d*****r
发帖数: 273 | 1 这篇文章里有图表。可是贴不到到这里。全文在
http://cn.dividendengineer.com/
长线投资怎样才能获利？我相信股息投资，更具体一点就是股息增长投资，我相信长期
持有具有以下特质的股票可以获得很好的收益：1）高品质，2）高股息，3）高股息增
长率。一旦购买了这样的股票，我会长期持有，并把股息进行再投资。
让我们做一个简单的数学计算来看看。现在在股市上，有多种股票有3%的股息率和10%
的年股息增长率。假设第一年初投资了3000美元。为了简化，假设股票价格不会改变。
* 在第一年底，你将获得$90的股息，总额是$3090。
* 在第二年，10％的股息增长后，成本股息率（yield over cost）将涨到3.3％。在第
二年底，股息收入是$101.7 ，总额是$3191.7。
* 在第十年，成本股息率将涨到7.07％。在第十年底，当年的股息收入是$270，总额是
$4657.78， 总回报率将是55.26%。
* 在第二十年，成本股息率将涨到18.35％。在第二十年底，当年的股息收入是$918，
总额是$10285.21， 总回报率将是242.84％。
* 在第二十五年，成本股息率将涨到29.55％。在第二十五年底，当年的股息收入是$
1690，总额是$17005.76， 总回报率将是466.86％。
所以如果你准备永远持有该股票，你不会在关心每时每刻股票的价格波动。 随着时间
的增长，你每年的股息也会增长。
让我们再看看另外一种情况，现在假设你每年新投资$3000：
在第二十五年底，你的总投资是$75,000，你的总收益是$179,434。总回报率将是139％。
下面的股票就是1）高品质，2）高股息，3）高股息增长率的例子：
可口可乐公司（The Coca-Cola Company， KO）在全球生产和销售无酒精饮料浓缩物和
糖浆。该公司股息连续48年增长。收益率：2.80％，10年股息增长率：10％。
麦当劳公司（McDonald's Corporation ，MCD），连同其附属公司，在全球经营食品服
务零售。该公司股息连续34年增长。收益率：3.18％，10年股息增长率：26.5％。
强生公司（Johnson & Johnson，JNJ）在全球从事研究，开发，制造，销售卫生保健领
域的各种产品。该公司股息连续48年增长。收益率：3.40％，10年股息增长率：13％。
宝洁公司（Procter & Gamble ，PG）提供美容美发、居家护理、家庭健康用品、健康
护理、食品及饮料等产品。该公司股息连续54年增长。收益率：3.0％，10年股息增长
率：10.9％。
长期持有: KO, MCD, JNJ, PG。在这里可以看到我持有的股票:
http://cn.dividendengineer.com/?page_id=42 |
f*******h
发帖数: 721 | 2 你持有的这几个我都有。还有两个你没有的：WFC和USB。指望吃红利的，可千万别忘了
银行股 |
J*K
发帖数: 331 | 3 how about VYM with this philosophy? |
n******n
发帖数: 12088 | 4 the math is simple while the logic is naive.
why? ur examples are highly survivor biased. u r picking those companies consistent with ur conclusion as evidence.
not surprising to see all of them are dji components.
【在 d*****r 的大作中提到】
: 这篇文章里有图表。可是贴不到到这里。全文在
: http://cn.dividendengineer.com/
: 长线投资怎样才能获利？我相信股息投资，更具体一点就是股息增长投资，我相信长期
: 持有具有以下特质的股票可以获得很好的收益：1）高品质，2）高股息，3）高股息增
: 长率。一旦购买了这样的股票，我会长期持有，并把股息进行再投资。
: 让我们做一个简单的数学计算来看看。现在在股市上，有多种股票有3%的股息率和10%
: 的年股息增长率。假设第一年初投资了3000美元。为了简化，假设股票价格不会改变。
: * 在第一年底，你将获得$90的股息，总额是$3090。
: * 在第二年，10％的股息增长后，成本股息率（yield over cost）将涨到3.3％。在第
: 二年底，股息收入是$101.7 ，总额是$3191.7。
|
d*****r
发帖数: 273 | 5 Both WFC and USB cut its dividend in 2009. For me, if a stock freezes or
does not increase its dividend annually, it is out from my portfolio.It is a
simple way to figure out when to sell a stock.
