Annaly and American Capital trade at roughly a 15% to 20% discount to their book values (they've not traded above book value since the first half of 2013). Look for management commentary regarding the way they are positioning their portfolios "through the taper" (the Fed will probably exit the mortgage bond market altogether this year). However, the only thing investors can be fairly certain of at this stage is that the shares of these leveraged vehicles will remain volatile for the foreseeable future.