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Book Review: “Dividend Growth Investing” By Robert J. Albers

Well-written relatively small book (129 pages) "Dividend Growth Investing" by Robert J. Albers consists of two major parts - Introduction and Overview of Dividend Growth Investing (NYSE:DGI) and Do-DGI-Yourself.

The book was published in 2009 before many Dividend Growth Investors (DGis) [including me and probably the book author] "discovered" SeekingAlpha. Some chapters of book e.g., dividend funds and dividend reliability contain detailed analyses that DGis should be aware. These were written well before our hot discussions of the topics in 2011/2012. But even though there have been many excellent SA articles on these topics, the book's contents still hold good value.
I like the very neutral approach the author chooses - he shows how and why DGI works without any hype and self-promotion.

The only point I dislike is the non-standard payout ratio definition - the author uses total dividends divided by free cash flow (instead of dividends/earnings). Although the cash flow idea sounds intuitively correct, several researchers found it controversial (seekingalpha.com/instablog/725729-sds-se...).

The book's ideas are useful not only for ordinary investors (prime target of the book) but also for seasoned DGis who want to compare "How-To" recommendations of the author with their own methods of selection of DG stocks, DGI portfolio management, and other DGI issues.

The book is available at www.dividendgrowthinvesting.com/products.../.