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To: John Pitera who wrote (31381)	4/7/1999 10:13:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 86076

yup...the gov only sets up these govt backed hedge funds once every couple of decades. It's interesting to find one in microcap stage. The word "farmer" is a bit of misnomer, their products are twice-a-year mortgages for farms and ranches and rural communities to provide liquidity for cash flows...and provide squeaky clean fed guarantees for mortgage bonds. The tax laws were recently changed so "family farms" up to $1.5 million can be inherited tax-free. FAMCK is suffering from anemic management and the grapes-of-wrath media coverage of farmers. (One northeast congressman recently checked in to the poor starving farmer story and learned a large percentage in his state are millionaires.) The government will bail this one out if it ever got into trouble, or merge it into fannie mae. we got over $90 a share cash sitting there backed by uncle sam, and no takers...it's not a net stock.