I’ll Be Listening

April 29, 2010

I tried to add to an already-oversized ANH position today ahead of the conference call that starts an hour after the close.

I have a suspicion that their low leverage and preference for ARMs will serve them better than expected in what was a tough quarter to trade.

Certainly the buyouts by Freddie in March, and the coming buyouts of bad loans by Fannie over the next few months will hit their book value a little, but the market seems to be forgetting that they assumed a faster prepay rate than has actually occurred.

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Dendreon Payoff

April 29, 2010

It finally happened, after years and tens of thousands of deaths that might have been delayed or avoided.

But as late as two days ago, the Dendreon bears were still getting their reporter mouthpieces to put out negative press, as usual, without thinking about what they were printing.

Why is it that so many people reporting on investment topics print stories they get without finding out whether the story makes sense?

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