I am 60 years old,retired, have a retirement pension and income from dividends stocks, some mutual funds. It's a little late in the day for me (60 years old) ....but trying to grow my dividend stock positions. Investing about 30 years, mostly with mutual fundsbut lowering my exposure. The last 4 years I have change my interest to dividend paying stocks. Very conservitive investor.....preservation of capital About 50% assets in traditional ira, 20% in roth ira, 30 individual money.
Roger Conrad needs no introduction to individual and professional investors, many of whom have profited from his decades of experience uncovering the best dividend-paying stocks for accumulating sustainable wealth.
Roger Conrad founded and ran the Utility Forecaster and Canadian Edge newsletters before leaving to form his own publishing company, Capitalist Times (www.CapitalistTimes.com). During his almost 30-year tenure at Utility Forecaster, Hulbert Financial Digest routinely ranked the publication as one of the best investment newsletters.
His new publication, Conrad’s Utility Investor (www.ConradsUtilityInvestor.com), continues his in-depth coverage and analysis of more than 200 essential-services stocks, primarily utilities and telecoms. Roger Conrad is also an expert on master limited partnerships (MLP) and the Canadian energy sector, which he covers for Energy & Income Advisor (www.EnergyAndIncomeAdvisor.com).
He’s also an independent trustee of Miller/Howard High Income Equity Fund and the author of Power Hungry: Strategic Investing in Telecommunications, Utilities and Other Essential Services. Although he spends a good deal of time in front of a Bloomberg terminal or reading 10-K and 10-Q reports, he’s also an avid outdoorsman and baseball fan.
The masthead may have changed, but readers can count on Roger to deliver the same high-quality analysis and rational assessment of the best dividend-paying utilities, MLPs and dividend-paying Canadian energy names.
I have more than 15 years experience in the financial world within the High tech industry. In the recent years I have made a change and acting as a business operations manager. It allows me to get new and different perspective on the business and operations.
I hold a B.A degree in Statistics and Actuary and a MBA. I'm a dividend growth investor that is looking to execute a sound retirement plan.I constantly learn about it from multiple sources and can say that I am a true fan of SA and many of the writers in this forum.
Robert Hauver, MBA, is a Registered Investment Advisor Representative. He publishes The Double Dividend Stock Alert, a monthly investment newsletter that features the best dividend stocks and option selling strategies for income investors.
TipRanks rates DoubleDividendStocks in the Top 10 of all financial bloggers.
The https://www.DoubleDividendStocks.com website also features High Dividend Stocks By Sector Tables, and Covered Calls & Cash Secured Puts Tables, a Dividend Stocks blog, and a a Stock Market News & Data page. 845-225-4094
Two guys who love Investing, Dividends, Frugality, Passive Income & attempting to Reinvest Our Dividends to one day achieve Financial Freedom! Follow us on your journey towards a work-free life!
Hello, I'm an independent investor from the DFW area. I enjoy biking, golf, football, family, and the beach around Destin, FL (30-A). I have been a credit manager in the Oil-Gas and Steel industry for over thirty years. My investing objective is simple: To build and manage a reliable, predictable, and increasing income stream. "The real money in investing will have to be made-as most of it has been in the past-not out of buying and selling-but out of owning and holding securities, receiving interest and dividends, and benefiting from their long-term increase in value"......Benjamin Graham. My ownership is as follows:
AAPL AEP CMI CSCO D DEO DIS DUK HCN HD KO MDT MO NKE O PFE PG PM SBUX SO STAG T TD TROW UL V VFC VTR VZ XOM
My husband plans to retire in 3 years (at age 67) and I plan to retire in 7 years (at age 62). We began focusing on dividend growth investing in 2013 but have been invested in mutual funds for decades. Our current DGI retirement portfolio is comprised of the following 64 DGI stocks: ABBV, ABT, AMGN, AVA, BBL, BMY, CAH, CBRL, CCP, CLX, CMCSA, COP, CVX, D, DEO, DLR, DUK, ED, EMR, EPD, GE, GILD, GIS, HCP, IBM, JNJ, KHC, KMB, KMI, KO, LMT, LNT, MCD, MMM, MMP, MO, MRK, MSFT, NEE, NOK, O, OHI, OMI, PEP, PFE, PG, PM, SCG, SEP, SO, SYY, T, TUP, UL, UPS, UTX, VTR, VZ, WEC, WMT, WPC, XEL, XOM, and ZBH.
