Amelia - I think you have to look at FNMA from the standpoint of when it became less of a speculative investment and where it may go from here.
Once they announced that the GSEs would start to retain earnings - which began in September 2019 - this became less of a crapshoot. So I think your I would begin at your $2 - the price in the summer of 2019 - and go from there. To make 4.5 times in 6 years and have a reasonable chance in the next 2 years at 4 times again is not too shabby.
Although I am among the ST bashers - she was probably the right person for the job during those 4 years. A do as you are told director who was told to sit tight. The Biden administration would have easily turned the NWS back on and used it for other purposes. So, although it was a frustrating 4 years for us, we are now in a much better positioned for release. I am sure now that was not their intent (release) but it just worked out better for us.
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