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David Sims  

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  • Frannie bear skeptical of settlement chatter [View news story]
    I found the full scene. It's a little better.

    Carney is obviously getting his pockets lined one way or another.
    Aug 31, 2015. 03:24 PM | 3 Likes Like |Link to Comment
  • Frannie bear skeptical of settlement chatter [View news story]
    http://tinyurl.com/n57...
    Aug 31, 2015. 03:12 PM | 3 Likes Like |Link to Comment
  • M&A Daily: A Day Late & A Dollar Short [View article]
    All,
    Congratulations on your Impac short profits. If any of you are interested in knowing why you should cover, send me an email.
    Aug 28, 2015. 10:34 AM | 1 Like Like |Link to Comment
  • Impac Mortgage Expands Geographically And Remains Profitable [View article]
    Until recently, I did not see a catalyst for a change with Fannie and Freddie. I was taking a break from discussion. However, the current market correction and possible rate hike point towards something possibly happening at the GSEs. Ending the net worth sweep could be considered a policy tool as it would point towards privatization of the GSEs. Hold those shares.

    Also, on that note, the entire mortgage sector would likely rally. Putback risks would drop in a private market. And the non-QM sector would come back. So, Impac is also a play on the end of the conservatorships.
    Aug 26, 2015. 08:08 AM | 1 Like Like |Link to Comment
  • Impac Mortgage Expands Geographically And Remains Profitable [View article]
    Pickup was a large shareholder in the company.
    Aug 17, 2015. 09:38 AM | Likes Like |Link to Comment
  • Impac Mortgage Expands Geographically And Remains Profitable [View article]
    There were lots of people in attendance and we got a warm reception.

    The Pickups are an interesting family. Living on the east coast, I had not heard of them before, but the track record is very respectable. Google "Apollo CKE buyout" and look at the stock chart for IGT from 1990 on.
    Aug 15, 2015. 08:48 AM | 1 Like Like |Link to Comment
  • Impac Mortgage Expands Geographically And Remains Profitable [View article]
    Thanks for that comment. Also warehouse lines continue to expand.
    Aug 14, 2015. 08:53 AM | Likes Like |Link to Comment
  • Freddie Mac reports Q2 results [View news story]
    "The Company Will Have Returned $96.5 Billion to Taxpayers, Including September 2015 Dividend Obligation of $3.9 Billion Dividend payments do not reduce prior Treasury draws, which totaled $71.3 billion as of June 30, 2015."

    Maybe Al Sharpton can get Sec. Lew's attention.
    Aug 4, 2015. 08:41 AM | 7 Likes Like |Link to Comment
  • Nationstar Mortgage up 2.5% as Citigroup boosts target [View news story]
    The market perform ratings will be buy ratings soon. You have to turn the ship around before picking up speed.
    Aug 3, 2015. 02:35 PM | Likes Like |Link to Comment
  • Impac Mortgage Easily Clears First Hurdle Of 2015 [View article]
    I have done a lot of follow-up pieces on tumblr.
    http://tinyurl.com/omg...

    I spoke to a shareholder the other day who told me that the DTA recognized in Q1 was for FY15. Apparently, they said this in the conference call and I missed it. I don't know if that has a bearing on whether they recognize any DTA in Q2 or Q3, but it implies that they will have $68 million taxable income in FY15. That's over $5 per diluted share. This is a $30 to $40 stock if they gain some ground on the expansion to 41 states.
    Jul 31, 2015. 08:18 AM | 1 Like Like |Link to Comment
  • Netflix - Zero Regard For Cash Flow Concerns [View article]
    Keep the high quality analysis coming. I just went short yesterday. The current valuation only makes sense if they are able to raise prices and not hurt their growth rate. I think this is a big question.

    I say $60 is fair value.
    Jul 17, 2015. 02:57 PM | 2 Likes Like |Link to Comment
  • The cost of doing business? [View news story]
    Let's hope that this is now over. It's done very little to move the economy forward.
    Jul 17, 2015. 07:49 AM | 3 Likes Like |Link to Comment
  • Is It A Bubble? Stocks And Bonds Look Poised For A Drop [View article]
    Take profits on your shorts. Earnings season is coming.
    Jul 1, 2015. 08:04 AM | Likes Like |Link to Comment
  • The Treasury Will Profit From Derivatives And Higher Interest Rates [View article]
    Thanks for 'keeping it real' as always.
    Jun 29, 2015. 03:04 PM | 1 Like Like |Link to Comment
  • The Treasury Will Profit From Derivatives And Higher Interest Rates [View article]
    I have to make a living. The timeline on these investments is stretching into 2016/2017.

    There are other opportunities that will benefit from the same macro-trends. An example is mortgage servicers, who book fair value gains into income as interest rates rise. I recently wrote a piece on this.

    I'm also moving heavily into Impac Mortgage, which has quadrupled sales volume this year.
    Jun 26, 2015. 03:40 PM | 1 Like Like |Link to Comment
COMMENTS STATS
575 Comments
959 Likes