In addition, I manage our millennial daughter's dividend growth retirement portfolio of the following 33 stocks: AAPL, ABBV, ABT, AMGN, BMY, CAH, CBRL, CCP, D, DIS, DLR, EMR, GILD, JNJ, KMB, KO, MCD, MMM, MMP, MSFT, OMI, PEP, PFE, PG, PM, SCG, SO, T, V, VTR, VZ, WEC, and XOM.
Brian Nelson is the president of equity research and ETF analysis at Valuentum Securities.
He is the architect behind the company’s research methodology and processes, developing the Valuentum Buying Index rating system, the Economic Castle rating, and the Dividend Cushion ratio. Mr. Nelson has acted as editor-in-chief of the firm’s Best Ideas Newsletter and Dividend Growth Newsletter since their inception.
Before founding Valuentum in early 2011, Brian worked as a director at Morningstar, where he was responsible for training and methodology development within the firm's equity and credit research department. Prior to that position, he served as a senior industrials securities analyst covering aerospace, airlines, construction, and environmental services companies.
Before joining Morningstar in February 2006, Mr. Nelson worked for a small capitalization fund covering a variety of sectors for an aggressive growth investment management firm in Chicago. He holds a Bachelor's degree in finance and a minor in mathematics, magna cum laude, from Benedictine University. Mr. Nelson has an MBA from the University of Chicago Booth School of Business and also holds the Chartered Financial Analyst (CFA) designation.
Brian is frequently quoted in the media and has been a frequent guest on Nightly Business Report, Bloomberg TV, CNBC, and the MoneyShow.
Mr. Nelson is very experienced valuing equities, developing discounted cash-flow models used to derive the fair value estimates for companies in the equity coverage universes of two of the largest independent investment research firms.
Brian worked on a small cap fund and a micro cap fund that were ranked within the top 10th percentile and top 1st percentile within the Small Cap Lipper Growth Universe, respectively, in 2005.
Brian led the charge in developing Morningstar's issuer credit ratings, creating and rolling-out one of the firm's proprietary credit metrics, the Cash Flow Cushion.
Please read our Disclaimer that applies to all articles published on Seeking Alpha: http://www.valuentum.com/categories/20110613
Follow us on Twitter: @Valuentum
Sorry I hide my true identity but I'm a physicist/engineer, native contrarian and idea generator. I am an eclectic dividend investor with motto "In God We Trust, All Others Pay Cash" applied to companies I invest in.
I like to read /and read a lot - did you look on my SA photo 8-)? / including popular and academic investment books and papers. After 200+ books I concluded that many (but not all) finance academics failed to delivery a good science because they usually are more concerned about match between their models and limited (in time and place) data-sets than about underlying assumptions of their models. On another hand, finance practitioners such as fund managers have different goals than I (for example, they want to outperform or replicate market each single year while my goal is to have smooth income from my investment and I don't worry to underperform in a bull market) and to some extend more limited in their choices than I (for example, with micro- and nano-cap stocks). It gives a chance for me as amateur investor to compete successfully with professionals in niche strategies such as dividend investment (see http://seekingalpha.com/instablog/725729-sds-seductive-dividend-stocks/266502-why-i-m-a-dividend-zealot-jan-31-2012).
My real portfolio consists of more than 100 dividend growth (DG) and high yield (HY) high quality stocks of USA and foreign companies with good history of dividend payments. I cherry-picked these stocks from the end of XX century in accordance with my ideas on diversification for income-equity investors ( http://seekingalpha.com/instablog/725729-sds-seductive-dividend-stocks/4183595-an-estimation-of-dividend-growth-portfolio-size). I also maintain artificial so-called "poor"folio of dividend stocks I use for self-education about market.
I understand that DGI is mostly trust in company's Board of Directors consistency and that HYI is mostly disagreement with market sentiment but both styles fit my goals and mentality,
My investor edges are
i) critical scientific approach (used in natural science rather than in liberal sciences) to finance academics ideas and strong selection between useful and worthless findings;
ii) quite predictable proprietary model of dividend reductions forecast in near future (couple years) that I have delivered from mix of hardware engineering ideas and physics concepts with finance data and behavior signals that allows me to sell stocks before such unpleasant event, and that I continue to polish;
iii) independence in time frames and market exposures forbidden for many finance practitioners;
iv) analyses of companies that are too small for institutional investors.
