Ralphi, agreed. Mr Market will usually figure it out in the end though.
It is interesting that NCP/NCPDP and RUP/RUPDP trade at less than 10% spread whereas VRL/VRLPA spread is much higher, but there is no significant difference between the conditions on the prefs for the three companies.
The market has to figure it out in the long run........
Ed
volume, page-11
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