I am long this stock (have been for several years) and have a good working knowledge of the business model. Given the current economic climate I cannot understand what basis you have to make the statement you did about this stock. Are you looking at something specific to support this view? I would like to believe, but the environment does not support this view at all. If you can give some data to support your view it would be very helpful.
Yes seeking alpha analyst and many others have written NLY will do well in a tapering situation much better then most reacts . It's leverage is lower and has non agency as well , and the spread will widen so NLY will make more money. I don't believe the book value had gone down much I'd say around 15 or 16 .