I have couple excellent ideas in dividend investing I'd like to capitalize, so serious requests are welcome.
I rather put my thoughts and ideas in SA Instablog and comments than in articles (I'm pretty busy/lazy/English-incompetent to perfect an article) but in all cases all standard disclaimers are applied. One of good things I have learned in Intel, that decision should be data driven. So I try to supply my ideas and thoughts with most relevant data. I love old Russian writer and dramatist Anton Chekhov principle "Brevity is the sister of talent" and think it is even more important nowadays with ocean of information in front of any investor. So, I try to follow this principle in my SA instablog and comments but please remember that "If I have more time, I would have written shorter".
Being a scientific journals referee I have a bad habit to find few weak points in almost any manuscript, so I probably too critical in some comments but I hope the article authors excuse me. I prefer communicate via SA email rather than inside comments (I usually turn off "Track new comments on this article" feature SA has). So send me a SA email if you have a question or would like to discuss my point of view.
Dr. El-Erian is Chief Economic Advisor at Allianz and member of its International Executive Committee. He chairs President Obama's Global Development Council, is a Financial Times Contributing Editor, a Bloomberg View columnist and author of the NYT/WSJ best seller "When Markets Collide."
Dr. El-Erian formerly served as CEO and co-CIO of PIMCO, the global investment management company. He re-joined PIMCO at the end of 2007 after serving for two years as president and CEO of Harvard Management Company, the entity that manages Harvard’s endowment and related accounts.
Dr. El-Erian also served as a member of the faculty of Harvard Business School. He first joined PIMCO in 1999 and was a senior member of PIMCO's portfolio management and investment strategy group.
Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C.
Dr. El-Erian has published widely on international economic and finance topics. His book, "When Markets Collide," won the Financial Times/Goldman Sachs 2008 Business Book of the Year and was named a book of the year by The Economist and one of the best business books of all time by the Independent (UK). He was named to Foreign Policy’s list of “Top 100 Global Thinkers” for 2009, 2010, 2011 and 2012.
Dr. El-Erian has served on several boards and committees, including the U.S. Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics and the IMF's Committee of Eminent Persons. He is currently a board member of the NBER, the Carnegie Endowment for International Peace, and Cambridge in America. He chairs the Microsoft Investment Advisory Board.
He holds a master's degree and doctorate (economics) from Oxford and received his bachelor and master degrees from Cambridge. He is an Honorary Fellow of Queens' College, Cambridge University.
At Valuentum, we think the best opportunities arise from a complete understanding of all investing disciplines in order to identify the most attractive stocks at any given time. Valuentum therefore analyzes each stock across a wide spectrum of philosophies, from deep value through momentum investing. We think companies that are attractive from a number of investment perspectives--whether it be growth, value, momentum, etc.--have the greatest probability of capital appreciation and relative outperformance. The more investors that are interested in the stock for reasons based on their respective investment mandates, the more likely it will move higher.
Please read our Disclaimer that applies to all articles published on Seeking Alpha: http://www.valuentum.com/categories/20110613
Follow us on Twitter: @Valuentum
An investor with circa 30 years of professional, managerial and financial experience, gathered through both private-individual activities as well as asset management type of roles.
I'm involved in running a leveraged fixed-income, absolute return, hedge fund that aims at providing its investors with double-digit returns, per annum. The fund runs a fast, frequent and furious trading strategy and it focuses on the very short term. Definitely not a Buy & Hold!
I'm also advising and consulting to private individuals, mostly HNWI that I had been serving through many years of working within the private banking, wealth management and asset management arenas. This activity focuses on the long run and it's mostly based on a Buy & Hold strategy.
Risk management is at the very core of our essence and while we normally take LONG-naked positions, we constantly hedge our positions, in order to protect the downside, that usually occurs at times when you least expect that to take place...
I cover all asset-classes though mostly focusing on cash cows and high dividend paying "machines" that may generate high (total) returns: Interest-sensitive, income-generating, instruments, e.g. Bonds, REITs, BDCs, Preferred Shares, MLPs, etc. combined with a variety of high-risk, growth and value stocks.
I believe and invest for the long run but I'm very minded of the short run too. While it's possible to make a massive-quick "kill", here and there, good things usually come in small packages; so do returns. Therefore, I (hope but) don't expect my investments to double in value over a short period of time. I do, however, aim at an annual double-digit returns on average, preferably on an absolute basis, i.e. regardless of markets' returns and directions.
