TWO - Our Biggest Mortgage REIT Position

• Our largest position in the common shares of a mortgage REIT right now is CMO.
• We’re bullish on CMO and see the potential for shares to rally as they currently trade at an unusually large discount to book value.
• We’ve discussed CMO with readers before and we’ve continued to add to our position. Today, we want to highlight the historical price-to-book ratios.
• In this series, we’re providing readers with discounts to trailing book values throughout the sector and a few notes on the current environment.
• When we provide an index card for an individual mortgage REIT, it includes our most recent estimate on book values.

For further details see: