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Kase Capital's Whitney Tilson has highlighted his two favorite stock ideas in a recent letter to investors: Federal National Mortgage Assctn Fnni Me (OTC: FNMA) and Howard Hughes Corp (NYSE: HHC).
Fannie Mae
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Tilson lists Fannie Mae as one of his top two favorite ideas, but parenthetically states he is also a fan of Federal Home Loan Mortgage Corp (OTC: FMCC) "Freddie Mac."
"Fannie Mae (or Freddie) is my other favorite stock idea, albeit an ‘abnormal' one because it's a mispriced option," Tilson explained.
Tilson elaborated, "Fannie Mae (in which I have a ~3 percent position) was up 34 percent yesterday and is up another 12 percent today because, at long last, the truth is coming out: the government seized all future profits of the GSEs […] not because they feared ongoing losses, but precisely the opposite: because they realized Fannie and Freddie were about to become massively profitable."
Following this recommendation, Tilson quoted Fannie's former CFO Susan McFarland, calling her testimony "damning to the government's case" and concluding, "Mark my words: this is the turning point. Now that the lie has been exposed, the courts will overturn this illegal seizure and the stocks of the GSEs will be multi-baggers from here."
Howard Hughes Corp
In addition to Fannie Mae/Freddie Mac, Tilson really likes Howard Hughes.
Tilson explained how he used to hold General Growth Properties (GGP), but following its emergence from bankruptcy in 2010 and subsequent split into GGP and Howard Hughes, he sold GGP, but kept the latter. He applauded himself on the move, "Thank goodness, as the stock has tripled since then."
After explaining the stock's recent performance, Tilson concluded that the recent selloff "is hugely overdone" for at least four reasons, one of witch being Huston's economy and its decreased dependence on oil.
"HHC is very difficult to value with precision, so I hesitate to give a precise number, but I'm highly confidence that it's worth at least $150 and probably more than $200 – and rising at a solid clip," Tilson concluded, "so this is a stock I hope to own for many more years."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.