Timing is Everything! While investors can't time the market, I believe that this applies only to the long term. In the short-term (a couple of months) one can and should pick the right moment and the right entry point, based on his subjective-personal preferences, risk aversion and goals. Long-term, strategy/macro, investment decisions can't be timed while short-term, implementation/micro, investment decision, can!
When it comes to investments and trading I believe that the most important virtues are healthy common sense, general wisdom, sufficient research, vast experience, strive for excellence, ongoing willingness to learn, minimum ego, maximum patience, ability to withstand (enormous) pressure/s, strict discipline and a lot of luck!...
I am a Certified Public Accountant (CPA) and a Certified Financial Planner (CFP) (currently do not have a private practice). I have also been a member of the American Institute of Certified Public Accountants (AICPA) for 17 years (CFF as well). I am currently employed with a global accounting firm in the Northeast area (partner). I have a masters degree in accounting + legal studies. I have audit, tax, and consulting experience with entities in the following sectors: closed-end funds, energy, financials, healthcare, homebuilders, pharmaceuticals, private equity, REITs, and telecoms. I've also have experience with C-corps., estates, high net worth individuals, LLCs, LLPs, S-corps., and trusts. I am a casual individual investor. My investing fundamentals are based on both qualitative and quantitative information. By using my analytical skills, I create specific investing ideas/strategies. I am more of a longer-term investor as opposed to day-trading.
Previous Quarterly Projection Article’s Performance vs. Actual Results:
# of Projections Stated Within All Articles: 185
# of Projections PENDING: 0
# of Projections 100% Accurate or Within Range: 172
# of Projections Inaccurate or Outside of Range: 13
Projection “Within Range” Success Rate: 169 / 182 = 93.0%
Please see the list at the bottom of this profile for the details of my past projections.
Disclaimer: I cannot own and will not give an opinion on any investments my current employer has any direct or indirect professional services with (accounting, audit, tax, consulting, etc.). This mainly consists of various mutual funds and exchange traded funds (ETF's). This includes all stocks held within these particular investment vehicles. This specified list is updated monthly. As such, most large-cap stocks are "off the table" regarding my articles. All accounting insight, analysis, and opinions stated within any articles I write (in regards to a specified stock) are entirely from my own personal research and analysis. I believe my articles are both informative and in some cases educational.
NOTE: A growing number of readers/investors, analysts, and representatives of firms have requested to be provided with my "spreadsheets/models" to help better understand certain companies/sectors. My researched data is several files of 100+ spreadsheets/models containing both stocks I write about on S.A. and stocks I choose to not write about on S.A. To reduce the repeated requests to provide such data, these spreadsheets/models are ALL linked together. As such, all current and future requests to "share" my data/models will be politely declined. Thanks for your understanding regarding this subject.
I appreciate my loyal readers and I’ll continue to try to provide high quality, in-depth articles.
NOTE: Below are the stocks I currently cover as of Oct. 2016:
Stocks Covered In Great Detail (10 mREITs; 12 BDCs; 7 Other Sectors): ACAP (Proposed Spin-Off), ACAS, ACSF, AGNC, AINV, ANH, ARCC, ARR, BMNM, CMO, CYS, FSAM, FSC, FSFR, GBDC, GPRO, MAIN, MCC, MO, MTGE, NEWT, NLY, NVS, NYMT, ORC, PSEC, PM, SLRC, TRP, and WMC.
Stocks Covered In Modest Detail (9 mREITs; 2 Other Sectors): AI, AMTG, EFC, IVR, MFA, MITT, NRZ (New), PHM, PMT, SLRC, TOL, TWO
Commonly Asked Questions:
Question 1): If you are only paid per article, why make your articles so long / detailed?
- I like to provide the “nuts and bolts” of a company. As such, I strive for my articles to have some sort of “hard to obtain” facts / figures. From this data, I like to fully discuss / analyze specific topics within a particular stock. This mainly consists of a quarterly projection article and a series of articles on a company’s dividend sustainability. In certain instances, I also write articles in regards to specific, material events that occur during a quarter.
- I believe a company’s quarterly results and upcoming dividend declarations are two of the most important topics readers are requesting information on. My analysis takes the “average” article several steps further to allow readers to have access to information that is rare to public viewership. In doing so, I believe my articles are both beneficial and educational for most readers.
Question 2): How come you only write 1-2 articles a week (would like to see more)?
