Penetrating Armour Residential

I attended Keefe Bruyette & Woods' Mortgage Finance Conference in New York on Tuesday. The highlight for me was a presentation by Armour Residential REIT (ARR), which is a core shareholding of Portfolio Guru.

Current book value is $6.35 to $6.40. Management indicated that KBW's recent estimate of $6.30 for ARR's book value was low and Portfolio Guru's estimate of $6.47 was high. Co-CEOs Scott Ulm and Jeffrey Zimmer emphasized the detailed nature of the portfolio reports they receive every morning, so we can assume that "real-time" book value of equity per share for ARR is $6.35 to $6.40. Thus, Tuesday's closing value of $5.01 per share represents a huge discount to book of 21%....427 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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