It can't be said enough times: A high yield isn't sufficient to make a stock a buy. A perfect case in point is Annaly Capital (NYSE: NLY), which has a massive 13.2% dividend yield.

If you're trying to live off the income your portfolio generates, this real estate investment trust (REIT) would be a terrible choice for your portfolio. But there's also a unique type of investor who might find it appealing.

Dividend investors are attracted to high yields like moths are attracted to flames. If you don't take the time to understand what you're buying, the outcome could be the same -- singed wings.

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Source Fool.com