- As stated in my profile above, I have a full-time professional career. I write / analyze stocks in my free time. To provide these types of high quality / in-depth articles, I can’t see writing more than 2 articles a week. I believe “quality” should always be a higher priority versus “quantity”.
- As many readers should know by now (if you’ve followed me for a while), I not here for the monetary rewards. If that was the case, I’d write 5+ weekly articles and provide little to no engagement in each article’s comment section. I believe the comments section is as important as the article themselves b/c readers have a wide range of questions in relation to each article or the sector in general.
Question 3): What do you personally gain from writing these articles?
- I am not here trying to promote a company, book, or website. There’s nothing wrong with that. That’s just not what I’m about. I’m here for the “average Joe”.
- When I decided to write these articles, I based it on the notion I am filling a “special niche” per se. Using skills that have been built up over my professional career, my articles usually provide unique information that most writers either a) don’t have the technical expertise to provide or b) don’t bother providing due to the time it takes to compile such data. As such, I believe the S.A. community benefits from my articles. I solely do this b/c it’s a passion of mine and I like helping readers have accurate, reliable data that is not readily available. Yes, I understand this may seem “hard to believe” in this day and age. I believe some of my more “seasoned” followers know this aspect of my generosity / personality.
Question 4): How come you do not write about more stocks?
- To give readers the level of detail that I provide in my articles, I amass large amounts of data every quarter (or even weekly). As a direct result, a large amount of time is consumed by obtaining / analyzing this data.
- If I expanded the stocks I research, it would most likely take away the quality of other articles I currently am writing about. Again, this gets back to the “quality vs. quantity” metric.
- There is a fairly large range of stocks / investment vehicles I cannot write about / provide an opinion on due to various conflicts of interests (regarding my professional career). This is a topic I take VERY seriously. As such, I take all necessary precautions to avoid any remote possibility of a conflict of interest occurring.
Detailed Past Projection List:
NAV as of 3/31/2014: $0.01 per share variance; within range ($10.67 projected vs. $10.68 actual)
NAV as of 6/30/2014: $0.00 per share variance; 100% accuracy ($10.56 projected vs. $10.56 actual)
NAV as of 9/30/2014: $0.01 per share variance; within range ($10.48 projected vs. $10.47 actual)
NAV as of 12/31/2014: $0.01 per share variance; within range ($10.34 projected vs. $10.35 actual)
NAV as of 3/31/2015: $0.03 per share variance; within range ($10.27 projected vs. $10.30 actual)
NAV as of 6/30/2015: $0.06 per share variance; within range ($10.25 projected vs. $10.31 actual)
NAV as of 9/30/2015: $0.17 per share variance; within range but at the higher end ($10.00 projected vs. $10.17 actual)
NAV as of 12/31/2015: $0.25 per share variance; slightly outside range; lower end ($9.90 projected vs. $9.65 actual)
NAV as of 3/31/2016: $0.11 per share variance; within range ($9.50 projected vs. $9.61 actual)
NAV as of 6/30/2016: $0.11 per share variance; within range ($9.73 projected vs. $9.62 actual)
NAV as of 9/30/2016: $0.05 per share variance; within range ($9.65 projected vs. $9.60 actual)
Fiscal Q3 2016 NII: $0.00 per share variance; within range ($0.25 projected vs. $0.25 actual)
Fiscal Q4 2016 NII: $0.005 per share variance; within range ($0.251 projected vs. $0.256 actual)
Dividends for Fiscal Q4 2014: Stated dividend was currently safe (no specific dividend declarations) which turned out to be correct for April 2014 – June 2014 dividends declared
Dividends for Fiscal Q1 2015: 100% accuracy (July. 2014 $0.110475 projected vs. $0.110475 actual) (Aug. 2014 $0.110500 projected vs. $0.110500 actual) (Sept. 2014 $0.110525 projected vs. $0.110525 actual)
Dividends for Fiscal Q2 2015: 100% accuracy (Oct. 2014 $0.110550 projected vs. $0.110550 actual) (Nov. 2014 $0.110575 projected vs. $0.110575 actual) (Dec. 2014 $0.110600 projected vs. $0.110600 actual)
Dividends for Fiscal Q3 2015^: (Jan. 2015 $0.110625 projected vs. $0.110625 actual) (Feb. 2015 $0.110650 projected vs. $0.0833 actual OUTSIDE RANGE) (Mar. 2015 $0.110675 projected vs. $0.0833 actual OUTSIDE RANGE)
