Anand Chokkavelu, CFA has no positions in the stocks mentioned above. Fool contributor Matt Koppenheffer has no positions in the stocks mentioned above. The Motley Fool owns shares of Annaly Capital Management. Try any of our Foolish newsletter services free for 30 days.
Oct 22, 2012 at 7:00PM
Sad news for Annaly Capital (NYSE:NLY) as the company mourns the loss of co-founder and co-CEO Michael Farrell. The former co-CEO battled cancer until passing over the weekend. Here at The Motley Fool we send our condolences to his friends and family. In our opinion Annaly's run has been phenomenol. In a generally ultra-low-interest rate environment, Farrell guided the company to 600% profits.
Annaly's co-founder Wellington Denahan-Norris was already the CIO and was named co-CEO earlier this month. Management in mortgage REITs like Annaly, American Capital Agency (NASDAQ:AGNC), and Two Harbors (NYSE:TWO) are similar to management at a mutual fund. For Annaly and its sister companies Chimera (NYSE:CIM) and Crexus (NYSE:CXS.DL), Denahan-Norris are still running the ship.
- Oct 22, 2012 at 7:00PM