Buying Preferreds

Banks are being destroyed today. There should be some nuggets in all this bad stuff. But buying common is scary, even common of Wells Fargo, the best (in my opinion) US bank. So I bought some preferred shares, Wells Fargo Trust XII (BWF). Maybe I will even keep it, yield is about 9% at current price.


Full disclosure: at the time of publication author had a long position in BWF. Positions can change any time.