An alternative to cash where some income yield can be picked up as well as being exposed to some potential upside. Yield to the first call (2006) is about 5.5% and the final call (2008) is 6.5%. Good in a takeover or earnings recovery.
(A Top Pick March 21/13. Up 18.8%.)Sold his holdings in February, but will probably continue to trade it. Might buy this again as the underlying real estate is good. Thinks there is good value here.