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Annaly Capital Management, Inc. Message Board

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  • PHAGE1998_99 PHAGE1998_99 Feb 24, 1999 1:28 PM Flag

    REITS/ Mortgage Reits

    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.

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NLY
11.90+0.05(+0.42%)Aug 29 4:00 PMEDT

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