For investors choosing to not participate in certain markets due to perceived bubble risk, deeply distressed assets that have upcoming catalysts and are not tied to broader market risks can offer a trade with an appealing risk/reward on returns. In this interview with Real Vision editor Max Wiethe, Michael Kao, CEO of Akanthos Capital Management LLC, and Tim Pagliara, founder, chairman, and CIO of CapWealth, do a full deep dive into Fannie Mae and Freddie Mac, which presents such an opportunity. Both highly respected for their analysis of Fannie and Freddie’s situation for the past twelve years, Kao and Pagliara break down what's occurring and the positive catalysts they foresee over the next several months for Fannie and Freddie shareholders.