【在 f*******h 的大作中提到】
: 你持有的这几个我都有。还有两个你没有的：WFC和USB。指望吃红利的，可千万别忘了
: 银行股
|
n******n
发帖数: 12088 | 6 when the news comes out, the pro players have already dumped the shares in
advance and u'll have to take a loss when u sell urs.
a
【在 d*****r 的大作中提到】
: Both WFC and USB cut its dividend in 2009. For me, if a stock freezes or
: does not increase its dividend annually, it is out from my portfolio.It is a
: simple way to figure out when to sell a stock.
|
d*****r
发帖数: 273 | 7 Thank you for your reply.
Please share an alternative long-term investment strategy that can grow
steadily.
consistent with ur conclusion as evidence.
【在 n******n 的大作中提到】
: the math is simple while the logic is naive.
: why? ur examples are highly survivor biased. u r picking those companies consistent with ur conclusion as evidence.
: not surprising to see all of them are dji components.
|
d*****r
发帖数: 273 | 8 You are right. That is why I have a diversified portfolio in which none of
the stocks is more than 5% of the whole portfolio.
【在 n******n 的大作中提到】
: when the news comes out, the pro players have already dumped the shares in
: advance and u'll have to take a loss when u sell urs.
:
: a
|
d*****r
发帖数: 273 | 9 It is an ETF which follows similar strategy .But it has an expense ratio of 0.25%. I prefer a stock portfolio that I can get all the returns :-)
【在 J*K 的大作中提到】
: how about VYM with this philosophy?
|
f*******h
发帖数: 721 | 10 on the contrary, it's the opportunity to add these undervalued stocks
and wait for restoration of dividend. Then you get both high% dividend
payment AND substantial capital gain
or
portfolio.It is a
【在 d*****r 的大作中提到】
: Both WFC and USB cut its dividend in 2009. For me, if a stock freezes or
: does not increase its dividend annually, it is out from my portfolio.It is a
: simple way to figure out when to sell a stock.
|
|
|
d*****r
发帖数: 273 | 11 You may be right. However, I do not trust the management team who breaks its
promise of consistent dividend growth.
【在 f*******h 的大作中提到】
: on the contrary, it's the opportunity to add these undervalued stocks
: and wait for restoration of dividend. Then you get both high% dividend
: payment AND substantial capital gain
:
: or
: portfolio.It is a
|
f*******h
发帖数: 721 | 12 这种投资方法就是捡了芝麻丢了西瓜。
breaks its
【在 d*****r 的大作中提到】
: You may be right. However, I do not trust the management team who breaks its
: promise of consistent dividend growth.
|
n******n
发帖数: 12088 | 13 for long term passive investment, i don't think there's anything better than
index.
here by "passive investment", i mean the investor can't take part in the
daily management of the biz. so even if someone actively buying and selling
stocks, he's still passive.
to pursue a real financial freedom, one has to pay his sweat. sitting in
front of computer and clicking mouse button doesn't count, even if someone
becomes a millionare by doing so.
【在 d*****r 的大作中提到】
: Thank you for your reply.
: Please share an alternative long-term investment strategy that can grow
: steadily.
:
: consistent with ur conclusion as evidence.
|
m**********r
发帖数: 887 | 14 楼主，这个compound interest和依赖股价上涨赚钱的capital gain有啥区别呢？你这
个分红还要交税，如果是在普通帐户里的话。 |
d*****r
发帖数: 273 | 15 You probably already knew that for capital gain, there are two kinds of tax:
long term and short term. Long term capital tax is capped at 5% or 15%
depending on your income. Short term profit is taxed as ordinary income.
For dividend, at this moment, it is always capped at 0% or 15% maximum rate
for qualified dividends. There are other requirements to qualify for 0% or
15% dividend tax rate.
As the tax law changes, the above could and will change too.
【在 m**********r 的大作中提到】
: 楼主，这个compound interest和依赖股价上涨赚钱的capital gain有啥区别呢？你这
: 个分红还要交税，如果是在普通帐户里的话。
|
D*****I
发帖数: 8268 | 16 you will be rich if you can always beat that ETF.
