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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (12427)	5/5/2001 11:54:56 AM
From: Bob Rudd	Read Replies (1) of 78525

I got the impression from your prior post that you had a pretty healthy position in ALLC already [although, the way you preach diversification, I doubt you have that large a % of port.] so you might want to consider this issue: ALLC has a significant CMBS position. At the AM, WEB indicated the reason he had bailed on Freddie Mac was not gov't reg, but exposure to potential catastrophic events [read california earthquake] that weren't adequately compensated for in their mortgage portfolio. Now this could be a pressure pitch for reinsurance biz with Freddie, Fannie and the like, or it could be a real issue - I suspect both. Anyway, I'm not sure to what extent this exposure exists for ALLC, and for the size position I have, it's not such a big deal. I suspect the same with you but wanted that get that out anyway.

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