if leverage not desirable, then hts and cmo would be toast.

but, they arent.

so mfa will converge to anh, and ill range out of some anh and into mfa to spread the risk.

but once mfa and anh are down here, how do they outperform hts/cmo/nly.

simple, they offering secondary, and then with the leverage and a small drop, well they will pop big time towards 1 to 1.05 where the others are or are above.

if not, well they are down here, and if leverage not desirable, then the others will get smoked and you clean up on your shorts.