I love Ackman! Brilliant man. Great investor. I've learned a lot by following his career and presentations and his thinking. Very creative thinker and a sharp mind combined with incredible determination and work ethic. Who else could read over a million pages as he did while working on his mbna position? Who else could convince the SEC to stop investigating him and instead turn around and investigate the company in question?
But the fact remains that he has bigger stakes in other positions. Overall, he doesn't have too many positions. So the GSEs still represent an important position for him because it's one of only a few positions he's in. But still, it's one of his smallest positions. I'd love to buy more but i've been trying to be disciplined on this. We all know the gvt is capable of almost anything illegal if it really is determined to do it. I think it's very likely courts could/would/will stop this illegal mess, but i'd never say it's a certainty that they will. So i have a large enough portion of my portfolio in the Gses that i'll be very happy if / when this works out. But it's a small enough % of my portfolio that if i'm robbed by the gvt and shares go to zero, i'll be severely injured and somewhat surprised, but not totally out of the game.
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