^ = Correctly stated dividend would be cut. However, PSEC reduced dividends beginning in February 2015 and I projected the dividend decrease would occur in April 2015 (2 months earlier than projected)
Dividends for Fiscal Q4 2015: (April. 2015 was declared in December 2014 prior to my analysis for this quarter) 100% accuracy (May 2015 - June 2015 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q1 2016: 100% accuracy (July 2015 - September 2015 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q2 2016: 100% accuracy (October 2015 - December 2015 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q3 2016: 100% accuracy (January 2016 - March 2016 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q4 2016: 100% accuracy (April 2016 - June 2016 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q1 2017: 100% accuracy (July 2016 - September 2016 $0.0833 projected vs. $0.0833 actual)
Dividends for Fiscal Q2 2017: 100% accuracy (October 2016 - December 2016 $0.0833 projected vs. $0.0833 actual)
BV as of 6/30/2013: $0.11 per share variance; within range ($25.40 projected vs. $25.51 actual)
BV as of 9/30/2013: $1.36 per share variance; MATERIALLY OUTSIDE RANGE ($26.63 projected vs. $25.27 actual)
BV as of 12/31/2013: $0.58 per share variance; within range lower end ($24.51 projected vs. $23.93 actual)
BV as of 3/31/2014: $0.04 per share variance; within range ($24.45 projected vs. $24.49 actual)
BV as of 6/30/2014: $0.66 per share variance; within range higher end ($25.60 projected vs. $26.26 actual)
BV as of 9/30/2014: $0.35 per share variance; within range ($25.19 projected vs. $25.54 actual)
BV as of 12/31/2014: $0.29 per share variance; within range ($25.45 projected vs. $25.74 actual)
Comprehensive Income for Q1 2015: $0.02 per share variance; within range ($0.48 per share projected vs. $0.46 per share actual)
BV as of 3/31/2015: $0.11 per share variance; within range ($25.64 projected vs. $25.53 actual)
BV as of 6/30/2015: $0.24 per share variance; within range ($24.24 projected vs. $24.00 actual)
BV as of 9/30/2015: $0.44 per share variance; within range lower end ($23.44 projected vs. $23.00 actual)
BV as of 10/31/2015: $0.06 per share variance; within my monthly $0.30 per share range ($22.98 projected vs. $23.04 actual)
BV as of 11/30/2015: $0.27 per share variance; within my monthly $0.30 per share range ($22.25 projected vs. $22.52 actual)
BV as of 12/31/2015: $0.01 per share variance; within range ($22.60 projected vs. $22.59 actual)
BV as of 1/31/2016: $0.01 per share variance; within range ($22.39 projected vs. $22.40 actual)
BV as of 2/29/2016: $0.09 per share variance; within range ($22.82 projected vs. $22.73 actual)
BV as of 3/31/2016: $0.16 per share variance; within range ($22.25 projected vs. $22.09 actual)
BV as of 6/30/2016: $0.12 per share variance; within range ($22.10 projected vs. $22.22 actual)
BV as of 9/30/2016: $0.09 per share variance; within range ($23.00 projected vs. $22.91 actual)
BV as of 10/31/2016: $0.03 per share variance; within range ($23.60 projected vs. $22.63 actual)
Dividend for Q1 2013: $0.00 per share variance; 100% accuracy ($1.25 projected vs. $1.25 actual)
Dividend for Q2 2013: Correctly stated dividend cut would occur; $0.15 per share variance; within range higher end ($0.90 projected vs. $1.05 actual)
Dividend for Q3 2013: Correctly stated another dividend cut would occur; $0.10 per share variance; within range ($0.90 projected vs. $0.80 actual)
Dividend for Q4 2013: Correctly stated another dividend cut would occur; $0.05 per share variance; within range ($0.60 projected vs. $0.65 actual)
Dividend for Q1 2014: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for Q2 2014: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for Q3 2014: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for November 2014 - April 2015: Correctly stated dividend would be stable; 100% accuracy ($0.22 projected vs. $0.22 actual)
Dividend for May 2015: Company declared dividend several weeks ahead of schedule; prior to my quarterly dividend sustainability analysis. As such, no dividend projection was provided for May 2015:
Dividend for June 2015 - August 2015: Correctly stated dividend would be stable; 100% accuracy ($0.20 projected vs. $0.20 actual)
Dividend for September 2015*: INCORRECTLY stated dividend would modestly reduced; ($0.18 projected vs. $0.20 actual)
Dividend for October and November 2015: Not provided but stated increased risk to reduction by end of 2015 / early 2016.
