分组1 - Annaly Capital Management (NLY) faced challenges during the last aggressive interest rate tightening cycle, but current market conditions suggest that earning pressure is now alleviated due to normalized inflation [1] - The article emphasizes the importance of deep fundamental research and long-term investment theses in identifying undervalued businesses and high-quality compounders [1] - The analyst's investment approach combines bottom-up fundamental analysis with top-down macro context, focusing on financial statements, competitive landscapes, and management quality [1] 分组2 - The analyst has a diverse sector interest, particularly in industries experiencing structural change, innovation, or macroeconomic trends that create asymmetric risk-reward opportunities [1] - The goal of the writing is to share independent, well-researched investment ideas that assist investors in navigating complex markets [1] - The belief in high-quality analysis, free from hype and anchored in evidence, is presented as the foundation of successful investing [1]