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A Widowmaker Trade Comes Back to Life

Signs of an end to conservatorship for Fannie and Freddie boost Bill Ackman’s Pershing Square, among others.

You might call it the widow maker’s trade — the bet that mortgage giants Fannie Mae and Freddie Mac would eventually be sprung from government ownership and returned to private hands. For years, investors have been waiting for the trade to pay off, but it has cost them small fortunes, contributing

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