Is Annaly Capital Management (NYSE:NLY) being too defensive and punishing shareholders or is it justified in playing defense in this tough environment? In this segment of The Motley Fool's financials-focused show, Where the Money Is, financial-sector analysts Matt Koppenheffer and David Hanson discuss Annaly's latest earnings report and look at the company's long-term prospects.

David Hanson owns shares of Annaly Capital Management. Matt Koppenheffer has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.