On Thornburg Mortgage Inc. (TMA)...
JJC:    Well look, we have been, I think, complacent about Thornburg... the preferred (i.e., Thornburg Mortgage Preferred F (TMA-PF), not the common (i.e., TMA), because there had been so much insider buying, because I genuinely believe Pelleton, that hedge fund... when that came down, that really hurt Thornburg...  I didn't know TMA... I didn't know that they would be so swift in declining... in part, because he's been so straightforward on your show...  Remember, he put a million dollars... and $950,000 in October...  so I think I got thrown there...  And then, you know obviously, the one I've been hurt on badly, and I've been recommending is Annaly Capital Management (NLY*).  Now NLY* is agency paper... and I own this for my trust...  I had to trade around it, because I'm so afraid of another equity offering...  Let me tell you why...  Because the Carlisle Group is doing very similar stuff to NLY*...  I'm more concerned about NLY*...  I don't think they have any problems funding at all... my sources today say they have no problems funding.  The issue is that, if the shorts push this thing down enough, and the companies that are lending them money, like a Merrill Lynch (MER) get cold feet, then maybe NLY* has to do another equity offering... as long as it's above the $12 book (value), they could do it...   I don't think they should...  Mike Farrell (CEO) is so good...  but it's agency paper.  He's not mortgage... it's agency paper...  But it turns out, in this market, honesty isn't even enough.  When we have the kind of panic that we're seeing...  I'm looking at Fannie Mae (FNM) and Freddie Mac (FRE), and believing that their equity could be wiped out.  It's perfectly realistic...  The companies won't be, but the common stock...   I'm just saying that something like a Farrell... NLY*... he's done absolutely nothing wrong.  He's done everything right... he's got cash...  he can have paper roll over.  He doesn't need it...  At the same time, it's guilt by association.   A lot of funds were long NLY*, and short all this other stuff...  And, you know, when TMA goes, then next thing you know, you're long NLY*...  and you've got to bolt there...  I don't own small NLY* for my charitable trust.  I own bigger (i.e., where the cost basis of his position is at a higher price)...  I don't want to say that I'd panic.  I will say that, if there's an equity offering, I'll be ready to buy more of it.  But it won't be here, it'll be lower. 

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On Boeing Co. (BA) today...
JJC:    I think the world of BA... But you need icing on the cake in this market, and Northrop Grumman (NOC) is a better play...

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