My K.I.S.S. Dividend Portfolio: 4th Quarter 2015 Update

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Includes: AAPL, AFL, AMP, APD, ARLP, AVA, BA, BBL, BDX, BLK, BPL, CBRL, CCC, CINF, CMI, COP, CSX, CVX, D, DE, DLR, DRI, EMR, FCPT, FLIC, GD, GE, HAS, HRS, IBM, ITW, JNJ, KMI, LLL, LMT, MCD, MSFT, NHI, NLY, NSC, NUS, NVS, O, OHI, OKE, PAA, PAYX, PEP, PG, PTY, QCOM, RTN, RY, SDY, SPY, SYY, TGT, TROW, TUP, UGI, UTX, VDIGX, WBA, WEC, WFC, WMT, WPC, WPZ
by: The Part-time Investor

Summary

A successful DGI portfolio can be created using very simple criteria.

Just a couple of hours every quarter is all that is necessary to manage a well-designed DGI portfolio.

My K.I.S.S. portfolio continues to provide acceptable (to me) dividend growth, even if it has lagged on total return.

It was a tough year for my K.I.S.S. portfolio. I entered the year overweighted with energy stocks, and the weakness of the whole sector through 2015 significantly affected my overall portfolio returns. I will discuss the details later, but for now, I'll mention that my portfolio significantly trailed the S&P 500, as measured by the SPDR S&P 500 Trust ETF (NYSEARCA:SPY), and the other dividend benchmarks I use, the SPDR Dividend ETF (NYSEARCA:SDY) and the Vanguard Dividend Growth Fund (MUTF:VDIGX), in terms of total return. But my portfolio is a dividend growth portfolio, and by this metric it performed very well. My dividends continue to grow steadily, and in 2015, I collected more dividends than ever before. And it is producing more dividends than the three benchmarks I just mentioned, which is what I care about the most. As dividend income is my ultimate goal and is the thing that will support me in retirement, I'm quite comfortable with my portfolio's performance this quarter and year. And as the energy sector rebounds (whenever that may be), I expect my total return will get back on track.

Having said that, allow me to present my 2015 year-end portfolio update, and the details of the K.I.S.S. portfolio's performance.

Review of Fourth-Quarter Contributions and Dividends

These are the total dividends I received over the past three months, and the comparison (in parenthesis) to the same months during 2014:

October: $928.84 ($1,660.79) (-44.07%)

November: $3,258.23 ($2,656.63) (+22.64%)

December: $3,621.93 ($3,037.53) (+19.23%)

Total dividends collected in the fourth quarter: $7,809.00.

Total fourth-quarter 401K contributions added to the account, including catch-up contributions: $14,750.

So the total funds available for investment this past quarter was $22,559, not including the funds from my one stock sale.

The K.I.S.S. System

Over the past three years, I have been developing and refining my Keep It Simple, Stupid (K.I.S.S.) system for creating a dividend growth portfolio. The system I developed has been discussed in my previous updates, but as a quick summary, my criteria for buying stocks are as follows:

For Purchase of Regular stocks

  • The stock is on the Dividend Champions, Contenders and Challengers ((NYSE:CCC)) list (as compiled by David Fish)
  • The payout ratio < 60%
  • For stocks with a yield between 2.0-2.5%, the Chowder Number (Dividend yield + 5yr dividend growth rate) >16
  • For stocks with a yield between 2.5-3.0%, the Chowder Number (Dividend yield + 5yr dividend growth rate) >14
  • For stocks with a yield greater than 3.0%, the Chowder Number (Dividend yield + 5yr dividend growth rate) >12
  • A Quality Rating of A- or better from S&P
  • F.A.S.T. Graph shows a 10-year uptrend in earnings
  • F.A.S.T. Graph shows that the stock is not overvalued.

The use of different Chowder Number requirements is a change I made to my criteria over the past year. I prefer to have stocks with higher yields, but if the rest of the story is compelling enough I am willing to buy stocks with yields in the 2.0% to 3.0% range if their DGRs and Chowder Numbers are higher, as shown in my criteria above. Please see the previous article I wrote about different yields, DGRs and Chowder Numbers to read about my thinking on this topic.

