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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.

A few months later...
WFC/L has fallen in sympathy with bond prices now 1079.20; yielding 6.94%
As a bond like asset you can guarantee a fixed income stream; however their is a risk that yields continue to rise and that the value of the underlying stock falls such that you might lose money if forced to sell. But given how high yields have risen,my understanding is that further increases will only lead to relatively modest price declines.
Overall the risk reward seems pretty decent; not quite as good as during the GFC, but still

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