Fannie Mae-No Politics (FNMA)

[kthomp19]

If you have this understanding of market cap, you will be able to recognize that my approach is the right one.

Nope. What you defined is the current market cap, which is just the share price times the number of outstanding shares. That is nowhere even approaching $330B right now.

The $330B is a future estimated market cap, which is generally arrived at as earnings times a P/E multiple. The earnings attributable to common shareholders is different if there is a junior-to-common conversion compared to there not being one because of the presence or absence of junior pref dividends, which leads to the different market cap estimates depending on whether such a conversion happens or not.

We can go through this together at the weekend if you are interested.

I see that you completely ignored the part about UST being able to get more than 7.2B shares even if they only exercise the warrants. That is what refuted your calculation. Instead for some reason you focused on something that doesn't even prove me wrong. Strange.