Most of the time, you won't even be 0.25% close to it.
of 0.25%. I prefer a stock portfolio that I can get all the returns :-)
【在 d*****r 的大作中提到】
: It is an ETF which follows similar strategy .But it has an expense ratio of 0.25%. I prefer a stock portfolio that I can get all the returns :-)
|
l******n
发帖数: 641 | 17 一个年轻人，学baby boomer买这些，focus on the .25%,
what's the point? get richer by that .25%? how are there
baby boomer say after 2009?
or your son will look you different b/c u get/lose that .25%?
to learn when/where is the risk and get rich first,
then pay that .25% and let others do the hard/boring work.
when you are young, u have to bet on sth to get rich, that's the point.
now it's the google/apple's world, go and find the next google,
the ko/j&j story are too old. even 55 soccer mom know it, u can get rich by
it?
【在 d*****r 的大作中提到】
: 这篇文章里有图表。可是贴不到到这里。全文在
: http://cn.dividendengineer.com/
: 长线投资怎样才能获利？我相信股息投资，更具体一点就是股息增长投资，我相信长期
: 持有具有以下特质的股票可以获得很好的收益：1）高品质，2）高股息，3）高股息增
: 长率。一旦购买了这样的股票，我会长期持有，并把股息进行再投资。
: 让我们做一个简单的数学计算来看看。现在在股市上，有多种股票有3%的股息率和10%
: 的年股息增长率。假设第一年初投资了3000美元。为了简化，假设股票价格不会改变。
: * 在第一年底，你将获得$90的股息，总额是$3090。
: * 在第二年，10％的股息增长后，成本股息率（yield over cost）将涨到3.3％。在第
: 二年底，股息收入是$101.7 ，总额是$3191.7。
|
d*****r
发帖数: 273 | 18 How do you know I am still young? :-)
Kidding aside, I am trying to build a portfolio which will generate enough cash flow when I retire. The goal is that the dividend alone is enough for me when I retire without ever selling any stock.
by
【在 l******n 的大作中提到】
: 一个年轻人，学baby boomer买这些，focus on the .25%,
: what's the point? get richer by that .25%? how are there
: baby boomer say after 2009?
: or your son will look you different b/c u get/lose that .25%?
: to learn when/where is the risk and get rich first,
: then pay that .25% and let others do the hard/boring work.
: when you are young, u have to bet on sth to get rich, that's the point.
: now it's the google/apple's world, go and find the next google,
: the ko/j&j story are too old. even 55 soccer mom know it, u can get rich by
: it?
|
d*****r
发帖数: 273 | 19 I just did a calculation to see how much management fee could eat away your
return.
Let's say you have $10,000 investment and your annual return is 5%. After 40
years, your total value is $70,400. If paying 0.25% fee, the total value
will decrease to $63,692, which is 90.47% of $70,400.
by
【在 l******n 的大作中提到】
: 一个年轻人，学baby boomer买这些，focus on the .25%,
: what's the point? get richer by that .25%? how are there
: baby boomer say after 2009?
: or your son will look you different b/c u get/lose that .25%?
: to learn when/where is the risk and get rich first,
: then pay that .25% and let others do the hard/boring work.
: when you are young, u have to bet on sth to get rich, that's the point.
: now it's the google/apple's world, go and find the next google,
: the ko/j&j story are too old. even 55 soccer mom know it, u can get rich by
: it?
|
t*m
发帖数: 4414 | 20 Yes, a nice one. Also look at vig |
|
|
T*******t
发帖数: 9274 | 21 Madoff....
【在 d*****r 的大作中提到】
: Thank you for your reply.
: Please share an alternative long-term investment strategy that can grow
: steadily.
:
: consistent with ur conclusion as evidence.
|
D*****I
发帖数: 8268 | 22 40 yrs.. $7000
50c a day...
your
40
【在 d*****r 的大作中提到】
: I just did a calculation to see how much management fee could eat away your
: return.
: Let's say you have $10,000 investment and your annual return is 5%. After 40
: years, your total value is $70,400. If paying 0.25% fee, the total value
: will decrease to $63,692, which is 90.47% of $70,400.
:
: by
|
t*m
发帖数: 4414 | 23 请教您trade, rebalance的开销是多少？
your
40
【在 d*****r 的大作中提到】
: I just did a calculation to see how much management fee could eat away your
: return.
: Let's say you have $10,000 investment and your annual return is 5%. After 40
: years, your total value is $70,400. If paying 0.25% fee, the total value
: will decrease to $63,692, which is 90.47% of $70,400.
