Duc takes on the CEO Michael Farrell of Annaly Capital.
Read Duc’s work here: Keynes
Joined Nov 11, 2007
1,458 Blog Posts
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I stopped reading when he called the CEO of NLY a “hedge fund manager.”
Absurdly ignorant.
I didn’t even read this post because the first word in it was Ducati.
I assume it sucked, what was it about?
LOL, I definitely did not see that second ‘n’ in Annaly at first read.
Must’ve been a side effect of word association stemming from ‘Ducati’!
(And before you get all upset, Duc, just playin wif ya, m8.)
What does he mean by, “If the loan to the bank falls due, they simply roll it over.” ???
Stopped out- I’m not Duc, so I can’t answer your question. You might go to his blog and ask him.
good point. my bad.
el-midge,
Here is Annalys’ business model.
Our principal business objective is to generate net income for distribution to our investors from the spread between the interest income on our mortgage-backed securities and the costs of borrowing to finance their acquisition, and from dividends we receive from FIDAC.
This is the same model Hedge Funds utilize.
Therefore, explain how this CEO is not a de-facto Hedge Fund manager?
jog on
duc
Wait, I figured it out… Ducati is Merlin!
Everything makes sense now.
-DT
DUC –it’s a mortgage REIT.
Regs, for one thing, make the diff.
___
Jake,
Accepted with regards to legal structure etc.
However, the *strategy* is no different to a Hedge Fund manager.
I haven’t looked, so have no idea, but would be interested to see their leverage over say past 6yrs
jog on
duc