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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7029)	5/3/1999 4:36:00 PM
From: Wallace Rivers	Read Replies (2) of 78918

I'll mention an "oldie" which I've followed/owned/traded for years (Disclaimer: I currently own) - Capstead Mortgage (CMO) Recently reinitiated dividend at .14/Q. Some feel (read speculate) that the dividend next Q could be in the .20 range. BV (consisting almost exclusively of govt. and govt. agency securities) about $8. Holds a ton of cash from the sale of mortgage servicing operation to GMAC (for $550 mil), some of which is being used for a share repurchase. IMHO much more conservatively run, and less levered than when it made the disastrous foray into interest only strips, only to have interest rates plunge, resulting in a HUGE writedown. Comments?

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