On CNBC this morning, Ken Heebner of Capital Growth Management was a guest on real estate values and said he sees value in Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). This was a different segment than he normally seems to be on considering his calls tend to be more macro in focus. Interestingly enough, Ken Heebner is one of the real estate and property investors that is one of the best to follow and investors havefrequently been able to clean up riding his waves in recent years. He has been one of the leaders into and out of REIT’s as a broad sector for many years and it is important to know what he is calling for if you invest in real estate or operations around it.
Unfortunately, the ‘easy-money’ trade in both of these has stocks has already been made, and these picks are probably more of a rear view mirror group rather than a major bullish call ahead. The huge opportunity that existed here may have already passed after the last sharp recovery. Fannie Mae (FNM) shares at $66.40 are much closer to the highs of the $50.53 to $70.57 trading range, and shares are up big from the lows earlier this month. Freddie Mac (FRE) is a bit more in the middle of its $54.97 to $71.92 52-week range at $63.00, although its shares are up big from the lows seen earlier this month.
Stockpickr.com also has some Ken Heebner tracking you can do for other moves he makes.
Jon C. Ogg
August 27, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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