Reader Reviews

At first glance, this book may appear to be an updated second edition of Ken’s 2007 book, Preferreds: Wall Street’s Best Kept Income Secret. Although written only three years ago, that was actually a long time in the current investment environment. The first book is an overview on what was then an almost forgotten investment instrument. This book is a review of the basics, and a retelling of the dramatic events that have occurred in the past few years. In Preferred Stocks, Ken also provides practical advice on how to invest in an understudied asset class.

Mike Carr, CMT

The preferred share is the platypus of the investing world. It’s not quite a stock and not quite a bond. It is just a little bit complicated, what with its credit rating and yield-to-call and so on. It is likely to underperform when the market goes on an upwards tear or into a major plunge. Preferreds are not easy to research at places like Yahoo! Finance. Big institutions usually avoid them because they’re too thinly traded. No wonder most of us forget to even consider investing in preferred shares.

Given all that, Ken Winans has achieved something remarkable. He shows us that preferreds produce good risk-adjusted returns when markets are meandering—as they do much of the time. And he makes persuasive case that since most people forget preferred stocks, they should be a mainstay of any smart investor’s life.

Stephane P. Fitch

Good book; clear and concise, which for whatever reason, seems to be a problem for many people who write financial books.

Bill Gibson, CFA

I have followed Ken Winans’ research for years, and believe it to be some of the most creative work in the investment business. This is his best book yet! It offers a lot of valuable insight into the process of investing not found in other books.

Jim Wilson, CFA