. >> rose: last winter you said that freddie mac an francis p. maglio were the most interesting risk/reward that i'm aware of in the capital markets now. >> what i mean by that is if you buy the common stock today, i believe the only solution to the problem is for these entities to be effectively privatized again. and that scenario, the investors of fannie mae and freddie do very, very well. the good news is the taxpayer. >> do you believe that that in fact will be the solution that takes place and you believe it's a safe bet to bet on that idea. >> i don't want to make an investment recommendation. >> i'm not asking for an investment recommendation. i'm asking about you in terms of what you do. >> we think it is a very attractive risk/reward. it is more likely than not that that is the outcome. you've got political risk, legal risk. you've got regulatory risk, you've got leverage. you've got a lot of complexity. i would not call it a safe bet. i think it is a very interesting one. >> i'm a little less sanguine on this. i think it's a great example of p