December 28, 2022

Wednesday was another negative day in the markets. The S&P 500 was down 1.2% and Toronto as down 1.1%.

Almost all the stocks I monitor were down today.

Tomorrow I am adding a rate reset preferred share to the list. BPO.PR.G issued by Brookfield Office Properties a subsidiary of Brookfield Properties L.P. now yields 8.7% and has 4 and a half years to go before it resets again. The structure of this entity is complicated and the credit rating may not be that strong. And office properties are certainly out of favor. But I’d be very surprised if it ever failed to pay the dividend. Nothing is without risk. But the 8.7% yield looks good to me.

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