William Ackman · activist-deck
Fannie Mae & Freddie Mac (FNMA/FMCC)
104 pages · 3 arc beats · 2 loops
Fannie Mae & Freddie Mac (FNMA/FMCC)
William Ackman · 2025-01 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 56 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 6 slides 100% 6/6 slides 100% 6/6 slides · 35 hits — 0/6 slides
16.7% 1/6 slides · 2 hits 33.3% 2/6 slides 100% 6/6 slides — 0/6 slides
Problem & Complication 16 slides 100% 16/16 slides 100% 16/16 slides · 95 hits — 0/16 slides
68.8% 11/16 slides · 12 hits 50% 8/16 slides 100% 16/16 slides 25% 4/16 slides Solution & Approach 34 slides 100% 34/34 slides 100% 34/34 slides · 191 hits — 0/34 slides
41.2% 14/34 slides · 15 hits 58.8% 20/34 slides 100% 34/34 slides — 0/34 slides
Slide inventory
104 every slide · same image gating as the playbook
09
The chart highlights the dominance of GSEs in the mortgage market, particularly post-2008.analyze_data
Open slide detailBeat · Situation & Context
10
The chart illustrates the displacement of private-label MBS by GSEs following the 2008 financial crisis.analyze_data
12
The U.S. column is highlighted with a dashed oval to emphasize its outlier status.compare_peers
14
The U.S. bar is highlighted with a dashed oval to emphasize its outlier status.compare_peers
17
The slide uses a hub-and-spoke diagram to contrast two business lines, highlighting the risk profile of each.diagnose_problem
Open slide detailBeat · Problem & Complication
18
The slide uses a hub-and-spoke diagram to contrast the two business lines.frame_situation
Open slide detailBeat · Problem & Complication
21
Uses a stacked bar chart to illustrate capital structure seniority.preempt_rebuttal
Open slide detailBeat · Problem & Complication
22
Dual-axis charts showing LTV (bars) and FICO (lines) for both GSEs.analyze_data
Open slide detailBeat · Problem & Complication
25
The chart uses a grouped bar format to compare two entities over time.analyze_data
Open slide detailBeat · Problem & Complication
27
The chart uses a broken axis (indicated by the tilde symbol) to accommodate the extreme negative values in 2009.analyze_data
28
The slide uses a split-bar chart to contrast massive losses against a small capital requirement.expose_contradiction
29
The slide uses a waterfall-style bridge to contrast actual losses with capital requirements.preempt_rebuttal
30
The slide uses a contrast between portfolio share and loss share to argue against the GSEs' past risk management.expose_contradiction
Open slide detailBeat · Problem & Complication
31
The chart compares a $20bn capital requirement against a $(27)bn loss, suggesting near-sufficiency.analyze_data
Open slide detailBeat · Problem & Complication
32
Uses a hierarchical diagram to contrast two business units.frame_situation
Open slide detailBeat · Problem & Complication
33
The slide uses a balance sheet visualization to show how $100 in assets was funded by $97.5 debt and $2.5 equity, resulting in a 40% ROE.expose_contradiction
34
The slide uses a direct quote from a former Fed Chair to establish a historical precedent for the critique of the GSEs.cite_precedent
35
The slide uses a high-authority quote to frame the target companies' business models as inherently flawed and dangerous.cite_precedent
39
The slide uses a quote to establish the original intent of the conservatorship as a temporary stabilization measure.cite_precedent
41
The slide uses a bar chart to illustrate the timing of the Net Worth Sweep relative to the GSEs' financial recovery.expose_contradiction
Open slide detailLoop · Iceberg
42
The chart includes a specific callout regarding a 2017 one-time draw due to tax reform.analyze_data
Open slide detailLoop · Iceberg
43
The slide uses a red border to emphasize the GSE row compared to the other bailout recipients.compare_peers
Open slide detailLoop · Iceberg
44
The chart illustrates the transition from net worth sweeps to capital retention policies.analyze_data
45
The slide argues that the amendment is largely symbolic or procedural rather than substantive.summarize
47
The slide includes a visual of a letter from Donald Trump to Rand Paul, with a specific callout box highlighting the core argument.cite_precedent
48
The slide uses a bulleted list structure to outline the historical context, current status, and the proposed path forward for the GSEs.frame_situation
51
The slide uses a green callout box to highlight the regulatory change as a negative development.expose_contradiction
Open slide detailBeat · Solution & Approach
52
The slide uses a comparison frame to argue against applying bank-standard capital requirements to GSEs.compare_peers
Open slide detailBeat · Solution & Approach
54
The slide uses a comparison table to highlight risk profile differences between PMIs and GSEs.compare_peers
Open slide detailBeat · Solution & Approach
55
Uses a stacked bar chart to visualize LTV coverage ranges.compare_peers
Open slide detailBeat · Solution & Approach
57
The table compares a baseline (2.5% capital) against four scenarios of higher ROE requirements.diagnose_problem
Open slide detailBeat · Solution & Approach
58
The slide argues that a 4% capital standard acts as a tax on homebuyers.quantify_opportunity
Open slide detailBeat · Solution & Approach
59
The slide uses a comparison table to justify a specific capital requirement by highlighting lower risk factors for GSEs.compare_peers
