AGNC Investment (AGNC) closed at $8.61 on October 13 and has fallen roughly 19% over six months. The company buys government-backed mortgage bonds, borrows against them, and keeps the spread, a model the article describes as uncomplicated. Its price-to-book of 1.11 is the highest among the mortgage trusts billionaires own, which trade between 0.76 and 1.05, and it is paired with a 19.80% return on equity, the highest in the group. The article argues this premium rests on expectations of future results and could fade if results move back toward the group's level. On earnings the stock looks ordinary, at 4.93 times the past year and 6.61 times expected next-year earnings.
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