I went through the insider transactions list at TMA and Christ, these guys loaded up in the high teens and 20s. http://www.secform4.com/insider-trading/892535.htm 2007-10-19 Purchase 2007-10-22 07:30 am THORNBURG MORTGAGE INC TMA THORNBURG GARRETT (Chairman/CEO Director) 1,000,000 $9.505 $9,504,500 2007-08-06 Purchase 2007-08-06 5:02 pm THORNBURG MORTGAGE INC TMA THORNBURG GARRETT (Chairman/CEO Director) 200,000 $23.42 $4,684,260 2007-09-06 Purchase 2007-09-06 5:22 pm THORNBURG MORTGAGE INC TMA GOLDSTONE LARRY A (President/COO Director) 30,000 $12.06 $361,800 279,067 Garret owned 2,645,826 shares by October for a sizable $20m position. Now down the toilet. It's amazing these guys didn't know what they had coming for them. They "only" stopped buying by the end of December.