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  • Is Annaly Capital's Management The Solution Or The Problem? [View article]
    Hmmm, laid out alot like an article i wrote a couple weeks about about CMO
    May 12, 2015. 09:52 AM | 1 Like Like |Link to Comment
  • 10.5% Dividend Capstead Mortgage's Portfolio Is Designed For Changing Interest Rates [View article]
    you did an excellent job on explaining why (CMO) is superior for risk management to (AGNC) and every other mREIT in the sector. nice article David. In addition right now CMO common and CMO PRE are outstanding buys. take advantage of market inefficiency is the key to investing in mREITS.
    May 5, 2015. 07:05 PM | 2 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    its virtually always a fixed rate. Of course that fixed rate depends on what your entry price is. If you by below Par its more, if you buy above par the yield is less.
    May 5, 2015. 08:26 AM | 1 Like Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    hi Rob... you are correct that is the greatest risk to CMO, but obviously this quarter that was not a big issue. Other than strategy, a big difference between CMO and AGNC is management. CMO has reliable, honest, trustworthy management
    May 5, 2015. 06:54 AM | Likes Like |Link to Comment
  • At Capstead, Management Matters [View article]
    COB, we gotta stop agreeing like this lol
    May 4, 2015. 06:32 AM | Likes Like |Link to Comment
  • Coming To Terms With American Capital Agency [View article]
    the symbol varies with different platforms... with Interactive Brokers the symbol is CMO PRE, you would have to ask your broker what symbol their trading platform will use, it seems many of them format preferred symbols differently.
    May 2, 2015. 08:35 AM | Likes Like |Link to Comment
  • At Capstead, Management Matters [View article]
    lol COBeeMan... i knew i could count on you!
    1. I think the fed will raise rates late this year provided we don't have a recession. I believe there will be a "tantrum" at first, but the market has been preparing for this for 2 years now, so i believe the impact will be short and sanity will return. That sanity is based on the fact that we MUST get away from a zero rate fed.
    2. As for its impact on (CMO)... there will certainly be market risk on the common shares and maybe even the preferred, (which should produce a great entry opportunity) but in reality a slow rise in rates will be beneficial for CMO's business model, since their duration risk after hedging is so short, roughly 30-90 days on the borrow side.
    3. As for the rest of them, a rate rise will be very harmful if they are not hunkered down beforehand, as (AGNC) is trying to do now. Of course the consequence of "hunkering down" is a loss of NIM income as they de-lever their portfolio. If (and this is a big IF) fixed rate long duration mREITS like AGNC and NLY have taken the pain ahead of time and de-levered enough to be fortunate enough to buy new higher fixed rate MBS, there could be a new baseline for them, but either way, a long duration fixed rate portfolio will experience pain, either before, or after rates begin to rise.
    May 2, 2015. 08:32 AM | Likes Like |Link to Comment
  • At Capstead, Management Matters [View article]
    I think management at NLY is more reliable than at AGNC for sure. However the business model at NLY is basically the same at AGNC, which is to borrow short term to buy long term duration. To me NLY is a well run company but the strategy would be inferior that of CMO. This is of course my opinion and many will differ with it.
    May 1, 2015. 05:03 PM | Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    who would some of those that have warned beforehand be? :-)
    May 1, 2015. 11:52 AM | 3 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    while this is correct, a better security to do this with would be CMO PRE which trades at a discount to par
    May 1, 2015. 11:23 AM | 3 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    CMO PRE is a much better deal right now than any AGNC preferred in my opinion, based on those metrics you just used.
    May 1, 2015. 10:30 AM | 1 Like Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    evaluating the preferred doesnt really need an article. It is basically an open ended bond trading at a pretty hefty premium.
    May 1, 2015. 09:41 AM | 1 Like Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    NoMore, he is def not an idiot. he is a very smart man. Fraud may be a bit strong, but for sure there is a lack of integrity in how he communicates to shareholders and how they report earnings. Kain is flashy but he is not reliable
    May 1, 2015. 09:01 AM | 3 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    i know you asked Brad, but i would like to weigh in on AGNCP... they are overpriced, trading above par value.
    May 1, 2015. 09:00 AM | 3 Likes Like |Link to Comment
  • Just 4 Words To Describe American Capital Agency [View article]
    Quarter after quarter AGNC shocks shareholders, either with moves that shareholders are surprised by that they deem to be "brilliant", like buying shares of other mREITS, or by earnings that disappoint. To me, the key to an income based investement is that you DON'T want surprises. You want predictability. That is why (CMO) is the superior security in this sector, and its not even close.
    May 1, 2015. 08:11 AM | 11 Likes Like |Link to Comment
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534 Comments
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