Economic Medicine

July 7, 2010

Imagine you had just been diagnosed with a rare and debilitating disease.  Defining rare, there have been only 14 previous cases.  Still, there are two medical treatments that have been tried on those 14.

Here are the results:

Results of two trial medicines

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Two Harbors (TWO)

July 7, 2010

At just over $200 million market cap and less than year in business, I toyed with the idea that TWO didn’t rate its own blog post.

As noted yesterday, it also hasn’t been doing so well, losing book value while everybody else was gaining, at least according to the analysts at one Wall Street shop.

When I took a closer look at the company, I saw that they had laid out their philosophy, and that it differed from the rest of the group in one significant way, so they’re getting the full treatment.

To put the Two Harbors mREIT into a single sentence, they intend to buy whatever is cheap, and structure their portfolio so it self-hedges.

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