For Purchase of MLPs, REITs, Utilities and Telecoms (High Yielders)

  • The stock is on CCC list
  • Yield > 4%
  • Chowder Number > 8%
  • DGR for all time periods (1-yr., 3-yr., 5-yr. and 10-yr.) at least 3.5%.
  • F.A.S.T. Graph shows a 10-year uptrend (or for the life of the company, if less than 10 years) in funds from operations ("FFO").
  • F.A.S.T. Graph shows that the stock is not overvalued based on its FFO.

My criteria for selling a stock are also very simple. I will only sell if the stock cuts its dividend. I do not look at anything else when deciding whether or not to sell.

Sales

Kinder Morgan (NYSE:KMI) cut its dividend by 75% this past quarter. I, therefore, sold all of my shares.

I sold 920 shares of KMI at $16.27 for a total of $14,968.40.

Purchases

After running the above screen, I decided on two new stocks to purchase: Cummins Inc. (NYSE:CMI) and Ameriprise (NYSE:AMP).

Cummins Inc.

Present Yield: 4.43%

Payout Ratio: 41.76%

Chowder Number: 36.5

S&P Quality Ranking: A-

Fast Graph

Click to enlarge

I bought 174 shares of CMI at $86.87 per share (plus commission of $5.22) for a total of $15,120.60.

Ameriprise

Present Yield: 2.52%

Payout Ratio: 30.77%

Chowder Number: 32.1

S&P Quality Ranking: A-

Fast Graph

Click to enlarge

I bought 141 shares of AMP at $103.38 per share (plus commission of $4.23) for a total of $14,580.81.

Both of these stocks have strong fundamentals, and as can be seen by the Fast Graphs, both of these stocks have become significantly undervalued with the recent drop in their prices. If they continue their strong dividend growth, I expect their prices will eventually rebound, and in the long run, this will prove to be an excellent entry point.

Spinoffs

I received 101 shares of Four Corners Property Trust (NYSE:FCPT) when Darden (NYSE:DRI) completed its spinoff of its properties into a new REIT.

PAAY and Reinvesting

After the above two purchases, I still had money left over for further reinvestment. When reinvesting I put my available cash, not back into the stocks that paid the dividend, but instead into more shares of my most undervalued positions. This is where Percent Above Average Yield (PAAY) comes in. (I discussed how I use PAAY in this article). Please note that I use PAAY only to rank the companies already in my portfolio for purposes of reinvesting my dividends, not for new purchases (it would be too difficult to calculate the PAAY for all stocks under consideration for purchase). This quarter, the following companies were my highest-ranking stocks by PAAY, and therefore, the most undervalued (not in any particular order): Qualcomm (NASDAQ:QCOM), Alliance Resources Partners (NASDAQ:ARLP), Apple (NASDAQ:AAPL), and CSX Inc. (NASDAQ:CSX).

Therefore, I used my remaining available funds to buy the following amount of these 4 stocks:

Stock

Shares

Price

Commission

Cost

Apple

10

$102.62

$0.30

$1,026.50

CSX Inc.

38

$25.14

$1.14

$956.46

Qualcomm

20

$49.07

$0.60

$982.00

Alliance Resource Partners*

280

$13.697

$17.9

$3,853.11

Click to enlarge

* ARLP was bought in my Optionsxpress account and was made as two separate purchases. This is why the commission was so much higher than for my other purchases. Also, It received more funds than the other three stocks because there was more money in the OE account.

I also received the following shares of some of my stocks due to DRIP plans in my Optionsxpress account (most of my portfolio is held in a Univest account which does not offer DRIPs):

Stock

Shares

Alliance Resource Partners

15.761

Annaly (NYSE:NLY)

39.934

Avista (NYSE:AVA)

4.339

Chevron (NYSE:CVX)

0.271

ConocoPhillips (NYSE:COP)

0.482

General Electric (NYSE:GE)

2.834

Kinder Morgan *

5.095

ONEOK (NYSE:OKE)

8.036

PIMCO Corporate (NYSE:PTY)

25.6

Plains All-American (NYSE:PAA)

1.372

W.P. Carey (NYSE:WPC)

3.118

Click to enlarge

*These shares were sold along with the rest of my KMI position.

Following these transactions, this is the present composition of my portfolio (as of market close 12/31/15):

Shares

Unit Value

Market Value($)

Dividend

Estimated Ann Inc ($)

Curr Yield

%Port

Apple Inc.

