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Originally Posted by al_bundy The Big Picture | Its Unanimous: Banks Have Bottomed! Interesting that all the big newspapers are saying the banks have bottomed

Here is an interesting bit of advice from Barron on how to play the bottom in financials back in July, wouldn't have worked out to well. Never try to catch a falling knife...

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But at today's prices, preferred shares are much more attractive Besides Fannie Mae, there are plenty of other preferreds with double-digit yields, including Lehman Brothers , Wachovia and Washington Mutual . WaMu's is among the riskiest financial preferreds, trading for just 6.50, a fraction of its face value of $25, but WaMu says it's adequately capitalized. Many companies like Lehman, Citigroup and Wachovia have issued both fixed-rate "straight" preferred and convertibles. A convert, like the Lehman issue in the table, has the advantage of giving investors a call option on the stock. Converts usually yield less than straight preferred.