs and only sold them when the yields on Green Infrastructure Funds exceeded their yield.
with kind regards - BBB (aka A0002577 on ADVFN)