During the days of maximum fear around Thronburg Mortgage (TMA), I bought some of the common and some of the preferred of this mortgage REIT after hearing the CEO give what I thought was a very honest and detailed appraisal of their losses. He impressed me. Honest, humble CEO's always do. I realized this company would survive and, after some research, realized that it was being run by someone who understood the portfolio. He had done his homework when he said what he thought the worst case liquidation value was and what the losses would be. He was the first to accept their losses and showed that he understood why they happened.
I've been buying in small bits more of the preferred shares of this REIT that buys the jumbo home mortgages that are too big for Fannie Mae and Freddie Mac guarantees.
Disclosure: I own TMA, TMAprC, TMAprD. I have also bought these names for my friends and family. I bought the majority of these preferred shares at much lower prices but have also bought more for my own friends' accounts at prices between $18.00 and $19.50.