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David Crosetti
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I was born and raised in California. I worked in the family business for a number of years and then decided to spread my wings and try working for someone else. My first significant job was with Frito Lay. After a stint in the salty snack business, I transitioned to the beverage industry,... More
  • Dividend Growth Investor: No, We Don't Ignore Price 42 comments
    Jul 26, 2012 12:33 PM

    Introduction:

    I don't know about you, but sometimes I get worked up about things that I really shouldn't get bothered about. Recently, I read another article about why Dividend Growth investing was not going to be a successful strategy, moving forward. Here's a link to that article: tinyurl.com/6n39fqf

    My thought after reading the article was, "Well, here we go again." The author makes the argument that Dividend Growth investors, who ignore share prices, will see limited income and returns in the next 5 years.

    The basic premise of the article seems to be that stock prices of the more traditional Dividend Growth stocks are at 52 week highs, have PE multiples that are also at historic highs, and have limited growth opportunities moving forward. Cyclical stocks, priced at 52 week lows would seem to offer a much better investment for everyone, including DG investors. The author uses, as points of illustration, three companies: Procter and Gamble (NYSE:PG), Altria (NYSE:MO) and AT&T (NYSE:T).

    But his very premise contradicts his argument. He says that DG investors who IGNORE share prices will see limited income and returns in the next 5 years.

    Here's What I Know:

    Dividend Growth investors DO NOT ignore price. When you read the articles and comments of DG investors, price points are a regular topic of discussion. Why? Well, first off, DG investors are looking for what? Dividend Growth.

    That means finding a company that pays a dividend and has done so for a long period of time. It means finding companies that have a history of increasing those dividends. It means finding companies that increase those dividends at a faster rate than inflation. And it means reinvesting those dividends back into the stock position (or using dividends to purchase additional companies).

    I probably don't need to tell you, but I am long on all three of the companies that were mentioned in the article in question. They have served my investment strategy well, over the years and have met the criteria that I've outlined above.

    But, am I a buyer of these companies today? Well, not really, but I did add to my position with PG on 6/21/2012 at $59.75 a share, when the company announced earnings that did not make "the street" very happy. To be perfectly frank here, I wish I would have purchased more shares than I did, because right now, those shares are priced at $65. At the same time, the YOC for that purchase put me at 3.75% and I am very happy with that dividend moving forward.

    On the other hand, I have not added to my positions with Altria or AT&T since my last additions to my portfolio. I made a purchase of additional shares of back in January of 2011 at a price of $29.55 a share. At that time, the dividend was $1.72 a share and at the purchase price that was a 5.8% YOC.

    My last purchase of Altria was on 9/9/2010 when I added to my existing position at a price of $23.50 a share and the company was paying a dividend of $1.52 a share and at the purchase price that was a 6.4% YOC.

    Why have I not added any more to my positions? The reason, for me, is very simple. At their current prices, T and MO do not currently have my attention. Because I expect a certain yield point from both of these companies, at their current prices, they do not meet my expectations/criteria to add more to my existing holdings. Pure and simple. So, I guess for me, at least, "the price MUST matter." How about you?

    What You Should Know:

    When you read the "gurus" of Dividend Growth investing, the underlying theme of their articles is all about finding a value price, relative to the intrinsic worth of the company. David Van Knapp, David Fish, Chuck Carnevale, Norman Tweed, Robert Allen Schwartz, always discuss value pricing.

    Time and time again, these authors have advised their readers that sometimes, "doing nothing" in terms of making new purchases is often a good idea. Why? To limit downsize and maximize your income stream from the purchase you are making by not being to eager to own something at a less than "value" price.

    Articles that take a contrary point of view to Dividend Growth investing serve a purpose, but often times, these articles tend to lump DG investors into a group of people with absolutely no concern about how much or how little they are willing to pay for a particular company. That is just not the case.

    Many times, the authors of these articles are not proponents of Dividend Growth investing and are actually trying to make the case that you should not be a DG investor as well. Why? I really don't know. Maybe DG investing is too simple. Maybe it's not exciting. Maybe it tries to take the gamble out of investing. Whatever.

