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  • dadnorris1 Oct 25, 2005 4:12 PM Flag


    Sorry to take so long to get back to you. Busy as all heck.

    What a great call. You are correct the analysts are still trying to figure it out. This was an awesome performance from our management team.
    Also, they clearly formatted the comments to cover the needs of informed individual investors.

    All the good stuff has been batted about. It is interesting that although they are doing more hybrid fixed products the effective duration is still short due to symmetrical hedging. Clearly they have a proprietary advantage in their models the analysts are not clever enough to appreciate. Pride goes before the fall for the analysts.

    The one negative is the spreads the market offers on new product. I believe they said margins are in the 90 basis point range. While TMA should earn the dividend it is going to put pressure on the mortgage market and other players.

    Many MREITs are selling at deserved discounts to NAV. General market conditions; as far as pressure from rates, may get worse. Which means the discounts for many REITs may increase to fire sale levels in the future. Interesting possibilities made possible by stability of the business model.

    Hope you picked up some of those long calls when the stock was way down!

    Good Luck Longs

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