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  • Mortgage REITs slide as Treasury yields take off [View news story]
    I have seen this happen too many times to hit the panic button. I only own 1000 shares of AI since I dumped my NYMT a few months ago (I like NYMT but think it trades at too heavy a premium to BV. With mREITS being sold off I am going to sit back and buy TWO & NYMT when the carnage subsides. Good luck with your investments. I often ask myself; "will mreits be around when rates go up or will they simply become extinct and we all know the answer"... This event with a sell off happens once a year and my advice is to stand pat and pick up some bargains.
    Jul 3 04:47 PM | Likes Like |Link to Comment
  • Annaly Capital Management, Inc. declares $0.30 dividend [View news story]
    Wait for a SPO and then I will read the comments; Capt Jack is right, this company is so badly managed imho that even Cramer isn't pumping it anymore on his burlesque show. I am also concerned about NYMT (once a favorite) but the premium to B/V is of great concern. Currently long AI and EFC. Looking for a entry point once NYMT comes down.
    Jun 19 09:43 PM | Likes Like |Link to Comment
  • Chimera halted with news pending [View news story]
    I guess that my stomach for companies that cannot provide adequate reporting to SEC are not my cup of tea. NLY is probably going to buy their "bad bank". WMC just introduced a nice special dividend of $2.35 payable in $$ & stock..... I own WMC and the news was nice, now I am waiting for the other shoe to drop. CIM may be a good stock but I don't think anyone there has any idea of the BV.
    Dec 31 06:32 PM | Likes Like |Link to Comment
  • As Annaly And American Capital Disappoint, This MREIT Rises - Don't Short It [View article]
    Well folks, I am conflicted; WMC was VERY kind to me last year, O.K. they did a recent IPO but if you look at the history of this company these folks are not "C" students. Like all mREITS the last blood bath caused me to sell WMC once some sanity was returning to the market. Like MtnTopTrader, I am skeptical; however, TWO paid out a large dividend in stock of their mortgage serving division which I dumped the first day I was able.

    Currently, I own NYMT, WMC (my crap shooting stock, look at the P/E)?? In addition a fairly boring stock that is NOT a mREIT but a LLC is Ellington Financial (EFC), nice steady dividend, no drama and generally a special distribution at the EOY.

    I am no tax maven so I guess a call to the CPA will be required. Tempted to take the stock; I am too old to go to Vegas so WMC is my default position.

    Good luck to all investors.
    Dec 20 06:51 PM | Likes Like |Link to Comment
  • Chimera up big on heavy volume [View news story]
    I avoid stocks where management dosen't seem to know the numbers; having said that today's pop may be indicative that financials will be put in order. Isn't it ironic that after Goldman-Sachs put a "strong sell" on agency mreits that they seem to be doing nicely.

    Have a long position in WMC and EFC, I am expecting a special dividend from EFC.
    Dec 9 09:22 PM | Likes Like |Link to Comment
  • Annaly CEO purchases $1M in stock [View news story]
    I remember how Cramer used to pump this stock. I owned it a few years ago until the new clique took over. Too much nepotism imho; good luck to those of you who have invested in NLY. I think mREIT investors are going to have to look at lower yields as reality.

    Presently, I have done well with EFC which is not a mREIT but in many ways buys the same instruments but it is a LLC. I own WMC as my "vegas stock"; only 1000 shares.

    I wish Wellington well (like she needs it from me); look at the $$ the insiders earn at the expense of the share holders? Not a good place for my money
    Nov 13 08:52 AM | Likes Like |Link to Comment
  • As Chimera Receives Its Final NYSE Extension, A Filing Or Buyout Better Come Soon [View article]
    Dear Mr. Zvi, I owned CIM a few years back and frankly, for the $$ that the "executives" or "nepotism perfumed princes" receive not being able to present a full accounting = SELL!! I lost some hair when I sold my CIM but I never kill a cow because a chicken died. I have done well with EFC and TWO as well as some other mREITS as trading vehicles rather than investments.

    Zvi, I have my own theory on why CIM cannot present a clean set of books; I have NO proof of this but when one understands the connection between CIM and NLY one has to wonder? We all remember the "good bank - "bad bank" during the financial crisis. Having said that, I wonder if CIM is the "Bad Bank" where NLY is "selling" POS mortgages?? Is the CIM "dividend" actually a suckers dividend? I wouldn't want to use the word ponzi as it relates to NLY/CIM but after FINOVA I have become a more cautious investor.

    If CIM were to go to the pink sheets what would be the impact upon NLY. I am most concerned about executive compensation which I believe to be excessive. If any security has gone this long without proper reports I fear the SEC is again asleep at the wheel. Does Mr. Madoff come to mind?

    Zvi I really respect your input to the board. Question: Do you thing that WMC is reaching an oversold status??
    May 15 06:47 PM | Likes Like |Link to Comment
  • Chimera Investment On Verge Of NYSE De-Listing [View article]
    Mike, once a stock goes to the pink sheets or curb exchange it is NOT a sign of good news. If I owned this POS I would sell and not wait around. This is not sour grapes, I lost a couple grand when they delayed numbers the first time and do not regret taking the loss. Look into the history of FINOVA, this was a specialty finance company that paid a large dividend but had to "restate" earnings; I was a new investor "chasing the dividend" and held off selling. Lost $30k and I can't explain why I have become such a skeptic!
    Feb 16 04:29 PM | Likes Like |Link to Comment
  • Chimera Investment On Verge Of NYSE De-Listing [View article]
    Paul, I sold this clunker two years ago and absorbed a modest loss but a welcome one... Example:

    (1) This company is "managed" by NLY, if NLY can produce SEC required documents, why cannot they deliver on CIM????

