Jim has written extensively about WFC/L in the past.
Its declined a bunch this past year as interest rates have risen.
What piqued my interest recently is that while rates on the 2 year and 10 year have sunk, WFC/L - instead of rising - has fallen.
Perhaps this is a function of general fear about banks - rather than related to changes in rates.
The upshot is that these preferred's now yield 6.7%; they are non-cumulative, and practically uncallable.
If you think we've seen peak interest rates, at least for a while, this is a way to lock in a safe yield that is 2% better than money markets...
Am thinking of starting a position. Would love to hear some other perspectives. Im not an experienced buyer of preferreds; I realize that there are plenty that yield more than this, but with a different risk profile.