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NorthStar Realty Finance Corp. Message Board

  • rube_go1dberg rube_go1dberg May 17, 2013 9:18 AM Flag

    The "takedown" that wasn't

    The "takedown" of NRF came to to very little. The large expenditure of effort and funds only increased a short position that was already overloaded. Now it will have to be covered at a loss. It was timed to coincide with the macroeconomic noise about the Fed "tapering off" their quantitative easing. The noise was a signal for hedge funds to sell REITS last week, but it has faded off the radar scopes. Curiously, the "noise" was only directed at REITS, not T-bills, which are at maximum risk when the rates start to rise, perhaps in 18 months.

    I'm buying REITS today and next week, including NRF and TWO. I haven't quite made up my mind about AGNC. Its price looks attractive relative to the risk that the distribution will not be cut. I'll also be studying the split of NCT / NRZ to try to make a determination of value as to the two components.

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