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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (31806)	8/19/2008 11:30:04 PM
From: Mark Marcellus	of 78746

Paul, for mortgage REIT's you might want to take a look at Redwood Trust (RWT). It's a Weitz holding, and he's gotten absolutely hammered on it. However, they appear to have a very strong balance sheet. Both their GAAP earnings and their book value tend to get distorted by MTM volatility on securities they intend to hold to maturity. They also produce a quarterly "Redwood Review" that does an excellent job of summarizing their business and breaking down their holdings. I bought early this year, and have also gotten hammered though not nearly as badly as Weitz. I am seriously considering buying more.

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