Fannie Mae: ain't it good to know that I have got a friend...
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.
John