Trading Analysis
4 years of GSE preferred stock trading. Every ticker, every price, every pattern. Parsed from Schwab transaction exports, April 2022 – March 2026.
Share counts and prices shown. No portfolio dollar values disclosed.
Total Trades
1,734
Trading Days
191
GSE Series Traded
24
Shares Accumulated
740.4K
The Thesis
This trading history tells one story: a concentrated, multi-year bet on Fannie Mae and Freddie Mac preferred stock reprivatization. Glen accumulated positions across 24 different GSE preferred series spanning both Fannie Mae (FNMA) and Freddie Mac (FMCC/FHLMC) — buying consistently from 2022 through 2025 at prices ranging from $1.88 to $29.25.
No dividends were collected (GSE preferreds have been suspended since the 2008 conservatorship). Every share was bought for capital appreciation on the privatization thesis.
^Price Appreciation Highlights
FHLMC 4.5%
FHLMC 4.48%
FHLMC 4.817%
FHLMC 6.42%
FNMA 7% Ser O
FNMA 7.625% Ser R
Shows lowest recorded buy price vs highest recorded sell price for each ticker. Not all shares were bought at the low or sold at the high.
Trading Activity by Month
Shares Accumulated
143,154
Shares Sold
100
Buy Price Range
$2.80–$18.91
The single largest position by far. Accumulated over 3 years with virtually no selling. The Freddie Mac zero-coupon preferred — Glen's #1 privatization pick. Buying started at $2.80 in January 2023 and continued all the way up to $18.91 in June 2025.
All GSE Preferred Positions (Top 15 by Volume)
| Ticker | Bought | Sold | Avg Buy |
|---|---|---|---|
| FMCCS | 143,154 | 100 | $7.12 |
| FMCKJ | 127,982 | 127,982 | $3.00 |
| FNMAS | 123,157 | 123,157 | $5.92 |
| FNMAT | 71,887 | 71,887 | $2.81 |
| FMCCJ | 66,619 | 28,606 | $3.81 |
| FNMAP | 3,547 | 64,513 | $3.42 |
| FMCCM | 56,503 | 46,565 | $3.91 |
| FNMFN | 28,661 | 18,990 | $7.20 |
| FMCCL | 26,350 | 26,872 | $4.08 |
| FNMAJ | 25,372 | 25,372 | $4.08 |
| FMCCN | 18,600 | 11,033 | $3.88 |
| FMCCP | 16,480 | 1,200 | $14.76 |
| FMCCT | 11,896 | 3,250 | $13.93 |
| FNMAO | 9,524 | 28,727 | $3.52 |
| FMCKI | 6,204 | 0 | $3.56 |
| FMCCO | 4,438 | 2,746 | $10.54 |
Additional smaller positions: FMCCI, FREJP, FMCCH, FMCKK, FMCKL, FNMAH, FMCKP, FMCKK, FNMAN, FNMAI, FREGP, FREJN, FNMFO
QTEKThe QualTek Detour (74 Days)
Shares Traded
315,873
Avg Buy
$1.35
Avg Sell
$1.66
Duration
74 days
The only non-GSE stock traded in size. A summer 2022 momentum play — bought 315,873 shares at an avg of $1.35, sold at an avg of $1.66 (~23% gain on avg price). Glen exited entirely by October 7, 2022. QualTek filed for Chapter 11 in February 2023. Also bought 31,877 warrants (QTEKW) at ~$0.20; partial loss on those.
Options Scorecard
Winner
LUMN Jan 2026 $10 C
100 contracts · Bought at $0.40 · +293%
Closed Record
1W – 8L
11% win rate · 8 expired worthless
Open Positions
LUMN Jan 2027 $7 C
69 contracts at $2.93
LUMN Jan 2027 $5.50 C
18 contracts at $2.39
LUMN Dec 2026 $7 C
50 contracts at $4.08
LUMN Dec 2026 $10 C
90 contracts at $2.24
AGNC Apr 2026 $14 C
2,000 contracts at $0.06
NLY Apr 2026 $26 C
900 contracts at $0.19
NLY Apr 2026 $25 C
240 contracts at $0.30
Account Breakdown
Main (Individual)
Primary trading — all options, QTEK, most GSE activity
Roth IRA
Second biggest — large GSE rotations, Roth conversions deployed
SEP IRA
Annual contributions deployed into GSE preferreds
Rollover IRA
Legacy positions — mostly sells
Key Patterns
Constant Accumulator
Net buyer in 14 of 16 quarters. Consistently depositing cash and buying more GSE preferreds regardless of price action.
Active Rotator
Over 100K shares of multiple tickers bought AND sold entirely. Constantly swapping between GSE preferred series (FNMAS ↔ FMCKJ, FNMAT ↔ FMCCS) to optimize positioning.
Zero Dividends Collected
All GSE preferreds have suspended dividends since the 2008 conservatorship. Every share was bought purely for capital appreciation on the privatization thesis.
Clustered Activity
191 trading days over 4 years (~1 per week average), but highly clustered. Some months: 500+ trades. Others: zero. Peak activity correlates with thesis developments.
Cross-Account Strategy
Roth conversions from SEP IRA immediately deployed into GSE preferreds. Tax-advantaged accounts hold the longest-duration positions.
Timeline
Apr 2022
First trades — initial GSE preferred positions (FNMAP, FMCCM, FNMAO)
May 2022
First options trade (MBI $16 calls). IMPHP quick flip. Heavy FMCCS/FMCCI accumulation.
Jul–Oct 2022
QTEK momentum play — 315K shares in 74 days. Exited before Chapter 11.
Dec 2022
Major rotation: sold AWSHX mutual fund, FMCCL, AMBCWS. Bought FMCKJ, FNMAT at lows ($1.91–$1.88).
Jan 2023
Massive FMCCS accumulation begins at $2.80–$3.26. Roth conversion deployed.
2023
Steady accumulation — FMCCS, FMCKJ, FNMAS at $2–$5 range. Low trade frequency (patient).
Jul–Aug 2024
FNMFN accumulation begins ($5.86–$8.22). FNMAJ buying spree ($3.22–$8.62).
Nov 2024
Great GSE Rotation — sold FNMAS, FNMAJ, FMCKJ to buy FMCCP, FMCCT, FNMAT.
Sep 8, 2025
Options explosion — sold GSE preferreds to buy AGNC, NLY, LDI, LUMN calls in a single day.
Sep–Oct 2025
GSE sells at $22+ (FMCCM, FMCCN, FMCCJ). Multi-bagger exits.
Mar 2026
Most recent trades — FMCCP and FMCCM sells. Longest gap: 147 days since last trade.
AI-Generated Content — This profile was created using AI and publicly available sources. While we strive for accuracy, details may contain errors or be outdated. Quotes may be paraphrased or taken out of context. Achievements and figures are based on public reporting and may not be precise. This profile does not imply endorsement by the individual featured. Not financial advice.
Get Glen's Musings
Occasional thoughts on AI, Claude, investing, and building things. Free. No spam.
Unsubscribe anytime. I respect your inbox more than Congress respects property rights.