Stock Picker's 'Preferred' Strategy
What investment vehicle does LPL Financial's Jeffrey Kleintop prefer? Preferred stocks.
"If you told me I could only buy one thing...preferred stocks look really attractive here," he told CNBC.
"That may be one area of the market that really bounces the hardest; as we take a look at this range that we're in, maybe there's a little bit more upside before we come down again."
Preferred stocks are not normally associated with capital gains, but because the recent market has been so distorted, Kleintop claims that may well be the case.
"Many of them are trading at well below par value, so not only do you get a really attractive yield here, but perhaps, with the re-introduction of liquidity to the financials...preferred shares may be the biggest beneficiaries in the near term," he said.
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Disclosure information for Jeffrey Kleintop was not immediately available.