Real estate preferred shares are on a knife's edge, whereby discounts are evident, yet, many investors remain vigilant about the fact that brewing credit risk could send valuations even lower. While we acknowledge the vantage point, and concurPearl Gray is a proprietary investment fund and independent market research firm specialising in systematic analysis.Our latest work on SA primarily covers: Bonds, Preferreds, REITs, with an occasional drift.Primary Sectors: Financials and Real Estate.Mission: To disco ...