Fannie Mae-No Politics (FNMA)

[JOoa0ky]

You will change your mind about #2 once you sit through a restructuring.

If you want an interesting case history you should look up $SDRL.
https://en.wikipedia.org/wiki/Seadrill
- In December 2017, the company filed bankruptcy.[12][13][14] The company emerged from bankruptcy in July 2018.[15]
- On December 1, 2020, Seadrill filed for Chapter 11 bankruptcy for the second time.[20] The company emerged from Chapter 11 in February 2022 and a new Board of Directors was appointed.[21]
- On January 12, 2022, Seadrill New Finance, Seadrill's subsidiary, filed for Chapter 11 bankruptcy. The company emerged from bankruptcy on January 20, 2022.[22]

Went through three restructurings in quick succession over the span of 5 short years.

Each/every time, commons got diluted 98%+ but the kicker here is that new money came in Every. Single. Time.

Until you sit through one of these on your own, you won't really understand #2 and the how unforgiving the world works. For the better or for the worse, Tim howard has never been through one and thus writes it off completely.