Fannie Mae Preferred S (FNMAS)

[big-yank]

The best hedge on Fannie is preferred shares and the best hedge on SHLD is Seritage which is owned substantially by Warren Buffett and is snapping up the premier properties in Sears portfolio. They either profit by leasebacks or new lease deals with alternate tenants like Kohl's and Nordstrom Rack, and pay a nice divvy, to boot.

Berko is staunchly positioned in preferred Fannie Mae shares, and I doubt he will liquidate or pare back this position. He is a stubborn SOB.