Kiwi,

You seem pretty familiar with the company. In my opinion, I think the risk/return profile for RWT at this price level is very attractive. As you know, RWT is generating about $68M per quarter of free cash flow with 227M cash in the bank. It is in a position to take advantage of future opportunities. It is a bit like "head we win big, tail we take the 7.5% dividend yield" kind of deal.

Regarding the lack of plan, I am not concerned about that. RWT is not a typical company like Merck of Ford that you need to have a plan for the next week or quarter. It is more of a trading company. It is course of action depends on the action of others. For example, whether people will be willing to part with their RMBS at stupid prices.