I've been writing recently about the magical thinking driving up tech stocks. Well, Farmer Mac (AGM) is about the perfect anti-magic stock out there. And it delivered again with its second-quarter earnings report. I strongly recommend this stock as a very reasonable double from the current price.
First, a quick description for Farmer Mac newbies.
Farmer Mac is a relatively small company with a $750 million or so market cap. It makes mortgage loans to farmers and selected infrastructure loans to support rural communities. Critically, Farmer Mac is a government-sponsored enterprise, like Fannie Mae and