Fannie Mae-No Politics (FNMA)

[big-yank]

Most all the paper is tied up in secured borrowings from Sears primary sugar daddy, Eddie Lampert. FAIRX does own a small chunk, as well, only subordinated, and then a boatload of equity.

http://portfolios.morningstar.com/fund/holdings?t=FAIRX

When you consider equity, please remember that spin-off's Sears/Canada, Seritage, Lands End and Sears Holdings are all basically the same thing. If SHLD fails, the other entities are so inter-linked that they are likely to fall like dominoes, alongside their original Sears parent.

To compare FAIRX holdings in Sears vs. the GSEs, the FHLGC shares are Freddie Mac preferreds so combine them with the Fannie Mae shares shown in the chart from Morningstar. When you speak if being "all in"... Berko is nearly 50% invested in Sears and the GSEs. Very gutsy, for sure. Some might call that crazy.

JMHO.