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macronaut

macronaut
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  • Annaly Capital Deserves The 20%+ Discount [View article]
    ....deflated value. Kind of like the footballs Tom Brady uses.
    May 8, 2015. 12:12 AM | 4 Likes Like |Link to Comment
  • Annaly Capital Deserves The 20%+ Discount [View article]
    Perhaps management is not doing a share buy-back even at a 20% discounted NAV based on the same rationale used by the rest of the investing public for not buying the NLY shares at this point:
    i.e. they foresee further erosion of asset value and have run out of effective hedging strategies given the current economic scenario.
    May 7, 2015. 09:48 PM | 3 Likes Like |Link to Comment
  • Trading At Discount To Book Value Means Strong Entry Point Into American Capital Agency Corp. [View article]
    Couldn't agree more. Especially the "securities analysts". They make astrology seem like a legitimate way to predict the future.
    May 6, 2015. 05:06 PM | 1 Like Like |Link to Comment
  • New York Mortgage Trust misses by $0.05 [View news story]
    Buy! Buy! Buy!
    May 6, 2015. 11:29 AM | Likes Like |Link to Comment
  • New York Mortgage Trust misses by $0.05 [View news story]
    ...and hopefully the scared-money lemmings will hit the sell button tomorrow. Always a buying opp in NYMT when that happens.
    May 5, 2015. 07:28 PM | 1 Like Like |Link to Comment
  • Trading At Discount To Book Value Means Strong Entry Point Into American Capital Agency Corp. [View article]
    Looks like AGNC has become a huge "value trap" like ARR. The leveraged mReit game is high-stakes poker and one bad hand can precipitate a lot of wealth destruction.
    Even an experienced and committed contrarian like myself wouldn't touch this with an extra long barge pole. Smells real bad to me.
    May 5, 2015. 05:54 PM | Likes Like |Link to Comment
  • Annaly Capital And Chimera Investment Corp.: The Problem Facing Mortgage REITs [View article]
    It's a typo...wat's yer problem?
    Feb 21, 2015. 11:33 AM | 8 Likes Like |Link to Comment
  • Wells Fargo pulls the plug on mortgage REITs [View news story]
    Please explain, Mr. Adler, how you justify the "pulls the plug" comment in the headline?? Egregious sensationalism, if you ask me (as a former journalist).
    All WF has done is downgrade from overweight to market weight on the mReit sector. That is a far cry from pulling the plug!!
    In my opinion, most of the large institutional analysis, particularly in relation to mortgage REITs is not much more reliable than ASTROLOGY in predicting future events. Humbug!
    Jan 12, 2015. 01:40 PM | 1 Like Like |Link to Comment
  • It's Beginning To Look A Lot Like 1998 [View article]
    This was clearly orchestrated by certain "foreign governments" to hit Putin where it
    hurts the most. BUT he is being paid in US$ for his oil, so getting huge amounts of rubels at a deep discount. US wont let default happen, but the liquidity problem in
    Russia could bring the whole house of cards down.
    Dec 18, 2014. 12:01 AM | Likes Like |Link to Comment
  • New York Mortgage Trust -5% after announcing secondary [View news story]
    I would put my faith in the competence of the management of NYMT to do what will ultimately be in the best interests of the shareholders who are expecting high returns for the risks taken.
    These are very sophisticated and talented players when it comes to high yield debt instruments and have established an impressive track record of performance.
    Nov 24, 2014. 02:28 AM | 1 Like Like |Link to Comment
  • New York Mortgage Trust -5% after announcing secondary [View news story]
    Don:

    This is not an issue, with respect to mReits, that adheres to a very precise, Investopedia definition. At least in my opinion, for what it's worth. (I think the third glass of merlot certainly had a dilutive effect on my powers of reason when I wrote that comment!)
    Yes, secondary issues of common stock are technically going to dilute the ownership, but if the proceeds are being used to increase the capital base of the mReit, and in this case with the purchase of a block of mortgage debt yielding over 6%, , the end result is that the new capital is going to be accretive to the EPS and ultimately to the dividend payout.
    The issue of the dilution/accretion effect of secondaries for mReits has been discussed here by people with far superior technical knowledge and analytical skills than I currently possess. I will do some further research and perhaps this can become a topic for more discussion.

    Cheers!
    Nov 23, 2014. 07:14 PM | Likes Like |Link to Comment
  • New York Mortgage Trust -5% after announcing secondary [View news story]
    The secondary is not dilutive, it's accretive since the funds are used to purchase debt securities which are income producing and can then be used to increase leverage. As long as I have been investing in NYMT, the stock price always, ALWAYS drops like a stone because of this fundamental misunderstanding of mReit secondary offerings.
    And that's okay because I just buy cheap shares from the folks who don't get it and benefit from the 15% yield plus another 12% in currency exchange to $C in a tax free account. Thanks!
    Nov 20, 2014. 07:02 PM | 4 Likes Like |Link to Comment
  • Mortgage REITs slip amid investor presentations [View news story]
    It's Round 4 of the mREIT selloff (going back to Oct/12) but I am not so sure about the immediate impact of the FHLB "proposal" to restrict private insurers owned by REITS. My research suggests that the hearings on this are ongoing, nothing has been absolutely decided.
    Furthermore, the management of the mREIT's don't seem too concerned...it will most likely result in higher mortgage costs to the consumer but not a restriction of the liquidity for the individual mREITS. Maybe I'm wrong on this, have to wait and see. Buying opportunity!
    Sep 30, 2014. 04:35 PM | 2 Likes Like |Link to Comment
  • This Is What Best-In-Breed Looks Like [View article]
    On the subject of leveraging debt in this market, Bill Gross of Pimco (220B$ under management) was interviewed on Bloomberg today. He was touting just that, the leveraging debt, since, in his opinion, the conditions that create a bankable spread between borrowing short and lending long are going to stick around for awhile yet.
    So load up, fill yer hat and enjoy the dividends, just like the bankers.
    Sep 11, 2014. 10:48 PM | Likes Like |Link to Comment
  • This Is What Best-In-Breed Looks Like [View article]
    Thanks for the interesting synopsis of NYMT. Been long this mReit for almost 3 years and have achieved a total return of over 40% inclusive of dividends, capital gains and currency (CDN$ to US$). The management have a huge depth of expertise in hybrid, high yield debt and know how to capitalize on the current economic situation.
    To hell with the naysayers who keep bringing up (throwing up?) the distant past or wallowing in the constant fear of near term interest rate hikes...they have done extremely well, and consistently, for the past several years outperforming all others in this sector despite some difficult economic circumstances.
    Sep 11, 2014. 07:14 PM | 3 Likes Like |Link to Comment
COMMENTS STATS
48 Comments
38 Likes