Seeking Alpha


Send Message
View as an RSS Feed
View ka12345's Comments BY TICKER:
Latest  |  Highest rated
  • Gary Kain Is The Warren Buffett Of Mortgages [View article]
    Maybe a MORT. If he is using proceeds from sales of MBS the loans have to be paid off I would imagine as the MBS are the collateral. So I would assume all he can use is any remaining equity once loans are paid off so no leverage involved in buying others common stock.
    Question is... is he buying others stock with cash or margin?
    Feb 9 09:25 PM | 1 Like Like |Link to Comment
  • Gary Kain Is The Warren Buffett Of Mortgages [View article]
    Buffet buys companies that don't compete with themselves and are representative of many different industries. When Kain starts buying insurance companies and such only then can you compare AGNC and Berkshire.

    Kain should have bought more of his own stock at discount to BV but that would reduce management fees.

    Long AGNC
    Feb 9 09:17 PM | Likes Like |Link to Comment
  • UBS Mortgage REIT ETP Yielding 27% [View article]
    How do you choose what expiration date to use?

    When i look at puts it seems that having a put on at all times brings yield down to single digit.

    What am i missing?
    Sep 19 04:16 AM | Likes Like |Link to Comment
  • MORL Dividend Drops Again In September But It's Now Yielding 32% On A Monthly Compounded Basis [View article]
    Good analysis but you fail to take into account possible financing issues from the lenders of the mreits financing this stuff. Anything from margin calls to lower loan limits on new business.
    Sep 4 03:31 PM | Likes Like |Link to Comment
  • MORL Declares Monthly Dividend, The First Reflecting Recent mREIT Cuts In The New Interest Rate Environment [View article]
    Anyone concerned that MORL is not an ETF but an ETN, unsecured unsubordinated date of UBS?
    Jul 31 03:22 AM | Likes Like |Link to Comment
  • Panicky selling grips the mortgage REITs (REM -3.5%) as Treasury yields soar following the payroll report. American Capital (AGNC -6.9%), (MTGE -5%), Annaly (NLY -6.9%) Chimera (CIM -4.9%), Armour (ARR -3.9%), Invesco (IVR -2.7%), CYS Investments (CYS -3%). CYS' Kevin Grant was public a month ago about being a happy buyer as yields rose - a bit early on that call. [View news story]
    Actually, it was Sir John Templeton that coined this phrase.

    Just sayin'
    Jul 5 03:38 PM | Likes Like |Link to Comment
  • Confusion From The Fed Has Driven These mREITs Into Bargain Territory [View article]
    I am no expert and have limited knowledge of how this stuff works but I will take a swing at it. They probably could figure out how to hold to maturity however..

    repo rates are adjustable so cost to carry could end up being more than coupon?

    margin calls from repo man?

    risk from duration could chop BV to shreds if holding for 30-years. who knows where rates could be 5, 10, 20, 30 years from now?

    I think these companies prefer to take there pain short turn and look like heros most of time than to spread smaller pain out over 30-years.
    Jun 24 08:42 PM | 1 Like Like |Link to Comment
  • American Capital Agency (AGNC -0.2%) estimates a similar decline in book value through June 7 as that experienced in Q1 (8.6%), putting June 7 book value at $26.44. At the current price, the stock is trading at about a 7% discount to book. The numbers were disclosed in slides prepared for the company's presentation at the Morgan Stanley conference at 3:35 ET this afternoon. [View news story]
    Ever been through an interest rate increase cycle? I have been through many over the past 35-years of investing. Many of the cycles lasted a number of years and that was without the current high levels of manipulation by the Fed. The stabilization of BV could take years as well. Probably going to feel like being waterboarded. I am here for the dividend so will bite down hard and try to overcome my urges to sell my positions.
    Jun 23 02:17 PM | Likes Like |Link to Comment
  • A High-Yield, Low-Payout Dividend Growth Model Portfolio For 2013 [View article]
    I am new to this stuff but shouldn't the reason why a company has a low payout ratio be taken into account?
    Mar 8 04:54 PM | Likes Like |Link to Comment
  • How The Fiscal Cliff Fix Fails NLY And AGNC [View article]
    Your are correct. The stocks will levitate to book value, which will be much lower after the lack of demand from the Fed forces the value of the existing MBS's the mReits own way down.
    Jan 6 03:28 PM | Likes Like |Link to Comment
  • mREITs In 2013 - Friend Or Foe To Dividend Payouts? [View article]
    i am new to mReits. Don't own any but am watching. My simple mind see's the following: Fed's QE causes asset value of mREIT's to rise which causes book value to rise which causes share price to rise, but squeezes margin. Fed tightens... and asset values drop, book values drop and share prices drop. Will there be enough expansion in margins to offset the drop in book value, and how long will it take for expansion in margins to offset the immediate drop in book value. It seems to me the mREITS are eating their left foot for dinner.
    Jan 3 05:27 PM | 1 Like Like |Link to Comment
  • Comparing Annaly Capital Management And American Capital Agency [View article]
    The BDC's yields and price as well as any other industry making their money by lending will get squeezed down as soon as short rates start edging up. However i doubt BDC's are leveraged which is better than not.
    Dec 31 07:04 AM | 1 Like Like |Link to Comment
  • An Undervalued Mortgage REIT With A Sustainable Dividend [View article]
    When QE ends or is reduced the value of current MBS will drop and will no longer be able to bolster dividends. Book value will drop as well. Spreads will widen on new MBS but will take time to move them into the portfolio.
    Dec 18 02:11 AM | Likes Like |Link to Comment
  • An Undervalued Mortgage REIT With A Sustainable Dividend [View article]
    When QE is over or reduced they won't be able to use inflated MBS to pay dividends because the values will drop as well as book value by same amount. Spreads on new MBS will widen but will ake time to fill the pipeline.
    Dec 18 02:11 AM | Likes Like |Link to Comment
  • A check of mortgage REITs as the Fed looks to continue banging away at their net interest spread: Among the pure-agency REITs, HTS, which slashed its dividend last night, -2.3%. Also, AGNC -1.2%, but NLY +0.8%. The non-agency players mostly fare better, DX -0.1%, IVR -0.3%, EFC -0.1%[View news story]
    I don't understand why very few people here take into account loss of capital on mreits and not just loss of dividend. perhaps folks could start posting what there average buy in price was so the rest of us can view their comments in some sort of perspective?
    Dec 15 10:19 PM | Likes Like |Link to Comment