Fannie Mae-No Politics (FNMA)

[bradford86]

5 cents seems like a fair valuation. I am curious how low they shake out. I, like you, see no material upside. What still confuses me is that Ackman still owns them. Is he an idiot? Why hasnt he cut his exposure to them? He should fire someone because of this. Someone on his team should have restructuring experience. The fact he is on the wrong side post 2021 PIK common wipedown plan is fascinating to me — but he does only have a 1% position. But even that is too much of a security that has no security especially after dropping his litigation