145

$105.26

$15,262.70

2.08

$301.60

1.98%

1.48%

AFLAC Inc. (NYSE:AFL)

245

$59.90

$14,675.50

1.64

$401.80

2.74%

1.42%

Ameriprise

141

$106.42

$15,005.22

2.68

$377.88

2.52%

1.45%

Air Products & Chemicals Inc. (NYSE:APD)

111

$130.11

$14,442.21

3.24

$359.64

2.49%

1.40%

Alliance Resource Partners LP

955.82

$13.49

$12,894.01

2.70

$2,580.71

20.01%

1.25%

Avista Corp.

548.41

$35.37

$19,397.26

1.32

$723.90

3.73%

1.88%

Boeing Co. (NYSE:BA)

130

$144.59

$18,796.70

4.36

$566.80

3.02%

1.82%

BHP Billiton PLC (NYSE:BBL)

265

$22.65

$6,002.25

2.48

$657.20

10.95%

0.58%

Becton Dickinson & Co. (NYSE:BDX)

137

$154.09

$21,110.33

2.64

$361.68

1.71%

2.05%

BlackRock Inc. Com (NYSE:BLK)

40

$340.52

$13,620.80

8.72

$348.80

2.56%

1.32%

Buckeye Partners, L. P. (NYSE:BPL)

195

$65.96

$12,862.20

4.70

$916.50

7.13%

1.25%

Cracker Barrel Old Country State Inc. (NASDAQ:CBRL)

183

$126.83

$23,209.89

4.40

$805.20

3.47%

2.25%

Cincinnati Financial Corp. (NASDAQ:CINF)

310

$59.17

$18,342.70

1.84

$570.40

3.11%

1.78%

Cummins

174

$88.01

$15,313.74

3.90

$678.60

4.43%

1.48%

ConocoPhillips

297.02

$46.69

$13,867.86

2.96

$879.18

6.34%

1.34%

CSX Corp.

598

$25.95

$15,518.10

0.72

$430.56

2.77%

1.50%

Chevron Texaco Corp.

170.58

$89.96

$15,345.38

4.28

$730.08

4.76%

1.49%

Dominion Resources Inc. VA New (NYSE:D)

219

$67.64

$14,813.16

2.59

$567.21

3.83%

1.44%

Deere & Co. (NYSE:DE)

193

$76.27

$14,720.11

2.40

$463.20

3.15%

1.43%

Digital Realty Trust Inc. (NYSE:DLR)

281

$75.62

$21,249.22

3.40

$955.40

4.50%

2.06%

Darden Restaurants, Inc.

303

$63.64

$19,282.92

2.00

$606.00

3.14%

1.87%

Emerson Elec Co. (NYSE:EMR)

337

$47.83

$16,118.71

1.90

$640.30

3.97%

1.56%

Four Corners Property Tr Inc.

101

$24.16

$2,440.16

1.35

$136.35

5.59%

0.24%

First Long Island Corp. (NASDAQ:FLIC)

629

$30.00

$18,870.00

0.80

$503.20

2.67%

1.83%

General Dynamics Corp. (NYSE:GD)

162

$137.36

$22,252.32

2.76

$447.12

2.01%

2.16%

General Electric Co.

597.56

$31.15

$18,613.99

0.92

$549.76

2.95%

1.80%

Hasbro Inc. (NASDAQ:HAS)

300

$67.36

$20,208.00

1.84

$552.00

2.73%

1.96%

Harris Corp Del (NYSE:HRS)

253

$86.90

$21,985.70

2.00

$506.00

2.30%

2.13%

International Business Machines Corp (NYSE:IBM)

99

$137.62

$13,624.38

5.20

$514.80

3.78%

1.32%

Illinois Tool Works Inc. (NYSE:ITW)

157

$92.68

$14,550.76

2.20

$345.40

2.37%

1.41%

Johnson & Johnson (NYSE:JNJ)

159

$102.72

$16,332.48

3.00

$477.00

2.92%

1.58%

L-3 Communications Holdings Corp. (NYSE:LLL)

146

$119.51

$17,448.46

2.60

$379.60

2.18%

1.69%

Lockheed Martin Corp. (NYSE:LMT)

144

$217.15

$31,269.60

6.60

$950.40

3.04%

3.03%

McDonald's Corp. (NYSE:MCD)

128

$118.14

$15,121.92

3.56

$455.68

3.01%

1.47%

Microsoft Corporation (NASDAQ:MSFT)

