I bought a book last year to see if there was anything more I really needed to know about preferreds. And quite frankly I felt dumber for it, as I knew more than the book presented. Just google preferred stock investing and you will get quite a bit of info. Many of it repetitive as that will help you soak it in better.
Income investing forums will have some good threads to research. Google "Lord Xot" and you will get some good info. Many people follow his thoughts.
You definitely need an investing philosophy if you ever choose to invest in these, and be cognizant of interest rate changes on them as well as "call dates".
Just as an example I will use myself. I like preferreds that are not quite as "jumpy" yield between 6.25%- 7%, have retained earnings, have a history of payment, a guaranteed ROE, and are cumulative. This means I pretty much have all my money in transmission and distribution only electrical utility preferreds.
Most preferreds are financial stocks due to the inherent benefits of offering for their capital structure. Though many such as energy companies will offer them because they cannot get loans the traditional way, or that avenue is "tapped out". I stay away from them. I do not understand REIT accounting so I stay away from them also, but doesn't mean they are inherently a bad investment.
I know nothing about bonds other than they get fed before me and yield less. So I invest where there is plenty of food to eat for the people at the "end of the lunch line".
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