    DG investing is one strategy. It is either a large part of an individual's strategy or it can be a small part of an investor's strategy. Like in my previous article, "Can A Dividend Growth Investor Be A Trader" (link http://seekingalpha.com/article/706181-can-a-dividend-growth-investor-be-a-trader), a DG investor is as free to be a trader or an investor, as he or she sees fit. After all, it is your money and you can do whatever you like with it, as far as I know.

    You Can Take This To The Bank:

    Every stock you purchase is going to go up in price. By the same token, every stock you buy is going to go down in price. It is what it is. If you look at a chart-say a 10 year price chart-for any company of your choosing, you will see that very few companies go "straight up."

    One of my favorite companies, besides KO, is McDonalds (NYSE:MCD). Let's look at a 10 year chart:

    (click to enlarge)

    Now that's pretty impressive growth and the dividend has increased making MCD a very nice long term hold for many DG investors. Along the way, MCD has provided investors with many opportunities to purchase stock in the company at very attractive prices and yield points.

    Let's look at the chart for Altria :

    (click to enlarge)

    Altria has done very well from 2003 through 2009 when it pulled back with the rest of the market. But, since that time, the company has been on a roll. A buy and hold investor would be doing very well if he purchased a position in 2003. Like MCD, MO has provided investors with many price points that were extremely attractive, over the last 10 years.

    Procter and Gamble Chart:

    (click to enlarge)

    Similar to Altria, PG has a very nice run 2003-2009 when like many other companies, the market correction hit. But a buy and hold investor from 2003 would be doing very nicely today. For many who purchased PG in 2008 and 2009, you might argue that the price of the stock then was high. Without looking at the price, relative to the PE Ratio for that time, it is impossible for me to address that. But, I would venture to say that PG, when it was over $70 a share in 2008 and 2009, the PE Ratio was more than likely at an all time high.

    AT&T Chart:

    (click to enlarge)

    Now this chart looks interesting. A big spike up 2006-2008, but T came back to earth with the market correction. It has also recovered well. Again, I would surmise that T, in 2007 and 2008 was pulling in a historically high PE Ratio.

    Summary and Conclusion:

    It seems clear from the charts of all four companies, that investors who want to ignore price points and who purchase stocks without looking for value are going to be buying on the high side. On the other hand, investors who are patient will find opportunity price points every year with just about every company we can look at.

    It is disingenuous to suggest that Dividend Growth investors do not care about stock prices and that DG investors will not have success in the next five years.

    When we consider that market corrections/stock price fluctuations happen all the time, we can better deploy our capital to solid, Blue Chip companies and prosper quite well from not only a price appreciation, but from growing dividend streams as well.

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Comments (42)
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  • Kameelyon
    , contributor
    Comments (323) | Send Message
     
    Thanks David, never disappointed.
    26 Jul 2012, 01:08 PM Reply Like
  • David Fish
    , contributor
    Comments (8517) | Send Message
     
    DC,
    Nice analysis and I agree with your viewpoint. I only regret having clicked on the link you gave to the article in question, giving the author another penny.
    26 Jul 2012, 01:23 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » DF:

     

    A penny here, a penny there! This article was deemed a "defense of DG investing" and was rejected. Seems if it were an attack on DG investing it would have gotten published.

     

    So, my intention is to write a scathing attack on DG investing, thus mobilizing my base and driving my page hits to a point where the article will earn me $17 or more!

     

    I love capitalism!

     

    Dave
    26 Jul 2012, 01:26 PM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4784) | Send Message
     
    Dave ~
    You're too funny. A whole $17, huh? :)

     

    You really, really should tell us the author of the article you're talking about before we click on it. There are just some people who aren't even worth giving a penny to.

     

    Miz
    27 Jul 2012, 05:51 AM Reply Like
  • Kameelyon
    , contributor
    Comments (323) | Send Message
     
    I knew that I shouldn't clink on the link you provided. I knew it. I knew it. Another 30 minutes I'll never get back, lol.

