SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oksenholt Capital Management LLC today released a valuation analysis challenging Pershing Square's decision to value Freddie Mac (FMCC) at a materially lower earnings multiple than Fannie Mae (FNMA). Let's start with where we agree. Bill Ackman and Pershing Square have done valuable work showing why Fannie and Freddie may be worth far more than today's market prices imply. These are exceptional franchises. Our disagreement is narrower, but important. Pershing. ...