TenDollarTommy

Annaly Capital Management: Epitome of Low Risk, High Reward

The article captures the gist of NLY, but doesn't mention a large portion of the porto is floating rate, which is more or less immune to rate movement. In addition a growing part of earnings comes from a money management subsidiary which is not linked at all to the bond or MBS mkts.
These guys know what hey're doing and they are the best in the biz. They are running a bank investment portfolio without the hazrds of having the rest of the bank.
Their disclosure is extremely transparent and they only messed up once-- back in 2003, when the yield curve flattened/inverted and hit them.
You can also investigate their preferreds which offer nice yields but lack liquidity.