     

    It still amazing me the volume of attacks that occur against DGI. Why can't TII state his position, make his picks, explain why he believes "this" (whatever it is) is what investors should be doing, without telling us what not to do. Without the constant snipes throughout the article. It amazes me!!

     

    Cannot count how many times he states how smart he is (covertly of course) as well as how stupid others are (less covertly, lol)

     

    He is one of the reasons that if a great writer were to come along here on SA, I would never know. I receive the SA email and I REFUSE to read the titles of the articles, I merely look at the authors. If I don't already know and respect their work I will not waste another 30 minutes of my life.

     

    Your one of the best here David. A wise man once told me "Don't let them rent space in your mind!"
    26 Jul 2012, 01:49 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » K:

     

    I miss a lot of the guys who used to publish here. Many seem to have gone off in different directions. There are, however, a lot of great new authors that you need to investigate.

     

    I think that what happens over time is that you get a little tired of writing the same old stuff. That's why I like to tell my stories. They are fun for me and tend to be analogies, which I love. Unfortunately this is an investing site and not an analogy site!

     

    I guess I fashion myself as a "humorist" to a certain extent. I'm not the sharpest knife in the drawer, but I can always spot BS when I see it.

     

    Dave
    26 Jul 2012, 01:56 PM Reply Like
  • DG Ruralist
    , contributor
    Comments (442) | Send Message
     
    DC,

     

    As a youngling, I can remember my grandparents telling me stories about their lives and how much I enjoyed listening to them. I've always enjoyed good stories and I don't understand why they can't be part of the path of investing.

     

    My grandma's story of investing is what led me to realize how powerful it is. She and grandpa inherited 500 shares of American Home Products back in the 50's. They took 100 shares to buy a car. They never did a DRIP and sold some shares along the way. With grandpa gone, she still has plenty of shares of Pfizer and is living off the dividends (along with other stocks and mutual funds). I sometimes imagine what might have been with them...

     

    Sometimes it's the philosophy that can drive change in your life - not just the numbers - and stories provide you that. So, David, please continue to write your stories. The best way to convert people to DGI is to tell them stories such as your own.

     

    And if you know of any DGI authors that have "moved on" from seeking alpha, let us newer SA followers know so that we can read those older articles. I'm always looking for a good story.

     

    Thanks,
    KU
    26 Jul 2012, 06:20 PM Reply Like
  • baseballbill730
    , contributor
    Comments (79) | Send Message
     
    Mr. Crosetti:

     

    All I know is I purchased some SO last August at $38 and added to my position in October at $42. But I haven't purchased any since despite the fact that SO has since increased its dividend. Why? One simple reason: price. At its current $47 - $48 level it is simply too expensive even though I like utilities and it is a wonderful company. Most assuredly, price matters.

     

    As an aside, I find it unbelievable that ANY of your articles are rejected. I learn a great deal from them and they always generate a large number of comments, which are, for the most part, enlightening as well. So instead of that, SA chooses to run another worthless "opinion" piece that offers nothing of any value and generates three comments. I guess that is SA's strategy of saving as many pennies as possible. Whatever.
    26 Jul 2012, 03:02 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Bill:

     

    Good to see you! I agree with you. Price is always on my mind. But, just because a particular stock looks cheap does not always mean it's a buy. There is a reason that cyclicals are cheap--the economy sucks and so do their prospects for earnings.

     

    Dave
    26 Jul 2012, 03:47 PM Reply Like
  • Norman Tweed
    , contributor
    Comments (7472) | Send Message
     
    Thanks David Crosetti for this rebuttal of Dividend Growth Investors ignore price. I have owned PG & T for several decades and have dripped them since they started the programs. I only make strategic purchases of them when they are at a discount price, PG @ 4% yield, and T @ 7% yield. I have purchased PM (@4% yield point) for two of my grandchildren and they drip that. I agree with your article.
    26 Jul 2012, 03:39 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Norman:

     

    If anyone is concerned about price--it's you! You are my guru when it comes to value investing!

