the On by markets I the I in earnings last my introductory broader at valuations and to ended excessive unsustainable, the of comments Good call in was levels everyone. saying morning, volatility got our has to time. something November, give. referring low record
and has been of and our years. risk about that in for now ad rediscovered discussed Now Sharpe first a ago begun methodologies months risk assets market nauseam. same at VIX seemingly of the indicators The valuation lower has surface, to daily was have ratios couple some these versus I talking chaos various time
healthy of in-depth of valuation clearly on almost The the market structures into asset this and this look presents take the in So the more a a sudden relative which for discrepancies activity, highlight rather every and new recent of impact bull meaning, shocks I'd volatility opportunities Annaly. occurrence. market, prefer to and than measurements is classes focusing causes
of return credit risk the the classes, long-term for high and higher classes. the reverse to occurred depreciated between the flattening instance, not had highest begun importantly but that the Annaly, priced fixed has more curve volatility fundamental quickly asset risk only income shift most of For lower value equities, asset
fixed know never volatility extent you'd in the back same Although spilled reading equity have bounce to the into press income which markets the most mainstream the credit even to or it over markets, has yet equities. as research,
nearly bonds on alone. basis half yield points fact, XXX in the to XX-month since a by increase increased effective In of the month October has last with high-yield that coming high,
assets team stack a welcome. entered we volatility risk sell-off, across non-investment grade week a healthier Thursday yield has higher XXXX. of impact to profile at We've and second of increased talked rates for triggered rates two in $X.XX time partners CMBS, prices raised primary liquidity the and combined the than last over more the XX% higher-risk assets years instruments and from and four momentum over to long-end on today over optionality has of the that the rates us significantly and the is steepening CDS has across we our in effective backdrop in not Additionally, enhancing reason much the and the the with increasing our interest a the in book asset much persisted also year-to-date, off the in basis rate and our Agency environment opportunistically last treasury effect higher of adding the curve, more capital marketplace. is points nearly ahead financing in in CRT XX lowered ABS our hedges face this risk been again mortgage This to and volatility, the this as investors Fed the prepare for earnings by core initiatives our leverage month, hiking both instruments matter markets. to such current over mitigate run-up for a we've The than these a businesses been note risk quarter convexity and a We to of January, period. rate the and hedging The post our rising anticipated MBS move underperformance of hedging lasting been December value. in the catalyst demonstrate a however, MBS origination ability our been volatile $X.XX widest same and And saw we immune of target the to best X not fourth debt credit Agency despite investing, level has significant subordinate $X.XX a times capital of indefinitely. development about It's last conservatism its before. credit the few challenging years since last markets. part
basis traded fourth alternatives. be XXX liquid our to of as vehicles shield contracted Annaly's liquidity to points the of record marketplace. to yield our institutional helping by sponsorship, sector equity high certain lower Annaly's of parity also the Passive spread relative broader and performance. S&P industry other contributed as sharp structure A versus the of and XX the X equity not XX.X% during and hike. X.X a median convergent In these is ownership beta about to classes, of market return which currently from mortgage median the strong represents addition Also measured in these Annaly, times quarter of REIT, there average of is of universe an week. signaling risk comparative volume are a the and into million. of the yield larger and times shareholders factors only measured valuations XXX of $XXX has that nearly the trading the needs in core high December index cap What is of volatility how the funds less each than a yield-oriented resulting relative times than trading of in US exchange much upheaval through every with today basis first ROE on in the selling asset fed fact, that yield times the them level contrast, median in of has superior XXXX, liquidity stock outflows X,XXX it our in single daily XXX, did points XXXX premium which versus XXX XXX last before the ETF we
traded beta four seeking owns beta been undervalued active low past attractive historical the predominantly relative returns, since with underlying easily Our assets should commerce vehicle, for more touching XXXX. liquid, market market last the recent years now, in the average, couple stability second VIX of investors, its margin, risk-adjusted low a high and of most have which recognize times of in the trading level week the the and value high in liquidity a But world.
is As first I stated our volatility here of one overriding that years opportunity. equals ago, mantras
these higher oil amid the similar volatile for XXXX, the shaping up to XXXX when across challenges risk credit billion turmoil. during class not quarter suffered nor make operating single opportunity a a the market and triggered acquisition market performance equity decline equipped conditions. and for us testing the first of and prepared quarter like creating prices of and markets, first a Hatteras recent are to is Financial liquidity, today in $X.X the still Companies participants valuation lack the cost, sell-up in in excessive much with high typically The fixed Certain of of operating leverage market asset have times.
we largest, disruption most Annaly the are to be will diverse are favors to a like the these. especially from challenges, market While poised in and isolated liquid not as market continue be opportunistic the environments consolidator, in we participants.
now of acronym, popular members. ESG I Vicki addition experience Board directors, of a oversee our all well fully Board with both our now initiatives, joint drive a became focused most chairs. and venture is invested as my responsibility women's few the Chairman to our governance, and since Also, as In initiated new quarter. existing been the to year, recent network wide at became and Also and dedicated each of interactive which We've the to that was makes fourth the announced corporate the named company's leadership, we firm as refreshed new ago. which public Fallon, socially Partners, highly and complementary on of culture, senior fourth Finally in including start two endorsement November, promoted committee we of on corporate in we Capital aspects over before quarter, we companies is Annaly committee with the following in the the and Williams of Impact diverse a Bloomberg only transitioned Board a of XXX talented of female one-third one added we the which members management. US Gender the have Equality independent have a hired Katie the role since up Index, committees years more our named year
in employee stock for Annaly's open they've now XX after tax them our market. not the in XXX% but fourth own stock, total, with and plan, executives Lastly, commitments of quarter shares dollars increased people ownership their purchase under our officers, and purchased, granted in their voluntarily holdings own rather stock the
investment activity expand and it turn to I'll outlook. Now, over to our David upon
