Stephen Jarislowsky did not mention preferred stock in The Investment Zoo. “I hate preferred.” Mr Jarislowsky said during a presentation in 1986. That's enough for me.
Need another reason not to buy preferreds? The yield, while higher initially, is fixed. If you expect to live a few more years, why would you want a fixed income when you can have a growing income from common stock dividends? With common stock you start off with a lower yield (except perhaps in March 2009), but the dividend and your capital can grow.