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Annaly Capital Management, Inc. Message Board

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  • JakSiemas JakSiemas Feb 24, 1999 10:27 AM Flag

    REITS/ Mortgage Reits

    I,too, became interested in the company
    after reading the Grant article. I am looking for some
    yield investments as I feel I have enough money in
    equities and too much cash.
    In doing some further
    research on the company I found that NLY has a web site at - you might check it out. Since you are in a
    related business, any further comments you have regarding
    NLY would be appreciated.

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    • 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
      time, an employee of larger landlords.
      Even so, the
      residential REITS left me scratching my head: they're
      on a whole different level of

      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
      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
      the stock is inconsequential, so long as
      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
      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
      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.

      guys tend to think in terms of relative opportunity.

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