Fannie Mae-No Politics (FNMA)

[navycmdr]

from Ackman's statement on pg 12 ...

https://seekingalpha.com/article/4302326-pershing-square-holdings-ltd-pshzf-ceo-william-ackman-on-q3-2019-results-earnings-call?page=12

So the emergence from conservatorship will be yet
another catalyst.

And a listing ultimately on New York Stock Exchange
or a major exchange, I think will allow the securities
to be owned by a much broader array of investors.

The last point I would make is what's interesting in the
last period is that the preferred stock has been actually
somewhat weak.

And I think what's going on is many of the investors that
own preferred are now finally realizing that the
common stock is if you will the fulcrum security.

So many distressed investors always lean toward owning
kind of senior securities, I think have begun recognized

that the upside here all the residual benefit will inure
to the benefit of the common stockholders.

And we believe that some of the very large holders of

preferred have now been buying common and may even be

selling off some of their preferred stock in order to

acquire the common,

which we think offers a more attractive risk-reward

and better outcome in almost every circumstance.