495

$55.48

$27,462.60

1.44

$712.80

2.60%

2.66%

National Health Investors, Inc. (NYSE:NHI)

242

$60.87

$14,730.54

3.40

$822.80

5.59%

1.43%

Annaly

1365.78

$9.38

$12,811.02

1.20

$1,638.94

12.79%

1.24%

Norfolk Southern Corp. (NYSE:NSC)

174

$84.59

$14,718.66

2.36

$410.64

2.79%

1.43%

NU Skin Enterprises Inc. (NYSE:NUS)

394

$37.89

$14,928.66

1.40

$551.60

3.69%

1.45%

Novartis AG ADS (NYSE:NVS)

200

$86.04

$17,208.00

2.67

$534.00

3.10%

1.67%

Realty Income Corporation (NYSE:O)

369

$51.63

$19,051.47

2.29

$845.01

4.44%

1.85%

Omega Healthcare (NYSE:OHI)

449

$34.98

$15,706.02

2.24

$1,005.76

6.40%

1.52%

ONEOK Inc.

462.4

$24.66

$11,402.78

2.46

$1,137.50

9.98%

1.11%

Plains All American Pipeline LP

460.37

$23.10

$10,634.55

2.80

$1,289.04

12.12%

1.03%

Paychex Inc. (NASDAQ:PAYX)

438

$52.89

$23,165.82

1.68

$735.84

3.18%

2.25%

PepsiCo Inc. (NYSE:PEP)

162

$99.92

$16,187.04

2.81

$455.22

2.81%

1.57%

Procter & Gamble Co. (NYSE:PG)

166

$79.41

$13,182.06

2.65

$439.90

3.34%

1.28%

PIMCO Corporate & Income Oppor.

1017.1

$13.34

$13,568.11

1.56

$1,586.68

11.69%

1.32%

Qualcomm Incorporated

276

$49.98

$13,794.48

1.92

$529.92

3.84%

1.34%

Raytheon Co. (NYSE:RTN)

198

$124.53

$24,656.94

2.68

$530.64

2.15%

2.39%

Royal Bank of Canada Montreal Quebec (NYSE:RY)

225

$53.58

$12,055.50

3.16

$711.00

5.90%

1.17%

Southern Co. (S0)

341

$46.79

$15,955.39

2.17

$739.97

4.64%

1.55%

Sysco Corp. (NYSE:SYY)

372

$41.00

$15,252.00

1.24

$461.28

3.02%

1.48%

Target Corp. (NYSE:TGT)

249

$72.61

$18,079.89

2.24

$557.76

3.08%

1.75%

T. Rowe Price Group (NASDAQ:TROW)

220

$71.49

$15,727.80

2.08

$457.60

2.91%

1.52%

Tupperware Corporation (NYSE:TUP)

205

$55.65

$11,408.25

2.72

$557.60

4.89%

1.11%

UGI Corp. (NYSE:UGI)

568

$33.76

$19,175.68

0.91

$516.88

2.70%

1.86%

United Technologies Corp. (NYSE:UTX)

108

$96.07

$10,375.56

2.56

$276.48

2.66%

1.01%

Walgreens Boots Alliance Inc. (NASDAQ:WBA)

229

$85.16

$19,501.64

1.44

$329.76

1.69%

1.89%

WEC Energy Group Inc. (NYSE:WEC)

336

$51.31

$17,240.16

1.98

$665.28

3.86%

1.67%

Wells Fargo & Co. (NYSE:WFC)

246

$54.36

$13,372.56

1.50

$369.00

2.76%

1.30%

Wal-Mart Stores Inc. (NYSE:WMT)

184

$61.30

$11,279.20

1.96

$360.64

3.20%

1.09%

W. P. Carey Inc.

247.324

$59.00

$14,592.12

3.86

$954.67

6.54%

1.41%

Williams Partnership LP New (NYSE:WPZ)

255

$27.85

$7,101.75

3.40

$867.00

12.21%

0.69%

Cash

$2,542.84

0.25%

$1,031,437.84

$41,489.55

4.02%

Click to enlarge

Results and Year-End Portfolio Review

My portfolio's value has increased this year from $1,014,388.81 to $1,031,437.84. But this includes cash contributions for the whole year of $71,750, so the portfolio actually had a negative return this year. Using the Excel XIRR function, this comes out to an annual return of -5.32%.

