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Strategies & Market Trends : Anyone following Capstead (CMO)??
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To: James F. Hopkins who wrote (191)1/6/1999 8:00:00 AM
From: Dawgfool  Read Replies (1) of 216
 
Jim, I think 4 is the floor and I think 8 is the ceiling. I also think that mgmt is likely to take the money the $500million they are sitting on and buyback more stock. This thing is little more than a closed in fund at this point, except for their ability to buyback their own stock. Closed in funds can't do that. If I'm them I buy back every share I can at less than $6, its a no brainer. I therefore think its likely that the calls you sold get exercised. Caveats: 4 is not the floor if ambulance chasers do something unusual. 8 is not the ceiling if we get a big change in yield curve. Neither seems particularly likely.
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