Wednesday, December 14, 2016 4:32:13 PM
I follow an old adage in investing... "never fall in love with what you bought." In my case, I never fell out of love with FNMAS preferred shares, just decided to add FnF commons when conditions changed to favorable for commons after the election
I offer no mea culpa for being wrong in my earlier position. It was what made sense to me for the last 1 year+. And still does. But when the results rolled in on November 8th, the landscape changed, then changed again BIG TIME with the Mnuchin interviews on CNBC & Fox. And so I changed with the altered state of affairs. To me, that's being smart, not disloyal. I invest to make money, like everyone else.
What has changed with common shares is the inescapable FACT that the conservatorships are going to end. VERY SOON. And no court verdict will be needed to propel this outcome that will send FNMA & FMCC common shares to easily the $20/share area in either January or February. Then everyone can figure out whether to stay or exit, at that point. I haven't decided, but I am leaning in the "stay" direction at this time.
Mel Watt will either quit before inauguration day, or Trump will fire him shortly after taking office. It's all laid out for him on a silver platter. Trust me. I am very thoroughly researched on Fannie.
JMHO.
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