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Retirement Portfolio For Dummies - The Health Care REIT Components
- The total returns in the health care REIT sector have trailed both average REIT returns and the S&P 500 over the last 5 years.
- The normalized FFO and dividend growth in this sector is uneven -- ranging for poor to good.
- Current valuations based on Price/FFO ratios are slightly high compared to historical post-credit crisis valuations.
- While yields strongly tend to be well over our portfolio target of 4%, dividend growth tends to be low.
- This sector offers a combination of yield, safety and growth that income investors in retirement should find attractive.
Retirement Portfolio For Dummies - The Health Care Components
- The total returns in the health care sector have beaten the S&P 500 over the last 5 years - with several stocks having exceptional returns.
- The EPS and dividend growth in this sector is uneven - ranging for poor to great.
- Current valuations based on P/E ratios are high compared to historical post-credit crisis valuations.
- Current valuations based on yields are high (meaning the yields are low) compared to recent historical valuations - but not pre-credit crisis valuations.
- While yields strongly tend to be low, dividend growth can be very high - and dividend cuts are rare.
Retirement Portfolio For Dummies - The Transportation Components
- The total returns in the transportation sector have been great -- with several stocks having exceptional returns.
- The EPS and dividend growth in this sector is great.
- Based on current projections, those trends should continue.
- Current valuations are roughly in line with historical valuations.
- This sector offers a combination of attributes that investors nearing retirement or in the early years of retirement should find attractive.
Triangle Capital Has A Growing Non-Accrual Problem
- TCAP's non-accruals are significantly rising.
- TCAP's weighted average yield on its portfolio is falling.
- TCAP's dividend growth is about to go on a pause.
- TCAP's shareholders are in for a rough ride in the short term.
Dividend CAGR Projections For The Consumer Staples Sector
- There are better guides to forward dividend growth than inertia.
- The CCC list provided by David Fish and the projections from Yahoo Finance are good sources.
- I have found other sources to shape my dividend growth expectations - and that data is provided in this article.
Assessing Risk In Equities In The Consumer Staple Sector
- A good risk assessment explains some of the variances in yields.
- A good risk assessment explains much of the variances in P/E ratios.
- In this article, I show how I set my risk assessments.
My Vision Of What The 'Perfect Retirement Portfolios For Dummies' Might Look Like
- Equity income investing in retirement is something most can do if they use the right components.
- Equity income investing in retirement is something most can do if they use the right sector weightings.
- This article has a focus on weightings, while upcoming articles will assist in finding the right components and justify the selections used as component examples in this article.
Learning To Dislike MLPs
- Market valuations for MLPs are (frequently) interest rate sensitive.
- Earning projections are very volatile for most (but not all) MLPs.
- Quarterly earning releases often contain obfuscated information.
Is It A Good Time To Buy MLPs?
- Current yields are a big red flag.
- Current Price/DCF ratios are a big red flag.
- Other metrics indicate MLPs are not overvalued.
Are Analyst Earning Projections Really Their Projections?
- Do analysts merely echo company provided earnings projections?.
- Evidence is provided in this article from the Health Care REIT sector.
- Use your power of observation to make your own decision.
MLPs And The Conspiracy Of Silence
- You are not thinking about risk enough.
- You are not thinking about risk in the right way.
- You are not even using the right tools to assess risk.
- You do not even know how much risk matters.
Assessing Health Care REIT Valuations Part 2
- What are equity Required Rates of Return?
- Why are Required Rates of Return needed to understand valuations?
Assessing Health Care REIT Valuations - Part 1
- This article starts with a description of FAD (Funds Available for Distribution) - and why it is the superior REIT earnings metric.
- This article contains a brief intro to the significance of FAD retention.
- This is why FAD is important: The dividend/FAD ratio and FAD growth both predict dividend growth. You need FAD numbers to refine your dividend CAGRs (Compound Annual Growth Rate).
Explaining Year-To-Date Health Care REIT Returns
- To make sense of Health Care REIT valuations and year to date performance, you have to see and sense their components - and there are seven potential components.
- Few REITs are pure plays. Most contain multiple components.
- But even with that complexity, there are some rules that are universal.
Lessons I Draw From The Midstream MLP YTD Numbers And LTM Distribution Growth
- One of the key thresholds that must be passed before an investor has the confidence to pull the trigger and purchase an equity is gaining an understanding of their valuations.
- In this article, I reveal some of the stats that I track that assist me in doing that task.
- For the energy master limited partnerships, one of the keys to finding the better stocks is finding high distribution growth stocks.
- The key metric that correlates to distribution growth is the distribution to distributable cash flow ratio.
MLP GP Distribution Growth Tells Me They Are Undervalued
- If you want a portfolio that produces an income flow that keeps up with inflation, then you need some high distribution growth components in that portfolio.
- All income stocks tend to sell at a reasonable yield plus distribution (or dividend) CAGR (Compound Annual Growth Rate) with significant adjustments for risk.
- MLP (Master Limited Partnership) GPs (general partners) do not sell at reasonable "yield + CAGR" numbers. Why?
- MLP GPs are undervalued because they have growth that appears to be too good to be true - and that lack of confidence results in them being undervalued.
- MLP GPs have growth one can believe in because it is growth that one can forecast. Growth is good. Growth at a discount is great. Predictable growth is fantastic.
Why You Should Dump Westamerica
- Most of the operating metrics for Westamerica are ugly.
- Based on two key valuation metrics - the P/E ratio and the price to book ratio - the valuations are high.
- It appears to be a good move to dump this stock and move elsewhere.
6 Basic MLP Lessons From The Q1-14 Data
- Changes in DCF projections explain outside the mean unit price changes.
- Don't buy an uncovered distribution - be even more reluctant when the forward projections look bad.
- Average MLPs are underperforming the market - so have a high-growth MLP portfolio.
- Growth projection can dissipate - so be diversified in high-growth options.
- You can catch a falling knife - but I still believe that is still a high-risk strategy.
Should You Invest With A Property-Type Bias?
- This article for the retail investing audience explains current Health Care REIT valuations.
- Valuations are viewed through the prism of required rates of return.
- This article ends with a quick discussion on whether now is the time to be buying Health Care REITs.
- How Much Dividend Income Growth Do You Need?
- MLP Brokerage Analysts Are Worthless
- Get Skeptical About This MLP Claim
- Simple Rules For MLP Investing
- Simple Rules That Work In BDC Investing
- Get Skeptical About One BDC Claim
- Why BDC Portfolio Weighted Average Yields Are Falling
- Right Now Is The Wrong Time To Be Buying Healthcare REITs
- Right Now Is The Wrong Time To Be Buying BDCs
- Wait To Invest In WhiteHorse Finance
- The Ugly Truth About BDC Earnings Projections
- Why PennantPark Floating Rate Capital Is A Tough Call
- Redefining Value Investing For MLPs