Fannie Mae-No Politics (FNMA)

[CCSAB]

Now here's a smart poster. Not every stupid little movement and positive news piece is worthy of pompoms. Exit and dilution are all that matters. My best guess weeks back when I mentioned something changed in the narrative was that instead of gold funding the SWF it became known it was going to be FnF, which in turn meant government holding onto to some kind of large stake. This thrust takes out the highest end outcomes, but would likely result in a reasonable outcome of $5-30, depending upon sequence/ultimate dilution.