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After my last preview article at the end of March, there was a period when there were no public articles of mine. The last three months were filled with high volatility and low liquidity, as the fear of the expanding new coronavirus had reached its climax. For two months, there weren't any new preferred stock IPOs, and the outstanding ones had experienced a very severe period of panic selling. Things were so dynamic that huge arbitrages were formed between all fixed-income securities which then had returned to fair prices in hours, even in minutes.