Open slide detailBeat · Solution & Approach
60
The chart uses a waterfall-style bridge to compare losses to capital.propose_solution
Open slide detailBeat · Solution & Approach
61
The slide uses a quote to validate the activist's proposed capital requirement.cite_precedent
Open slide detailBeat · Solution & Approach
63
The slide uses a two-part argument structure to justify capital requirements by highlighting hidden value in future cash flows and crisis-resilience.propose_solution
Open slide detailBeat · Solution & Approach
64
The chart uses a waterfall-like comparison to show that proposed capital (2.5%) and total resources (4.3%) significantly exceed historical crisis losses.propose_solution
Open slide detailBeat · Solution & Approach
65
The slide uses a 'demand list' format to advocate for regulatory changes.state_demand
Open slide detailBeat · Solution & Approach
66
This slide acts as a counter-balance to a broader argument about limiting benefits, specifically identifying which ones are deemed essential.summarize
Open slide detailBeat · Solution & Approach
67
The slide highlights the negative impact of current pay limits on leadership turnover at Fannie and Freddie.propose_solution
Open slide detailBeat · Solution & Approach
68
The slide uses a contrast-based structure (complications vs. objectives) to lead to a proposed administrative solution.propose_solution
Open slide detailBeat · Solution & Approach
69
The slide outlines a policy recommendation for GSE reform.propose_solution
Open slide detailBeat · Solution & Approach
70
The slide uses a stacked bar chart to contrast historical losses against the total available capital buffer.preempt_rebuttal
Open slide detailBeat · Solution & Approach
71
The slide uses a pull-quote to provide external validation for the activist's thesis regarding GSE conservatorship exit.cite_precedent
Open slide detailBeat · Solution & Approach
72
The slide uses market benchmarks to justify a specific fee level, framing it as a conservative estimate.compare_peers
Open slide detailBeat · Solution & Approach
75
The chart uses a stacked bar approach to show the base return vs excess return.analyze_data
Open slide detailBeat · Solution & Approach
77
The slide uses pie charts to show the composition of capital, highlighting the role of 'Credit for Excess Payments' in reducing private capital needs.propose_solution
Open slide detailBeat · Solution & Approach
78
The slide uses a stacked bar chart to illustrate capital accumulation components (existing capital, retained earnings, and new raise).quantify_opportunity
Open slide detailBeat · Solution & Approach
79
The chart uses a waterfall bridge format to show the impact of income, debt repayment, IPO proceeds, and preferred stock conversion on common equity.show_valuation_bridge
Open slide detailBeat · Solution & Approach
80
The slide uses a stacked bar chart to illustrate the capital buildup.quantify_opportunity
Open slide detailBeat · Solution & Approach
81
The chart uses a waterfall bridge structure to show capital accumulation and conversion steps.show_valuation_bridge
Open slide detailBeat · Solution & Approach
83
Includes annotations for IPO events and specific capital percentage targets.quantify_opportunity
Open slide detailBeat · Solution & Approach
85
The table uses historical IPO data to validate the proposed IPO sizes for Fannie and Freddie.cite_precedent
87
The table includes a mix of dollar amounts, basis points, and percentage growth rates.analyze_data
88
The table includes a specific 'Memo: Return Metrics' section at the bottom.analyze_data
89
The table uses a mix of dividend discount and multiple-based valuation logic.show_valuation_bridge
90
The table uses a multi-step DCF-style approach to arrive at a 2027 target price.show_valuation_bridge
91
This is a classic 'preempting the skeptic' slide, framing a potential counter-argument to the activist's thesis.preempt_rebuttal
92
The chart uses a stacked area format to show the combined value of GGP shares and HHC spinoff/dividends.illustrate_case
93
The slide uses a checkmark-based comparison table to validate compliance with specific NYSE financial and distribution standards.preempt_rebuttal
94
The slide uses a comparison framework to position Fannie and Freddie between two distinct industry archetypes.compare_peers
95
The slide uses a blended median of P&C and Utility sectors to justify a valuation multiple for FNMA/FMCC.compare_peers
96
The slide emphasizes that despite IPOs, the US government retains majority control, while also arguing for the broad distribution of remaining shares.analyze_data
97
The table breaks down returns into Common Dividends and Proceeds from Stock Sales.quantify_opportunity
99
The slide uses a scenario table to demonstrate the negative impact of SPS conversion on Treasury's equity value.quantify_opportunity
100
Uses quotes from Thomas P. Vartanian's amicus brief to support the thesis.cite_precedent
101
The slide uses a direct quote from a legal/policy expert to support a legal argument regarding the scope of government claims in conservatorship.cite_precedent
102
The slide uses a press release to establish credibility and a quote to support the thesis that GSE exit is a viable, historical goal.cite_precedent