My results were hurt the most by my energy and MLP stocks, including:

ARLP: -68.76%

BBL: -46.98%

COP: -32.25%

CVX: -20.09%

OKE: -50.60%

PAA: -55.84%

WPZ: -39.71%

(And KMI which was down about 65% when I sold it.)

Other stocks in my portfolio which did especially poor this year were:

EMR: -22.59%

NSC: -22.50%

QCOM: -32.71

WMT: -28.64%

My best performing stocks were:

GE: +24.30%

HAS: +22.54%

HRS: +21.33%

MCD: +26.68%

(Please note none of these returns include dividends paid by these companies. It is simply the price change from 1/2/15-12/31/15.)

Even though it has been suggested by some that it is foolish for a DGIer to do so, I compare my K.I.S.S. portfolio to benchmarks for two reasons. I want to know that the efforts I am putting into running my own portfolio are worthwhile. If I'm not doing as well as these benchmarks, then it would make more sense for me to simply buy SPY, SDY or VDIGX and save the effort I'm putting into my portfolio. Secondly, one of the reasons I post my portfolio for all to see is so that others can learn how well DGI can (hopefully) work. I believe that DGI will deliver superior results, both in terms of total dividend income AND total return over the long term. But in order to get people unfamiliar with DGI to believe that DGI can be successful, I have to show them the results compared to what they could otherwise be doing. By showing my results compared to some common benchmarks, I can demonstrate how effective DGI can be.

Based on articles written and comments made on SA, I have chosen to use three different entities as my benchmarks, the SPDR S&P 500 Trust ETF, the SPDR S&P Dividend ETF, and the Vanguard Dividend Growth Fund. By using these benchmarks, I can compare my portfolio to the market as a whole to a dividend growth ETF and a dividend growth mutual fund. These are the indices most often mentioned on SA as the ones that DGIers should be putting their money into by those who don't believe that individuals can beat an index. If I can't beat any of these indices over the long term, or at least come pretty close to them, then it would make more sense to just put my money into one of them.

To make the comparisons accurate, I run three paper portfolios made up of each of the three indices above. For each of these portfolios, whenever I have cash contributions put into my real-life account, I also put the same amount into the paper portfolios and "buy" more shares of the individual indices. And when SPY, SDY, or VDIGX pays a dividend, it gets reinvested into more paper shares, just like I reinvest my real-life dividends in my portfolio. As far as I can tell, this is the most accurate way I have to compare their performances.

Here are the results for the past three years. These are annual returns for my K.I.S.S. portfolio and the three indices, which were all generated using the Excel XIRR function.

Portfolio

2013

2014

2015

Total

K.I.S.S

29.44%

15.92%

-5.32%

11.32%

SPY

29.16%

13.57%

0.70%

13.00%

SDY

28.99%

14.01%

-1.32%

11.73%

VDIGX

29.01%

11.98%

-1.35%

11.59%

Click to enlarge

As you can see, dividend portfolios in general had a tough year compared to the S&P, most likely due to high yielding energy stocks. But I did even worse than the dividend benchmarks. As can be seen above my poor relative performance, this past year has put me behind the benchmarks in terms of total return, even though I had beaten them the previous two years. However, since it is the dividend income that is most important to many dividend growth investors (including myself), I think it is important to compare the dividend income of my portfolio to the income from the three benchmarks.

Dividend Income Produced

K.I.S.S.: $39,567.34

SPY: $22,619.27

SDY: $26,385.34

VDIGX: $19,368.64

As you can see, even though the benchmarks outperformed in terms of total return, my portfolio produced far more dividend income. Had I been in retirement and depended on that income to live, I would have had to sell off shares of SPY, SDY or VDIGX to come up with the rest of my living expenses. Since one of my retirement goals is to never be forced to sell any or my portfolio's principal, the lower dividend income from these benchmarks would be a significant problem. As such my portfolio is producing exactly what it is designed to produce.

Dividends and DGR

The following is a chart showing all of the stocks I own, prior to my recent purchases, and the dividend growth rate of each over the past year.

