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American Capital Agency Corp. Message Board

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  • whiteshadowmovement whiteshadowmovement Jan 24, 2013 1:57 PM Flag

    Why don't HFTs just start ramping AGNC into earnings now?

    PS- By the way, to be totally fair to the fundamental point we should note that its interesting to look at the mREIT universe as a whole. They all sort of crashed, but some deserved it much more than others for fundamental reasons. Annaly did a very poor job going into QE3 and had to cut the divy. while IVR's crash was just a short spike and went on to all-time highs as it was the first to recover (presumably the 'story' was that having the lowest CPR, it would be the best able to withstand competition from the Fed). Given AGNC's low CPR, its chart should look much more similar to IVR than NLY, but ended up falling somewhere in between. Also I dont really think ANYONE was expecting an SPO, that would have been suicidal. If anything, Kain should have realized some of that comprehensive income and bought back AGNC shares at 10 or even 20% of the float. Can you imagine how fast the shares would have rebounded had they done that? More's the pity because I doubt management will ever get another opportunity to sell assets at north of 100 cents on the dollar and buy its own shares for 80% of BV...

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