     

    Dave
    26 Jul 2012, 03:48 PM Reply Like
  • David Fish
    , contributor
    Comments (8517) | Send Message
     
    I think Norm has worked his way into the collective consciousness. Lately, most of the stocks I've bought have been yielding 4% or more!
    26 Jul 2012, 03:52 PM Reply Like
  • Norman Tweed
    , contributor
    Comments (7472) | Send Message
     
    Now guys: Just because I came up with 4% last year, doesn't mean I should get all the credit. I remember last year before nrmlgy went back to war, long philosophical conversations over yield and the Tweed Factor in it's earliest form.
    26 Jul 2012, 04:07 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Norm:

     

    Who was "nrmlgy?" I searched but couldn't find him/her.

     

    Dave
    26 Jul 2012, 04:19 PM Reply Like
  • David Fish
    , contributor
    Comments (8517) | Send Message
     
    That's "gunny," I believe.
    26 Jul 2012, 04:26 PM Reply Like
  • Norman Tweed
    , contributor
    Comments (7472) | Send Message
     
    David Fish:

     

    You are correct, it is Gunny.
    26 Jul 2012, 04:47 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Ah, yes. The MGSgt from his stripes!

     

    Dave
    26 Jul 2012, 08:13 PM Reply Like
  • Norman Tweed
    , contributor
    Comments (7472) | Send Message
     
    David Crosetti--My father in law was a MGSgt in the Air Force. He grew up in West Virginia and joined the Navy just before World War II. Sailed on the USS North Carolina and became a Chief. After World War II, he joined the Air Force and had just retired when I met him in the early 1960s.
    27 Jul 2012, 05:29 AM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Well, that's a nice story, Norman. My uncle was a Master Chief in the Navy. He was a lifer and we are very proud of his service. He is a story teller and he has many to tell. He is a carbon copy of Jerry Clower. Funny man.

     

    I love veterans.

     

    Dave
    27 Jul 2012, 08:53 AM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Norm has the 4% solution!

     

    Dave
    26 Jul 2012, 03:53 PM Reply Like
  • jcirafic
    , contributor
    Comments (247) | Send Message
     
    Dave,
    I am probably the least skilled investor on this site but there is one thing I do know. DGI and waiting for a good price on blue chips is the only reason I am in the plus today. Each of my DGI holdings-ones you suggested at one time or another-are my gains. Cyclicals that I have tried are my losses-F and GE. They require more timing in my opinion. In a protracted recession I don't see how cyclicals will outperform and they generally have a lower dividend. Thank you for rebutting that nonsensical article. One thing he did reveal to me-paying for dividends with debt instead of earnings is a red flag. I will research this from now on.
    26 Jul 2012, 06:49 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » JC;

     

    We are all here to learn. If we can help one another, then we can have success. It kills me when someone touts a stock with the "idea" that it is cheap. There is a reason stocks get cheap. It usually has a lot to do with the lack of earnings growth. This is not complicated stuff. People like charts, graphs, and voodoo, but in reality it's always about buying quality at a fair price.

     

    David Van Knapp has a fantastic article up today that discusses the metrics he uses for selecting stocks. It's a great read.

     

    Dave
    26 Jul 2012, 08:10 PM Reply Like
  • Smarty_Pants
    , contributor
    Comments (2930) | Send Message
     
    Once again Dave has summed up the basics of DGI. Apparently it is so easy that nobody believes it can work:

     

    Buy stocks that are:
    1) Stable business operations
    2) Growing steadily
    3) Distributing the wealth (profits) to shareholders
    4) Bargain priced

     

    Then:

     

    Reinvest dividends, spread your money around to dilute your risk, and keep an eye on your holdings to replace the rare bad egg.

     

    Anything beyond that is really just an attempt to optimize results. Those basic rules will serve you well if you follow them.

