Bill Ackman Believes Investors Can Make 10 Times Their Money Investing In Fannie Mae

Hedge fund manager Bill Ackman made his uber-bullish case on Fannie Mae through a 110-slide presentation at the Sohn Investment Conference in NYC today.

He characterized the investment as "owning a royalty on every mortgage."

According to Bloomberg, Ackman said Fannie could be worth $23 to $47 per share.

The stock closed at $4.10 today.

"There is no viable alternative," said Ackman noting the firm's critical position in the U.S. mortgage finance market.

Ackman is the largest hedge fund shareholder in Fannie with a roughly 10% stake in the company.