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Many investors were advised by their brokers to concentrate their accounts in preferred financial stocks, including, but not limited to, Citigroup, Banc of America, Merrill Lynch, Fannie Mae, Freddie Mac and Lehman Brothers. In some instances, the financial advisor recommended that the client purchase preferred financial stocks on margin, which created a concentrated leveraged portfolio. The strategy, which was unsuitable, was based on the preferred stocks providing a higher yield than the margin interest. However, when the market crashed in 2008, the flaw in this strategy was exposed as the preferred stocks were sold to meet margin calls. In addition to the over-concentration, the preferred stocks had no downside protection whereby risk management strategies could have been used to prevent extreme losses.