    (2) Nepotism. Relatives of current management are being paid what I believe to be outrageous pay and bonus packages; BIG pay and no SEC required documentation?? To me, I cannot see paying huge compensation packages if you are "returning capital" and cannot report audited earnings.

    (3) While I have NO proof, I suspect that CIM may be the "bad bank" for NLY. I ask WHY??? I was LONG on CXS and took a nice profit when I learned NLY was acquiring them; just suspicious.

    (4) The largest loss I ever suffered was another firm that had earnings delays (the late FINOVA) and since have learned that if the numbers have to be restated it is a sell signal for me.

    Now, having said that why would anyone own CIM, NLY or CXS if there is suspicion? I own EFC, DX, NYMT and recently began performing DD on ARR. With so many good high yielders out there I find it remarkable that fools would chase a overpriced lotto ticket named CIM.

    Kudo's Tim for your well reasoned article. Some people who like "cheap stocks" can find them the most expensive they can buy.
    Feb 15 06:46 PM | 7 Likes Like |Link to Comment
  • 6 Ex-Dividends To Consider, 5 To Avoid This Week [View article]
    Thank you Paul for your insightful comments. One stock that I own (and we all have too many high yielders to mention them all) is Ellington Financial Corp. They just announced a 10% increase in the dividend AND a special dividend of .70 all payable on the same date. I love the P/E ratio and positive coverage from analysts. I am also long KFN, NMM and TWO. I will notify the board whenever I buy Ford as I always tend to be on the wrong side of the trade :-). Thanks again Paul you are a very insightful young man.
    Feb 13 08:04 PM | Likes Like |Link to Comment
  • New York Mortgage Trust: Sell Ahead Of The Deal [View article]
    Thanks for the article. I trade in and out of NYMT and concur with your target of $6.45. Currently, with so many of us chasing yield I think that NYMT got overbought; having said that, it is a great company and I have done well with this and EFC which pays a lower dividend but has no debt on the books. I am checking with my accountant about how the divie will be taxed, however, I don't generally let tax treatment worry me that much; the way I look at it if my $$ is in a bank I am getting robbed.
    Feb 4 09:36 PM | 2 Likes Like |Link to Comment
  • New York Mortgage Trust: A Hedge In The REIT Space And 17% Yield To Boot [View article]
    I use to trade NYMT but now am in a hold position; this stock always seems to have a correction in November if you look at past events which to be fair hit other REITS. Currently, I have taken some profits at this price in view of the clowns we have in the congress who will cause panic selling imho and I am talking about both parties. Having said that, what makes NYMT so attractive imho is it's inventory of multi housing unit mortgages in addition to some other non-agency investments. Question; would you rather own this company that can publish it's earnings or CIM which is on another "extension" in submitting financials??? While I have no proof and it is just my theory that CIM is the "bad bank" for NLY, since NLY "manages" CIM how is it that NLY can publish it's SEC filings and CIM cannot??? Lot's of nepotism and excessive pay outs to executives. Another stock I like with a nice yield is EFC and PSEC which is getting ready to go ex divie eom. Good luck to all, nice article.
    Jan 18 06:36 PM | 1 Like Like |Link to Comment
  • Chimera Investment's (CIM) 4-month extension for continued listing on the NYSE is set to expire on Jan. 15. Either the company will have to file its 2011 annual report by then, or get another extension, or it will face delisting by the exchange. The company has also failed to file all subsequent quarterly reports. [View news story]
    Once they are delisted they go to the pink sheets or curb exchange, hard to trade from what little I understand. This inability to file there reports would be cause of great concern to me if I still owned this turkey. I find it truly remarkable that NLY who "manages" CIM can state their own results but cannot do like wise for CIM. I have always suspected that being a non-agency m-REIT that maybe CIM is the "bad bank" for NLY?? The company is rife with nepotism and compensation amounts that certainly seem out of line with a firm so incompetent that they cannot file earnings or SEC reports. Just MHO but I unloaded this stock when they were unable to state the first time they brought these accounting issues to light. Lost some hair but certainly slept better going into DX.
    Jan 4 06:41 PM | Likes Like |Link to Comment
  • Positioning For The Fiscal Cliff [View article]
    When I retired from the used car business I decided to give up lying because I couldn't remember what I said..... Therefore, I avoid Fox "News" but can only imagine the tales of gloom & doom they are blaming on the DEMS. I find it remarkable that during the Bush years the now fiscally "conservative" REPS routinely raised the debt limits. Anyway, I favor returning to the Clinton tax rates for everyone. If I have to pay a lousy extra 5% on my dividends it will not change my investment decisions one way or the other. Picked up some nice bargains on Friday. Yes, we will go over the cliff and the sun will come up in the morning.
    Dec 31 07:53 PM | Likes Like |Link to Comment
  • Positioning For The Fiscal Cliff [View article]
    Well my friend you have never watched laws or sausages made. Frankly, it is to the benefit of the President to go off the fiscal cliff and also the Republicans are hoping for the same. The Democrats will be in a better negotiating position after the first of the year. Republicans do not want to get into trouble with Grover Norquist who is the defacto head of the Republican Party. Republicans with "safe" seats fear Norquist more than a strong Democratic opponent. Both sides are going to square dance past the fiscal cliff and you sir should ignore your history when it applied to politicians acting as statesmen.
    Dec 31 07:41 PM | Likes Like |Link to Comment