I was wondering if they had a site but didn't see
anything on Yahoo.
As to being in a related
business, I don't
know. I was a small landlord and, at
one
time, an employee of larger landlords.
Even so, the
residential REITS left me scratching my head: they're
functioning
on a whole different level of
complexity.
Like I said, NLY is a whole different type of
business--exclusively paper. If you
look at the design of the
business and
at the kinds of people who were selling
it
last summer, you get the picture of something that is
bound to be volatile.
(If someone sees this
differently, I wish
they would say why.)
If you can
live with the ups-and-downs of
the share price, you
get a relatively
attractive return with a
relatively high
degree of certainty. (The market value
of
the stock is inconsequential, so long as
you
aren't under pressure to sell.)
As long as NLY
can survive and prosper, this situation ought to
remain about the
same. You could buy this stock on
high
yields for years and sell whenever it's
bid up by
large investors.
Want to see a bizarre and
somewhat similar
situation? Take a look at Great
Northern
Iron, an income producing property trust.
The trust
goes out of existence at some
point in the
not-too-distant future, so
it may not be a good investment;
but large
investors, Mario Gabelli for one, were
moving in and out of this stock for years.
These
guys tend to think in terms of relative opportunity.