Thanks to you both for the careful, informed responses. I just read the series G prospectus, and you're right -- the yield drops sharply after September, and the option to convert to series H doesn't seem to be worth much. Still, I bought a few shares around 18 CAD, which means the yield after September works out to around 4.2%, and possibly higher if Canadian rates go up -- and if rates don't rise, then the price of the preferreds is likely to remain strong as the yield looks more attractive to investors. Strikes me as better than buying most corporate bonds out there, though it comes with somewhat greater risk. I'm just too nervous to buy the Fairfax common shares at the moment, though I've owned them in the past.