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  • Sucker Yield REITs: Does Annaly Capital Management Qualify? [View article]
    Brad, I believe part of your concern is NLY's present hedge position anticipating lower interest rates and the implied assumption that this position will be frozen in place. Not long ago NLY was hedged for rising rates and when that was not working they switched and have been right. I don't expect any of us ordinary mortals to consistently forecast the future correctly. But I value the ability to keep sniffing the future on and quickly adapt to changes in the outlook. That is what caused me to establish a position in NLY a few months back.
    Sep 5, 2014. 12:52 PM | 2 Likes Like |Link to Comment
  • 5 REITs To Boost Your Portfolio In An Unstable Market [View article]
    In assessing the impact of changes in interest rates any info you have on the structure of assets and liabilities as to term and credit quality would be useful to guess just how leveraged earnings are for each.

    Clearly shorter term assets would be less leveraged in market price as would higher quality debt. Some closed end fund finance with floating rate notes and preferreds with rates changeable at any time. There are probably huge differences in the volatility of margins volatility between the companies.

    Treasury rates can't defy gravity forever with massive treasury financings must be done this year to refund maturing debt plus the ongoing deficit. However, the troubles in europe and a sputtering economy here and QE3 which will come if treasury rates rise too much could put off the day of reckoning for some time.
    Apr 16, 2012. 04:38 AM | Likes Like |Link to Comment