Fannie Mae-No Politics (FNMA)

[Sogo]

Logical approach. For the last yr or so, whenever i've felt like adding, i've decided to only add preferred. I had hit my modest position limit in common. I think I have enough preferred now to hedge away about 1/3rd of my at-risk $ in commons, presuming the preferred aren't shafted. I am almost comfortable enough with that partial hedge to just do nothing from here on out. Not totally sure about that yet. But I think it's advisable for GSE shareholders to take an approach that limits some risk at this point, whatever approach one takes.