In our last coverage of Brookfield Infrastructure Partners L.P. (BIP), (BIPC), we highlighted some interesting opportunities in the secondary securities. In the US, there are two preferred shares listed. Brookfield Infrastructure Partners L.P. 5.125 CL A PFD13 (NYSE:BIP.PR.A) and Brookfield Infrastructure Partners L.P. 5.00% PFD A 14 (NYSE:BIP.PR.B). The two preferreds were on a tear after that and did well for investors as they corrected their immense undervaluation. They have retreated a bit off the highs but are nowhere near as undervalued as they previously were.