A friend sends along what has to be the least attractive description of an investment firm's strategy ever:
We invest in what we believe to be the premier asset-backed securities in the world - U.S. residential mortgage-backed securities issued and guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. We enhance the return on our investment in these securities by using leverage. Similar to a bank, we seek to earn positive net interest income from the difference between the yield on our securities and the cost to finance them.So let's recap: U.S. residential mortgage-backed securities? Check. Leverage? Check. Similar to banks? Check. What could posssibly go wrong? Maybe it's time to update the ol' website. Just a suggestion.