THE MELTDOWN IN THE financial sector is creating opportunity in a corner of the market that is often ignored: preferred stocks. Recent issues of these hybrid securities, which look like stocks but have some bondlike qualities, are paying as much as four percentage points more than the yield of 30-year Treasury bonds. That's double the average spread over the past five years. Opportunities in preferreds, says Richard Lehmann, president of Income Securities Advisors, a Florida investment firm, are "better than most stocks I'm looking at."
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