Submitted by Famous_War5848 t3_126ymob in wallstreetbets
Am I crazy for thinking that buying $FRC preferred is a good idea? They announced they arenβt looking for a buyer. It seems that the backstops have been mostly effective.
If FRC does end up getting bought buy another bank: The preferred will either keep paying, or get redeemed at $25 a share. Currently trading around $6.
How flawed is my thought process
fenriswulfwsb t1_jec3fse wrote
FRC has found a pretty convincing floor. Unless we get bad news, it'll probably slowly edge up. Earnings (two weeks) may be a big opportunity as it will give us the first real window into if they were affected as much as the fear mongering indicated.