Stock

DGR

Stock

DGR

Stock

DGR

Stock

DGR

Stock

DGR

AAPL

10.64%

COP

1.37%

HRS

6.38%

NVS

3.60%

SO

3.33%

AFL

5.13%

CSX

12.50%

IBM

18.18%

O

4.31%

SYY

3.33%

APD

5.19%

CVX

0.00%

ITW

13.40%

OHI

7.69%

TGT

7.69%

ARLP

5.88%

D

8.00%

JNJ

7.14%

OKE

4.24%

TUP

0.00%

AVA

3.77%

DE

0.00%

LLL

8.33%

PAA

5.30%

UGI

4.36%

BA

19.78%

DLR

2.41%

LMT

10.00%

PAYX

10.53%

UTX

8.47%

BBL

2.48%

DRI

0.00%

MCD

4.71%

PEP

7.25%

WBA

6.67%

BLK

12.95%

EMR

1.06%

NHI

10.39%

PG

3.00%

WEC

8.93%

BDX

10.00%

FLIC

5.26%

MSFT

16.13%

PTY

0.00%

WFC

7.14%

BPL

3.33%

GD

11.29%

NLY

0.00%

QCOM

14.29%

WPC

1.54%

CBRL

10.00%

GE

0.00%

NSC

3.51%

RTN

10.74%

WPZ

54.24%

CINF

4.55%

HAS

6.98%

COP

1.37%

RY

2.60%

WMT

2.08%

Click to enlarge

The average DGR for all of these stocks is 7.06%. But that is just a mathematical average of all 60 stocks. Because of reinvestments, new contributions, and new purchases, it's difficult to calculate the exact dividend growth number for my portfolio.

During 2015, I collected $39,567.34 in dividends. This is an increase of 34.16% over the $29,493.64 I collected in 2014. The amount of dividends I expect to collect in the next 12 months (ED12) is $41,489.55, a 17.84% increase over the ED12 from the beginning of 2014. It is important to note that the growth in my ED12 is due both to the dividends expected from new contributions, as well as the actual organic dividend growth of the stocks in my portfolio. The present yield of my portfolio is 4.02%. This is the highest my portfolio yield has ever been. Even as the portfolio value has dropped over 5% this year, my dividend growth has continued unabated. This has caused my yield to go up. In fact, it is an indication that my dividend growth plan is working effectively. Whether or not the stock prices go up, the dividends continue to increase. Now, I know this cannot continue forever. But I believe that the stock prices will eventually follow the dividend growth and my yield will drop back down. So as the dividend growth continues I expect my portfolio value to follow along over the long term.

Even with the drop in my portfolio's value, my dividend income continues to increase. As shown by the following graph, my dividend income quarter over quarter and year over year.

Click to enlarge

So, no, I'm not overly concerned about the negative overall return of my portfolio this year.

Conclusion

The mindset of a dividend growth investor is to grow the dividend income produced by his (or her) portfolio, and not necessarily to focus on growing the size of the portfolio. I know this is a controversial statement to some, but it is how I look at my investing, and how I analyze my results. With this in mind, I am very happy with my portfolio. Don't get me wrong, I would like to beat the market on a total return metric, but it is not my ultimate goal. And yet, in the long run, by maintaining my discipline and carrying out my KISS criteria, I believe in the end I will beat "the market". I believe that the stocks in my portfolio that have suffered losses this year will come back strong over the next few years, as long as they continue to increase their dividends. But if any of them do cut their dividend, as KMI did, I will sell it and replace it with a stock with better dividend growth prospects.

DGI has taught me to have a long-term focus, and for that focus to be on the dividends. I know that gas prices will someday go back up, and so will the prices of my energy stocks. More importantly, while waiting for that to happen, I will continue to collect dividends from those stocks. And as the dividends increase, if the prices stay low, it will just give me even more opportunities to buy more shares of undervalued stocks. I'm already enjoying some of the benefits of my patience, as I was able to buy shares at depressed prices, which means I will collect even more dividends.

So my plan going forward is to continue to focus on the dividends and to follow my simple K.I.S.S. rules. They have been working very well so far. I believe my results continue to support my hypothesis: That by using simple, straightforward, easy-to-understand criteria for buying and selling, and by using the hard work of other people (Thank you David Fish (CCC list), Chuck Carnevale (F.A.S.T. Graphs), S&P and all the wonderful SA contributors I have learned from!), that someone can achieve excellent investment results without having to put an inordinate amount of time into the process.

Thank you for reading my article. I welcome your comments and criticisms.

Disclosure: I am/we are long CMI, AMP.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.