:
: by
|
d*****r
发帖数: 273 | 24 I do re-balance in a different way. I do not blindly sign up for DRIP for
each dividend stock. I collect and pool different stock's dividend in cash, plus my new investment, then re-invest them in the best stock that I can identify and buy at that
time based on my research and portfolio position. So my re-balance cost is
the cost of re-invest. This way I have more control of my portfolio.
【在 t*m 的大作中提到】
: 请教您trade, rebalance的开销是多少？
:
: your
: 40
|
X****r
发帖数: 3557 | 25 But you don't pay tax until you realize you capital gain, on the
other hand, you pay tax when you receive your dividend.
tax:
rate
or
【在 d*****r 的大作中提到】
: You probably already knew that for capital gain, there are two kinds of tax:
: long term and short term. Long term capital tax is capped at 5% or 15%
: depending on your income. Short term profit is taxed as ordinary income.
: For dividend, at this moment, it is always capped at 0% or 15% maximum rate
: for qualified dividends. There are other requirements to qualify for 0% or
: 15% dividend tax rate.
: As the tax law changes, the above could and will change too.
|
t*m
发帖数: 4414 | 26 do you pay commission when buying stock?
, plus my new investment, then re-invest them in the best stock that I can
identify and buy at that
【在 d*****r 的大作中提到】
: I do re-balance in a different way. I do not blindly sign up for DRIP for
: each dividend stock. I collect and pool different stock's dividend in cash, plus my new investment, then re-invest them in the best stock that I can identify and buy at that
: time based on my research and portfolio position. So my re-balance cost is
: the cost of re-invest. This way I have more control of my portfolio.
|
d*****r
发帖数: 273 | 27 Yes, I do. However, recently I got free trade deals from my broker after
rolling over my old 401k and consolidating my IRAs. It has given me great
freedom to manage my portfolio.
【在 t*m 的大作中提到】
: do you pay commission when buying stock?
:
: , plus my new investment, then re-invest them in the best stock that I can
: identify and buy at that
|
d*****r
发帖数: 273 | 28 Very good point.
【在 X****r 的大作中提到】
: But you don't pay tax until you realize you capital gain, on the
: other hand, you pay tax when you receive your dividend.
:
: tax:
: rate
: or
|
t*m
发帖数: 4414 | 29 rollover your 401K?
will this affect your roth conversion (non-deductible ira -> roth ira)?
can
【在 d*****r 的大作中提到】
: Yes, I do. However, recently I got free trade deals from my broker after
: rolling over my old 401k and consolidating my IRAs. It has given me great
: freedom to manage my portfolio.
|
d*****r
发帖数: 273 | 30 Rollover from my previous employer's 401k plan to my own rollover IRA, in
which I have more choices. I can basically do anything I want as in a
brokerage account. It is not a conversion to Roth, though I do have that
choice now that the money is in the rollover IRA.
When you leave an employer, you have choices on how to deal with your 401k
account with that employer. You can either leave it as is or rollover to a
rollover IRA so that you have more control over it. I did the rollover and got some free trade deals.
【在 t*m 的大作中提到】
: rollover your 401K?
: will this affect your roth conversion (non-deductible ira -> roth ira)?
:
: can
|
|
|
t*m
发帖数: 4414 | 31 We were talking about different things.
Put it in this way,
in 2011, do you contribute to non-deductible ira, then convert it to roth
ira?
got some free trade deals.
【在 d*****r 的大作中提到】
: Rollover from my previous employer's 401k plan to my own rollover IRA, in
: which I have more choices. I can basically do anything I want as in a
: brokerage account. It is not a conversion to Roth, though I do have that
: choice now that the money is in the rollover IRA.
: When you leave an employer, you have choices on how to deal with your 401k
: account with that employer. You can either leave it as is or rollover to a
: rollover IRA so that you have more control over it. I did the rollover and got some free trade deals.
|
d*****r
发帖数: 273 | 32 No. I am not planning to do that either.
【在 t*m 的大作中提到】
: We were talking about different things.
: Put it in this way,
: in 2011, do you contribute to non-deductible ira, then convert it to roth
: ira?
:
: got some free trade deals.
|
t*m
发帖数: 4414 | 33 thanks
roth
【在 d*****r 的大作中提到】
: No. I am not planning to do that either.
|
l**********t
发帖数: 5754 | 34 "有3%的股息率和10% 的年股息增长率"
"为了简化，假设股票价格不会改变" |
c**********l
发帖数: 606 | 35 10% 的年股息增长率
how long can this last?
in your example it becomes unrealistically high yield in 25 years.
