What is a pref? . . .

hat is a pref, you may ask?

when stocks are up, and bonds are down, it's a bond,
when bonds are up, and stocks are down, it's a stock;

when the market rallies, it does not participate,
when markets are in decline, it is a leader;

it is called preferred,
but is only so to short-sellers;

it is rated P1,
but many just p on it;

it pays tax-friendly dividends,
but no one really cares;

it is issued at par,
but rarely trades above it;

it is superior to common stock,
but not much better than junk or ABC;

it should be the strength of your portfolio,
but it is your weakness;

it should trade with dignity,
but it trades like penny mining stocks;

it is exchange listed,
but might as well be over the counter;

for market-makers indulge,
in stifling your liquidity;

if you want to sleep well at night,
stay away from the preferred share.