Why write a new book on preferred stock? Answer: 2008 dramatically changed everything for preferreds!
The once orphaned preferred security, with a total market capitalization of only 7% the size of the massive corporate bond market, were one of the key tools used by the U.S. government in its intervention efforts (i.e., T.A.R.P.) to stabilize the world economy during the Fall of 2008.
Since then, preferred stocks have been the best performing U.S. investment medium in 2009 (and so far in 2010) and are a darling in the financial media.
It is rare to read anything new about investing. Preferred Stocks: The Art of Profitable Income Investing builds upon my past historical research from my previous books with the addition of new research (market analysis, investment analysis, etc.) as well as revised methodologies in portfolio management for successful income investing in today's environment.
It is a mystery why preferred stocks, one of the oldest exchange listed investments in existence, had fallen between the cracks in a global investment industry fixated offering as many investment products as possible. Preferred Stock: The Art of Profitable Income Investing shows that an unpolished investment gem has been rediscovered.
The rebirth of income investing is here to stay. Why? America's aging population has lost much of its appetite for financial volatility and has chosen the same fiscal course as their ancestors where investment income matters as much as capital appreciation.