     

    So simple a MPT'er could do it and be successful. ;-)
    26 Jul 2012, 08:05 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » As they say, It's so simple, a caveman can do it. I mean, it really is. I have stock positions that are up 20-40% in the last 12 months. That came with buying these companies when no one seemed to want them. I only wish I had bought more of them at the time I made my purchases.

     

    Dave
    26 Jul 2012, 08:12 PM Reply Like
  • David Van Knapp
    , contributor
    Comments (11619) | Send Message
     
    The dgi criticisms don't bother me as much as they used to, with the occasional exception here and there. It has never been clear to me what motivates them. Sometimes I think that dgi simplicity is somehow offensive. Other times I think it's dgi detachment from market obsession that bugs people. Still other times, I think that the writer or commenter actually does not get it. They see the trees but not the forest.

     

    I have often considered the "cult" charge to be hilarious. When "gotcha" questions or criticisms are proposed, they seem surprised that we actually have answers. If two or more of us pile on, then we must be a cult or religion. What other explanation could there possibly be?

     

    Finally, I think they think we are blind to risk. They do not understand the concept of focusing on risk to income rather than risk to price. They don't get the risk of inflation, thus saying that bonds are safe.

     

    Like I said, none of this bothers me any more. Ha!
    26 Jul 2012, 10:40 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » DVK:

     

    The closest thing is arguing with some of my politically active friends. They have things all figured out, until you point out some flaw in their argument and then its, "oh........"

     

    Dave
    27 Jul 2012, 08:54 AM Reply Like
  • Robert Allan Schwartz
    , contributor
    Comments (15669) | Send Message
     
    " have often considered the "cult" charge to be hilarious. When "gotcha" questions or criticisms are proposed, they seem surprised that we actually have answers. If two or more of us pile on, then we must be a cult or religion. What other explanation could there possibly be?"

     

    Arlo Guthrie has the answer (in "Alice's Restaurant"):

     

    http://bit.ly/PRBJrt

     

    "You know, if
    one person, just one person does it they may think he's really sick and
    they won't take him. And if two people, two people do it, in harmony,
    they may think they're both faggots and they won't take either of them.
    And three people do it, three, can you imagine, three people walking in
    singin a bar of Alice's Restaurant and walking out. They may think it's an
    organization. And can you, can you imagine fifty people a day,I said
    fifty people a day walking in singin a bar of Alice's Restaurant and
    walking out. And friends they may thinks it's a movement."
    27 Jul 2012, 12:46 PM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4784) | Send Message
     
    Oh geez, DVK is morphing into Chowder. Heaven help us all.

     

    You know, sometimes you gotta feel sorry for the detractors. They just can't help it, they can't wrap their heads around the concept of DGI. They don't want to find out that everything they thought they knew about investing might not be true, so they fight against it with everything they've got.

     

    Miz
    27 Jul 2012, 05:42 AM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Miz:

     

    There has been some noticable changes.

     

    Dave
    27 Jul 2012, 08:55 AM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4784) | Send Message
     
    Is there a cure? Or is it contagious and soon we'll all become Chowderheads?

     

    Miz
    27 Jul 2012, 12:51 PM Reply Like
  • Robert Allan Schwartz
    , contributor
    Comments (15669) | Send Message
     
    Well, we're all already Fish-heads, are we not? :-)
    27 Jul 2012, 01:07 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Spam-heads, actually!

     

    Dave
    27 Jul 2012, 04:06 PM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4784) | Send Message
     
    Thus the Spam-Headed Fish-Groupie was born. And The David said, "Go forth and multiply. For ye shall inherit the wealth."
    27 Jul 2012, 08:04 PM Reply Like
  • Robert Allan Schwartz
    , contributor
    Comments (15669) | Send Message
     
    Be careful to read what the IRS web site says about inherited IRA's. :-)
    28 Jul 2012, 02:31 PM Reply Like
  • Miz Magic DiviDogs
    , contributor
    Comments (4784) | Send Message
     
    LOL! Especially from Spam-Headed Groupers. :)
    28 Jul 2012, 03:38 PM Reply Like
  • Robert Allan Schwartz
    , contributor
    Comments (15669) | Send Message
     
    Isn't Hormel testing a new product, grouper-flavored spam? :-)
    29 Jul 2012, 09:24 AM Reply Like
  • band58
    , contributor
    Comments (20) | Send Message
     
    Excellent points David. Thank you.

