Fannie Mae-No Politics (FNMA)

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That’s what I’ve already been doing. I’m not buying prefs at 10%+ of face value. I loaded those at closer to 5%. I like the opportunity to make 20x or better but I’m keeping my common position reasonable in size in comparison to my prefs.

Realistically if commons can keep pushing higher the senior pref dilution concerns drop significantly. $200b in shares are significantly less if share price is $5 vs $0.50. AT ABSOLUTE WORST, assuming shares can make it to $5 before dilution of senior pref + warrants even with conservative earnings estimates at $10b for Fannie I think shares are still worth $15-20