Positions
What I own and why. Radical transparency.
Current Holdings
Fannie Mae 8.25% Preferred
Fannie Mae Series S Non-Cumulative Preferred Stock. One of the largest positions in the junior preferred basket.
Thesis: The Net Worth Sweep was unconstitutional. When Fannie exits conservatorship, preferred shares will be recapitalized at or near par value ($25). Currently trading at a massive discount.
Freddie Mac 5.0% Preferred
Federal Home Loan Mortgage Corp Series K Non-Cumulative Preferred Stock.
Thesis: Same thesis as FNMAS. Freddie Mac preferred trades at similar discounts. Recapitalization and release would reprice these dramatically.
Full Junior Preferred Basket
Additional Fannie Mae and Freddie Mac junior preferred series across the full spectrum of available securities.
Thesis: Diversified across the GSE preferred complex. My entire net worth is riding on this.
Historical Positions
China MediaExpress
Chinese advertising company that turned out to be a fraud. I had warned about Chinese stock fraud months earlier, then lost everything in this one anyway.
Thesis: Appeared undervalued with strong growth. Turned out to be fabricated financials. The irony of warning about Chinese fraud and then losing $1M+ in Chinese fraud is not lost on me.
Yellow Media Preferred
Canadian directory publisher going through a restructuring. Bought the preferred shares and made several hundred percent return as the restructuring played out.
Thesis: Preferred shares in a restructuring trading far below recovery value. The restructuring played out and the preferred recovered significantly.
Early Stock Picks (2008-2010)
GOOG, AAPL, Conseco, and other positions from the 2008-2009 financial crisis era. Made the first million by 24.
Thesis: Contrarian value investing during maximum fear. "At the super market, 50%-off draws a stampede. At the stock market, 50%-off is a bomb threat."
Disclaimer
This page is for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any securities. Past performance is not indicative of future results. All investments carry risk, including the risk of total loss. Glen Bradford is not a registered investment advisor. Positions disclosed here may change at any time without notice. Always do your own research and consult with a qualified financial advisor before making investment decisions.