【在 d*****r 的大作中提到】
: 这篇文章里有图表。可是贴不到到这里。全文在
: http://cn.dividendengineer.com/
: 长线投资怎样才能获利？我相信股息投资，更具体一点就是股息增长投资，我相信长期
: 持有具有以下特质的股票可以获得很好的收益：1）高品质，2）高股息，3）高股息增
: 长率。一旦购买了这样的股票，我会长期持有，并把股息进行再投资。
: 让我们做一个简单的数学计算来看看。现在在股市上，有多种股票有3%的股息率和10%
: 的年股息增长率。假设第一年初投资了3000美元。为了简化，假设股票价格不会改变。
: * 在第一年底，你将获得$90的股息，总额是$3090。
: * 在第二年，10％的股息增长后，成本股息率（yield over cost）将涨到3.3％。在第
: 二年底，股息收入是$101.7 ，总额是$3191.7。
|
d*****r
发帖数: 273 | 36 WMT has increased at an average rate of 18.90 % annually since 1999.
PEP 13.50% since 1999. PG 10.9% over the past 10 years.
You have to do your research to find the stock that fit your style. Nobody
can guarantee a forever growth. However if you adjust your investment
accordingly, you can have a better return.
On the other hand, stock price usually increases with dividend hike in the
long term. So with a dividend growth model, you will not only get increased
dividend, you will also get stock appreciation.
【在 c**********l 的大作中提到】
: 10% 的年股息增长率
: how long can this last?
: in your example it becomes unrealistically high yield in 25 years.
|
h****h
发帖数: 1168 | 37 are u kidding me?
wmt is the big loser in 2009 & 2010.
while u are facing the life-time chance of getting better growth stock, why
sticking with these dead meat? at least get some profolio!
increased
【在 d*****r 的大作中提到】
: WMT has increased at an average rate of 18.90 % annually since 1999.
: PEP 13.50% since 1999. PG 10.9% over the past 10 years.
: You have to do your research to find the stock that fit your style. Nobody
: can guarantee a forever growth. However if you adjust your investment
: accordingly, you can have a better return.
: On the other hand, stock price usually increases with dividend hike in the
: long term. So with a dividend growth model, you will not only get increased
: dividend, you will also get stock appreciation.
|
d*****r
发帖数: 273 | 38 I think we have different investment strategy. I am looking for a long term
dividend income stream when I retire. I believe WMT has a good future in
both earning and dividend growth.
BTW, my WMT is up 12% (10% price + 2.4% dividend) in 2010.
why
【在 h****h 的大作中提到】
: are u kidding me?
: wmt is the big loser in 2009 & 2010.
: while u are facing the life-time chance of getting better growth stock, why
: sticking with these dead meat? at least get some profolio!
:
: increased
|
w***n
发帖数: 1519 | 39 简化的时候是很方便，问题是股价的贬值可能远大于那点股息收入，也就是冒着丢西瓜
的风险去捡芝麻。。。
为了简化，假设股票价格不会改变。
【在 d*****r 的大作中提到】
: I think we have different investment strategy. I am looking for a long term
: dividend income stream when I retire. I believe WMT has a good future in
: both earning and dividend growth.
: BTW, my WMT is up 12% (10% price + 2.4% dividend) in 2010.
:
: why
|
d*****r
发帖数: 273 | 40 I am bad at timing the market. When the market is down, I would rather hold
the stock that pays increasing amount of dividend than those pay nothing.
【在 w***n 的大作中提到】
: 简化的时候是很方便，问题是股价的贬值可能远大于那点股息收入，也就是冒着丢西瓜
: 的风险去捡芝麻。。。
:
: 为了简化，假设股票价格不会改变。
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w***n
发帖数: 1519 | 41 KO 应该算分红比较大方而且持续增长的吧？而且20年来它的股价本身也涨了很多倍，
但是如果拿它和一分钱红利没分过的brk.a 相比，给投资者的回报还是有差距。何况分
红你得不断缴税，股价的增值部分，你只要不卖就不用缴税。可能投资风格不一样吧。
如果这公司的管理层有眼光，我宁愿它一分钱红利不分，全拿来发展公司，这样回报更
好。
hold
【在 d*****r 的大作中提到】
: I am bad at timing the market. When the market is down, I would rather hold
: the stock that pays increasing amount of dividend than those pay nothing.
|
d*****r
发帖数: 273 | 42 I won't compare any stock with brk.a. Warren Buffet is in his own league.
