We haven't had very many opportunities to like the common shares for Annaly Capital Management (NLY). Shares often carried a price-to-book ratio greater than we wanted to see for buying opportunities. However, there has been a substantial decline since late February. The book value fell substantially, but the share price fell much further. Consequently, NLY is in a bullish range:
(Source: The REIT Forum)
We want to start by highlighting the bright blue box on the left-hand side. This isn't trailing book value. It is an estimate as of this weekend. Did management