保守的投資人以為特別股很穩定,每年固定收息,只要收益比銀行利息高就很滿意了。 殊不知利率隨經濟週期是會升降的。發行公司的評等也是有升有降,對公司不利時就會被收回。 Jason Zweig說:特別股是一種兩頭吃虧的投資。安全性不如債券,又獲利潛能不如普通股。猶如菜市場的退冰死魚不可親近。 Preferred shares are a worst-of-both-worlds investment. They are less secure than bonds, since they have only a secondary claim on a company’s assets if it goes bankrupt. And they offer less profit potential than common stocks do, since companies typically “call” (or forcibly buy back) their preferred shares when interest rates drop or their credit rating improves. Unlike the interest payments on most of its bonds, an issuing company cannot deduct preferred dividend payments from its corporate tax bill. Ask yourself: If this company is healthy enough to deserve my investment, why is it paying a fat dividend on its preferred stock instead of issuing bonds and getting a tax break? The likely answer is that the company is not healthy, the market for its bonds is glutted, and you should approach its preferred shares as you would approach an unrefrigerated dead fish. (本段摘自 Jason Zweig 的評論)