Got out of Annaly Capital Management (NLY) this Thursday, a day it was down 18% on fears it would be subject to margin calls it couldn't meet, sparked by The Carlyle Group and Thornburg Mortgage. Annaly is an extremely well-run company, the best mortgage REIT out there - but in the end, it's still just a mortgage REIT, and it was punished just like the rest. I shouldn't have been hanging on to NLY for this long, when it was a reasonable conclusion that it would be the next domino to fall in the subprime/credit/mortgage bubble/market deleveraging debacle. I'll take my 4% + dividends gain and run away.
I'll be waiting for capitulation (high-volume, high-volatility, large-percentage indices decline) to put the newly-freed cash to work.
