Travis, thanks for your insight into Rickards doom and gloom scenarios it puts that other guysforecast into the same category. I also appreciate the insight into your portfolio, What are TARP warrants?
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TARP Warrants are the 10-year warrants that the government received from the financial institutions it bailed out. In addition to backstopping those institutions, they got 10-year warrants, and the government fairly soon thereafter sold those warrants into the markets. They’re just like other warrants, except that they have specific anti-dilution rules (like adjustment for dividends over a certain hurdle) and are for an unusually long term. The first TARP Warrants start hitting their expiration dates in a year or so, and I think the last ones are the AIG Warrants that expire in early 2021 if I’m remembering correctly. I’ve owned a few of them, but do not own any of them now.