Quick Note

I’m still working on the piece analyzing the puzzle of the screamingly high prices that MBS trade for today, but I thought I should alert readers to the fact that I took profits in yesterday’s NLY.

My low-ball bid got hit yesterday near the low, and today’s market simply makes me nervous.  I don’t care how ideal the yield curve is for amREITs — I got paid well for owning the stock overnight, and I know that attractively priced stocks go down with the rest of the market when they are getting Ursa Major on me.

Cash 33% after the sale.


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