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re: Some common myths about the markets that are untrue and/or 99% do not know
Posted on 4/17/24 at 11:00 am to Big Scrub TX
Posted on 4/17/24 at 11:00 am to Big Scrub TX
Well said Jag- I have failed too many times to count- my biggest failure probably FNMA and FRE preferred stocks in 2008- was lucky to have no BSC or Lehman exposure but got spanked hard when FNM FRE cut of their dividends....90% drop overnight, $40 million gone- was at a public company at the time, was small % of AUM, but CFO rightfully lit me up
1
Posted on 4/17/24 at 11:45 am to secfballfan
quote:You were long the Fannie preferreds headed into the crisis? That was one of my biggest post crisis trades. FNMFO at $800 (on $100K par value).
Well said Jag- I have failed too many times to count- my biggest failure probably FNMA and FRE preferred stocks in 2008- was lucky to have no BSC or Lehman exposure but got spanked hard when FNM FRE cut of their dividends....90% drop overnight, $40 million gone- was at a public company at the time, was small % of AUM, but CFO rightfully lit me up
All those names are vastly higher now, but I still think it's crazy that the agencies haven't just started paying the divvies again. For like $1B total annually, they could make them all go back to par and get rid of all the lawsuits.
Also, Lehman exposure wasn't that bad - I think almost all counterparties got paid in full.
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