Longtime readers of this blog know that I took a position in Fannie Mae preferred stock at between 1 and 2 cents in the dollar. I even wrote a ten part blog series about it (start here).
That position has worked out better-than-okay. I still have a largish amount of it (though have sold more than half).
Today I learn that Bill Ackman is behind me - at least in the capital structure. He has purchased Fannie Mae and Freddie Mac common stock (stock that is junior to my preferreds).
My interests are now roughly aligned with Bill Ackman.
So to all my fellow travellers (some of whom still own Fannie and Freddie prefs), Ain't it good to know that you've got a friend.
The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author. In particular this blog is not directed for investment purposes at US Persons.