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Freddie Mac Perpetual Preferred Securities

October 25, 2001
John Behof

Although the following paper is not a comprehensive research article on the subject matter, we feel compelled to present our views on this topic in a timely manner in order to warn our customers concerning an issue coming to market. We will continue to research this topic in greater depth and will present detailed total return analysis in the future, if appropriate.

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Rates, Advances, and Leverage

October 18, 2001
Girish Patel

Advance rates are the lowest they have been since 1990. In fact they are at the lowest levels since the 1960s. The previous current lows were between September 1992 to December 1993 and October 1998. Does that mean it is a good time to leverage? To better understand the answers to this question, let’s look at what transpired in world history and the financial markets of those eras and how the confluence of events impacted the economy and interest rates.

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We’re Here, Now What?

October 17, 2001
Mark Bodett

Well, it happened. Rates went down. Below is the change in the yield curve from January 3, 2000, when the market was preoccupied with how much higher the Fed was going to raise rates, to October 15, 2001, when we are preoccupied with how much lower rates can go. Both preoccupations were and are reasonable as long as we are not so mesmerized that we fail to make good risk/reward decisions and ignore the probability (high or low) that the market will move in the opposite direction.

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Finally catching some ZZZs (A Limited Distribution Market Observation)

October 11, 2001
Kurt Fritz

We are coming up on Halloween, and I have been having a lot of trouble sleeping. You may think a normal person would be kept awake by nightmares involving ghosts, goblins, and the like. Of course, I am not a normal person…. it’s not nightmares that keep me awake but bonds. So, instead of catching some ZZZs, I have been kept awake thinking about Z-Bonds.

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