Fannie Mae-No Politics (FNMA)

[capitalismforever]

I agree on Tilson. Ackman is brilliant though . He has compounded at a rate higher than the s and p over the course of pershing square's history, valeant debacle notwithstanding. Moreover, real estate is his main circle of competence. Think GGP and his early days . Study ackman . He has a history of nailing his real estate ideas.

He really isn't. I've studied him since he started in the investment business when Joel Greenblatt (a real skilled investor) was his boss. He calculates investment returns based on additions of capital employed through investors. His real return doesn't even beat the S&P 500. His valuation of the GSE's didn't even account for a recap. Every piece of legislation submitted thus far has required a recap. He uses EBITDA which is left up to pure speculation and some of us know what Buffett thinks about EBITDA. It's amateur.