BRK owns 200 million KO shares.
【在 w***n 的大作中提到】
: KO 应该算分红比较大方而且持续增长的吧？而且20年来它的股价本身也涨了很多倍，
: 但是如果拿它和一分钱红利没分过的brk.a 相比，给投资者的回报还是有差距。何况分
: 红你得不断缴税，股价的增值部分，你只要不卖就不用缴税。可能投资风格不一样吧。
: 如果这公司的管理层有眼光，我宁愿它一分钱红利不分，全拿来发展公司，这样回报更
: 好。
:
: hold
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w***n
发帖数: 1519 | 43 那就说aapl 吧，aapl 也不分红
【在 d*****r 的大作中提到】
: I won't compare any stock with brk.a. Warren Buffet is in his own league.
: BRK owns 200 million KO shares.
|
d*****r
发帖数: 273 | |
s********u
发帖数: 1054 | 45 我个人是AAPL 的长线HOLDER， 同时也长线持有别的SMALL CAP 的高成长股。SO FAR 我的股票帐户回报还不错，收益应该远高于类似策略的ETF SDY。 但我理解楼主的投资方法。
楼主的投资方法不是追求投资回报的最大化。是希望在尽量少费心思选股的前题下， 能够有长期稳健的回报。 楼主的办法我相信长期看是可以跑赢股版95%以上ACTIVE TRADER的。
楼主投资策略的好处关键还是不需要费多少心思研究股票。 我自己什么时候厌烦选股了，也准备向楼主学习建类似的投资组合。
【在 w***n 的大作中提到】
: 那就说aapl 吧，aapl 也不分红
|
d*****r
发帖数: 273 | 46 Thanks a lot.I have been burnt too many times by timing the market. After I started dividend growth strategy, I found myself more peaceful, rather than stressful. I am happy to see dividend deposited into my account every time.
我的股票帐户回报还不错， YTD应该远高于类似策略的ETF SDY。 但我理解楼主的投
资方法。
能够有长期稳健的回报。 楼主的办法我相信长期看是可以跑赢股版95%以上ACTIVE
TRADER的。
股了，也准备向楼主学习建类似的投资组合。
【在 s********u 的大作中提到】
: 我个人是AAPL 的长线HOLDER， 同时也长线持有别的SMALL CAP 的高成长股。SO FAR 我的股票帐户回报还不错，收益应该远高于类似策略的ETF SDY。 但我理解楼主的投资方法。
: 楼主的投资方法不是追求投资回报的最大化。是希望在尽量少费心思选股的前题下， 能够有长期稳健的回报。 楼主的办法我相信长期看是可以跑赢股版95%以上ACTIVE TRADER的。
: 楼主投资策略的好处关键还是不需要费多少心思研究股票。 我自己什么时候厌烦选股了，也准备向楼主学习建类似的投资组合。
|
w***n
发帖数: 1519 | 47 多谢，看了那个帖子里的讨论。我其实理解你追求分红的想法，不过还是觉得公司分不
分红是其次的，关键还是公司能否长期增长净资产。如果一个公司虽然不分红但是保持
高增长，那么若干年后等它的净资产翻番了，终究是要反应到股价上带给你巨大的回报
的。相反如果公司很吃力的高额分红来讨好股东，影响到净资产的增长，长期看就可能
是个问题。
还有就是，不知道你是怎么看待这种情况的：如果公司用本来是红利的那笔钱拿来回购
股票的话，也可以带给你不错的收益。相对来说，分红除权是让股价下跌的，而且股东
要缴税；回购股票让每股代表的净值增加，股价是上升的，而且也避免了长期股东缴税。
【在 d*****r 的大作中提到】
: see
: http://mitbbs.com/article_t/Investment/31236151.html
|
d*****r
发帖数: 273 | 48 多谢你的回帖，我们共同学习。
我同意公司能否长期增长净资产是很重要的。因为如果没有增长，公司就不会增值，就
不会给股东带来收益，不管他分不分股息。
对回购股票，我有以下的几点想法：
1.回购股票是很多管理层用来抵消公司内部股权的手段。With stock repurchases
companies fail to reduce share count due to new issuance of stock to redeem
employee stock options. There are so many examples at current market.