     

    I am just building my DG portfolio. Yes, many of the DG companies are probably too high, but I have found if you are patient and watch, there are always a couple of new ideas each month. You mentioned PG. I initiated a position in WAG and added to WM when they were on sale last month. I tried to add to my HI and RSG positions today, but they just kept running up. If either pulls back early next week, I'll be a buyer.
    27 Jul 2012, 11:04 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » Band:

     

    I did the same as you! When PG dropped I got all over it. Same with WAG. I did not have a position there and created a long one with the drop. Guess what? I up big time! And I own a great dividend as well. WM is one that I've owned for a long time. I bought an additional position recently.

     

    Here's the deal. You have a great company. The company makes an announcement that they will miss their profit target by .2 a share. The stock gets hammered. Then you find out, the company made 8 billion dollars profit. The street expected 9 billion. Huh?

     

    When I worked for Coca Cola, there were years where my unit fell short of the budgeted goal. We made money--just not the same amount as corporate planned. Stuff happens. I never got fired and KO just kept moving along. Like the Mississippi River. You can't stop it.

     

    Good companies continue to reward investors. Lousy companies punish you.

     

    Dave
    28 Jul 2012, 09:09 AM Reply Like
  • band58
    , contributor
    Comments (20) | Send Message
     
    Dave:
    You said it. All companies have something bad happen at some point putting the stock on sale. The great ones correct the issues and move higher and increase their dividends. Now, my only question is, "which ones will be on sale in August?"
    28 Jul 2012, 09:41 PM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » band:

     

    That's why you have to pay attention! When the story about WMT broke--that they had bribed Mexican politicians--the stock went down 6%. I heard it on the radio news report. I went on line to Schwab and looked up the price of WMT and then placed an order for 200 shares and it was executed in a minute. A couple of days later, the WMT shares are back up. Why? Because it was a "non-story." Everyone bribes Mexican politicians. No big deal.

     

    Same thing with WAG. It dropped under 30 a share because of earnings concerns. I bought shares. A few days later, they announce that they have solved their dispute with Express Script and the stock goes up.

     

    Here's the deal. You can't know much about a stock except for what is published about the stock. You don't know, for example, that XYZ company (which has fallen on hard times) is going to be bought by ABC company for $40 a share, which is a 20% premium to market prices. If you had knowledge of that, you could become rich.

     

    Instead, we make educated guesses, based on the information that we have and hope for the best. If I buy a stock for $60 a share, based on the information I have about the company and that stock drops to $50 a share, I have to try to determine "why." If I can't find a legitimate reason, in all the sources available to me on the internet, then I buy more and accept that perhaps the stock has had a hiccup because some mutual funds took profits.

     

    This is a long term game. There really is no end to it. Invest like it's an infinite universe and you will be rewarded.

     

    Dave
    29 Jul 2012, 09:38 AM Reply Like
  • giorgiolb
    , contributor
    Comments (6364) | Send Message
     
    Dave,

     

    I couldn't believe anyone thought it was news that WMT bribed Mexican officials.

     

    Bribery is a cost of doing business down there. I even think it's a mandatory line item in CNBV filings (the Mexican version of the SEC)..
    30 Jul 2012, 11:44 AM Reply Like
  • David Crosetti
    , contributor
    Comments (11609) | Send Message
     
    Author’s reply » G:

     

    It is hard to believe, but I was able to add to my WMT position at a nice little discount when that news broke. The nice thing is that a couple of days later, the stock rebounded. I added shares at $57.25 on 4/25/12 and Friday it was $74.92. Who said WMT was boring?

     

    Dave
    30 Jul 2012, 12:16 PM Reply Like
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