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To: Les H who wrote (165832)	5/14/2002 4:49:24 PM
From: reaper	Read Replies (3) \| Respond to of 436258

les, i fail to understand why this is an interesting stock (and not just Annaly, but any of the mortgage REITS). they buy mortgage securities. they fund this purchase via borrowing at the short end of the curve. therefore, they are a hedge fund. pure and simple. except you have to pay 1.5x book. are the 'hedge fund managers' at Annaly so good that you would feel compelled to pay $1.50 for each $1.00 equity interest in their fund?? Cheers