2.在美国，发股息的公司一般是每季度发一次，并且是固定的数额，dividend
payments require a commitment, the management has to be very careful with
their money and needs to have a long term view. Stock repurchase is usually
very flexible and the management can decide when and how much to purchase
each year. Just as normal stock trader, this usually ends at buying high and
selling low, which loses money at the end.
BTW, I am not saying that dividend growth investment is only way, I am just
saying that it fits my style and I believe it will help me to maintain an
increasing cash flow when I retire. Everyone has his/her own investment
style.
税。
【在 w***n 的大作中提到】
: 多谢，看了那个帖子里的讨论。我其实理解你追求分红的想法，不过还是觉得公司分不
: 分红是其次的，关键还是公司能否长期增长净资产。如果一个公司虽然不分红但是保持
: 高增长，那么若干年后等它的净资产翻番了，终究是要反应到股价上带给你巨大的回报
: 的。相反如果公司很吃力的高额分红来讨好股东，影响到净资产的增长，长期看就可能
: 是个问题。
: 还有就是，不知道你是怎么看待这种情况的：如果公司用本来是红利的那笔钱拿来回购
: 股票的话，也可以带给你不错的收益。相对来说，分红除权是让股价下跌的，而且股东
: 要缴税；回购股票让每股代表的净值增加，股价是上升的，而且也避免了长期股东缴税。
|
w***n
发帖数: 1519 | 49 谢谢回答，获益匪浅
redeem
usually
【在 d*****r 的大作中提到】
: 多谢你的回帖，我们共同学习。
: 我同意公司能否长期增长净资产是很重要的。因为如果没有增长，公司就不会增值，就
: 不会给股东带来收益，不管他分不分股息。
: 对回购股票，我有以下的几点想法：
: 1.回购股票是很多管理层用来抵消公司内部股权的手段。With stock repurchases
: companies fail to reduce share count due to new issuance of stock to redeem
: employee stock options. There are so many examples at current market.
: 2.在美国，发股息的公司一般是每季度发一次，并且是固定的数额，dividend
: payments require a commitment, the management has to be very careful with
: their money and needs to have a long term view. Stock repurchase is usually
|
t****g
发帖数: 3434 | |
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j********w
发帖数: 345 | |
a**l
发帖数: 1166 | 52 I am doing the same job as LZ, we call this strategy DRIP, for more detail,
you can google DRIP invest. |
a**l
发帖数: 1166 | 53 (ZT)How did Grace amass an estate of $7 millon???
In 1935, she bought three $60 shares of specially issued Abbott Laboratories
(ABT:US) stock and never sold them. Abbott’s shares split many times over
the next seven decades and Groner never stopped reinvesting the dividends.
Long before she passed away earlier this year, her initial outlay had become
a fortune. This spring, her fortune was her gift to Lake Forest College |
K****D
发帖数: 30533 | 54 For each such successful long term investor, there are 100
unsuccessful investors out there who held sth for like 30
years before the company bankrupted in 1973...
Laboratories
over
become
【在 a**l 的大作中提到】
: (ZT)How did Grace amass an estate of $7 millon???
: In 1935, she bought three $60 shares of specially issued Abbott Laboratories
: (ABT:US) stock and never sold them. Abbott’s shares split many times over
: the next seven decades and Groner never stopped reinvesting the dividends.
: Long before she passed away earlier this year, her initial outlay had become
: a fortune. This spring, her fortune was her gift to Lake Forest College
|
K****D
发帖数: 30533 | 55 For each such successful long term investor, there are 100
unsuccessful investors out there who held sth for like 30
years before the company bankrupted in 1973...
Laboratories
over
become
【在 a**l 的大作中提到】
: (ZT)How did Grace amass an estate of $7 millon???
: In 1935, she bought three $60 shares of specially issued Abbott Laboratories
: (ABT:US) stock and never sold them. Abbott’s shares split many times over
: the next seven decades and Groner never stopped reinvesting the dividends.
: Long before she passed away earlier this year, her initial outlay had become
: a fortune. This spring, her fortune was her gift to Lake Forest College
|
m****6
发帖数: 8689 | 56 好贴！
选股真的很头疼，买ETF算了。
大家跟踪过什么ETF，有好建议吗？ |
