Definitely not nothing, there are for sure some big players in here, but a lot of big retail traders do trade with upwards of $1,000,000+. I'm just saying a large hedge fund, or someone as big as Buffett, etc. wouldn't buy into an OTC like FNMA due to the volatility and risk being too high. It is apparent in that Baron's article that there are some hedge funds that have loaded the Preferred and that doesn't surprise me, but I don't expect to see anyone that large down here in common. If the gov decided to let this spin off and IPO, that would be another story.
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