I don't disagree with you at all. Your logic makes sense.
BUT--the choices I outlined earlier are the simplest ones. What you prescribe is akin to telling investors to "buy low and sell high" rather than invest and hold for the long term.
It's a matter of style. Like you said to me in an earlier post, "if you don't take advantage of the opportunity, then someone else will". Of course. But that doesn't mean that we all should change our personal investment strategies just because someone else is making more money than we are.
We have posters of all kinds here. Some are looking for all of the angles and some want to keep it simple. I think that what I outlined for 00077 is the "simple approach". There may be more ways to make money, but those approaches aren't for everyone.
Your right, this issues seems to be addressed in some form or fashion every week. I agree people have different investment styles and you can't force it on others. This is not a case of "style" though, it's pure math, not speculation. Style would be investing in the common or the pref A., no one knows which will work out better in the long term, relative to it's risk level. But it VERY clear which would work out better in the long run when looking at the pref A or B given today's cost. Holding onto the pref. B should'nt be an option....no opinion here...just fact.
From everything that I have read here, conversion is the only option. While I appreciate pkn4's logic, I think it is optimistic to a fault. The only question is when to convert - now or in December. For those of you converting, when are you doing so?