Preferred shares, corporate bonds and debentures with Harry Levant and Rob Carrick

[weversonman]

So some preferred shares today trade at around $20. Wouldn't it always be better to buy one of these than one trading around $25 that was issued with a higher yield because they work out the the same effective yield, but with the cheaper one if it gets called by the issuer you end up with a capital gain on your principle? Why would someone buy the one with a higher nominal yield from the same issuer vs. the one trading a discount to $25, providing you with the same effective yield?