Wednesday, October 05, 2016 8:02:01 PM
As Charles Dickens in Tale of Two Cities once said: "It is the best of times. It is the worst of times."
We now are entering the period of convergence. All common FnF shares converge in a contest for superiority and reward, measured against preferred shares. When the courts resolve that question... could take 10 years... the Fannie vs. Freddie superiority contest ensues. Freddie is small banks and thrift friendly, Fannie is TBTF bank and Wall Street friendly. Who will win that contest? Which party wins in November.
It's just like handicapping the feature race at Belmont. I am betting a lot on the winner being Fannie preferreds. Lotsa reasons for that choice. But no subscription prices available to access that data.
Personally, I bet a huge chunk of my retirement savings on Fannie Mae preferred "S" shares as the eventual winner. I waited 8 years for AMZN to payoff from $10.15 when I bought it. I can be patient here, as well.
GLTA. JMHO.
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