$美国资本代理(AGNC)$ 我很好奇如果管理层说由于bear steepening导致我们的靠前段hedge无用，同时需要疯狂稀释普通股来保证loan to book或者需要卖资产来降低7倍的杠杆率，那么does tangible book still matters?因为there’s always: premium/discount to book.