Hedge fund manager Bill Ackman made his uber-bullish case on Fannie Mae through a 110-slide presentation at the Sohn Investment Conference in NYC today.
He characterised the investment as “owning a royalty on every mortgage.”
According to Bloomberg, Ackman said Fannie could be worth $US23 to $US47 per share.
The stock closed at $US4.10 today.
“There is no viable alternative,” said Ackman noting the firm’s critical position in the U.S. mortgage finance market.
Ackman is the largest hedge fund shareholder in Fannie with a roughly 10% stake in the company.
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