The following is notes to myself, not investing advice.
There are roughly 730 pfds, though some are actually converts or bonds. Most websites (all?) that discuss them or provide lists/screeners say what their CY is, which is mostly useless info, but fail to calculate YTC/YTW/YTM and never those relative to an issuer’s credit-worthiness, which is what really matters. In short, if you understand bond investing, then investing in pfds is a piece of cake (and takes far less money, since par is typically 1/40th of a bond).
What both do require, though, is the ability to do basic, funnymentals analysis, plus a means to chart the security. Absent a Moody’s report, the easiest site for estimating an issuer’s credit-worthiness is SimplyWallStreet. The best (only?) site for charting bonds is FINRA. Any website will chart pfds.
So, here’s what I’m finding. Many companies issue stocks, bonds, and pfds, all at the same time. Which is/are the better buy depends on your goals and the ability to get a decent fill. I buy a lot of bonds. But I’m finding that the higher YTMs and shorter maturities of pdfs are attractive, even in today’s over-bought market.
Arindam
PS Depending on the context, there is no meaningful diff between the terms ‘investing’, ‘trading’, ‘speculating’, ‘gambling’. All of them are bets on the outcome of very uncertain events. Therefore, timing and position-sizing are crucial, not the nonsense called “diversification”.