Stocks and bonds have helped investors get more out of their money for centuries. Bonds have been issued for thousands of years, with some early debt instruments dating back to ancient Mesopotamia circa 2400 B.

Stock investors are betting that companies will make enormous profits, despite the war. But investors in bonds, including U.S. Treasuries, have other concerns. By Jeff Sommer Jeff Sommer writes Strategies, a weekly column on markets, finance and the economy.

Preferred stocks are one corner of the market where I think most retail investors are better off using an ETF rather than buying individual securities directly. That’s not just because ETFs are convenient.