Fannie Mae-No Politics (FNMA)

[big-yank]

Icahn got his shares from Berkowitz for around $4. Ackman bought his for WAY less, on the cheap. Ackman needs a HUGE gain to offset gigantic hits he took long on JCP and short on Herbalife. Icahn is having a fabulous year on earlier trades including long positions in AAPL and Herbalife. Carl doesn't need the high risk/reward.

It's the same reason Berkowitz went so deep in FnF. He got killed by buying about 25% of Sears Holdings. one of the worst dogs in Wall Street history, IMO. He is at risk of losing both momentum and fund investors without some massive reversal of fortunes.