Fannie Mae-No Politics (FNMA)

[GreenShoots]

Just to be clear, I am expecting full dilution and all sps conversion to commons and FNMA with value of $300B. Having said that, I cannot come up with a scenario where IPO/SPO comes in less than $15 per share for current FNMA common holders. That’s my take and am (mostly) comfortable with the prospect of only getting to $15. If all the stars align and it goes higher, great. Longer term (say 3-5 years) I will see what dividends (if any) look like. In the absence of dividends, I will look for exit during exuberance periods.