As you may have seen, I wrote up an article at the end of last year on FBR Group, a small cap financial stock that had fallen very hard in the past few years as it got involved in the subprime and structured finance mess.   My main thesis was that the stock was mispriced, extremely cheap, and available at a substantial margin of safety.  As they reported their 4th quarter results today, my belief in a margin of safety came to fruition as the write downs were aplenty, and total asset value has changed, but the company is doing fine.

    
    Friedman, Billings, Ramsey Group (NYSE: FBR) is a Virginia based financial services company structured as a REIT; part investment bank, part asset manager, part principal trader, and part mortgage banker.  They've fallen prey to the credit market upheaval. Sound familiar?