Dividend for December 2015**: Stated dividend would be stable; highest probability ($0.20 projected vs. $0.20 actual)
Dividend Declaration for January 2016: Not provided due to time constraints.
Dividend for February 2016 - July 2016: Correctly stated dividend would be stable; 100% accuracy ($0.20 projected vs. $0.20 actual)
Dividend for August 2016 - AGNC declared a ($0.02) per share decrease prior to my quarterly dividend sustainability analysis. However, in my prior quarter's analysis, I stated I thought AGNC's monthly dividend should be stable over the near-term (3-6 months). As such, I conclude this in an INCORRECT forward projection.
Dividend for September - October 2016: Correctly stated high probability dividend would be stable; 100% accuracy ($0.18 projected vs. $0.18 actual)
BV as of 12/31/2013***: $0.40 per share variance; within range lower end ($21.87 projected vs. $21.47 actual)
BV as of 3/31/2014***: $0.16 per share variance; within range ($21.94 projected vs. $21.78 actual)
BV as of 6/30/2014***: $0.13 per share variance; within range ($22.60 projected vs. $22.73 actual)
BV as of 9/30/2014***: $0.29 per share variance; within range ($21.95 projected vs. $22.24 actual)
BV as of 12/31/2014***: $0.19 per share variance; within range ($22.10 projected vs. $21.91 actual)
BV as of 3/31/2015***: $0.20 per share variance; within range ($21.80 projected vs. $22.00 actual)
BV as of 6/30/2015***: $0.30 per share variance; within range ($22.00 projected vs. $21.70 actual)
BV as of 9/30/2015***: $0.17 per share variance; within range ($20.10 projected vs. $19.93 actual); excluding "one-time" ($0.20) per share impairment charge related to RCS; $0.03 per share variance ($20.10 projected vs. $20.13 actual; excluding impairment charge).
BV as of 12/31/2015***: $0.16 per share variance; within range ($19.50 projected vs. $19.66 actual)
BV as of 3/31/2016***: $0.22 per share variance; within range ($19.25 projected vs. $19.03 actual)
BV as of 6/30/2016***: $0.28 per share variance; within range towards higher end ($19.15 projected vs. $19.47 actual)
BV as of 9/30/2016***: $0.45 per share variance; within range but right at highest range ($20.10 projected vs. $20.55 actual)
Dividend for Q3 2013***: Correctly stated dividend would be modestly cut; $0.00 per share variance; 100% accuracy ($0.70 projected vs. $0.70 actual)
Dividend for Q4 2013***: Correctly stated dividend would be slightly cut; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for Q1 2014***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for Q2 2014 - Q4 2014***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.65 projected vs. $0.65 actual)
Dividend for Q1 2015***: INCORRECTLY stated dividend would be stable; ($0.15) per share variance; ($0.65 projected vs. $0.50 actual) In my opinion, the severity of this cut was very disappointing.
Dividend for Q2 2015***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.50 projected vs. $0.50 actual)
Dividend for Q3 2015***: INCORRECTLY stated dividend would be stable; ($0.10) per share variance; ($0.50 projected vs. $0.40 actual) In my opinion, the severity of this cut was very disappointing once again.
Dividend for Q4 2015 - Q2 2016***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.40 projected vs. $0.40 actual)
BV as of 3/31/2014***: $0.10 per share variance; within range ($12.40 projected vs. $12.30 actual)
BV as of 6/30/2014***: $0.43 per share variance; SLIGHTLY OUTSIDE RANGE higher end ($12.80 projected vs. $13.23 actual)
BV as of 9/30/2014***: $0.07 per share variance; within range ($12.95 projected vs. $12.88 actual)
BV as of 12/31/2014***: $0.15 per share variance; within range ($12.95 projected vs. $13.10 actual)
BV as of 3/31/2015***: $0.32 per share variance; SLIGHTLY OUTSIDE RANGE; lower end ($13.20 projected vs. $12.88 actual)
BV as of 6/30/2015***: $0.17 per share variance; within range ($12.15 projected vs. $12.32 actual)
BV as of 9/30/2015***: $0.16 per share variance; within range ($12.15 projected vs. $11.99 actual)
BV as of 12/31/2015***: $0.13 per share variance; within range ($12.60 projected vs. $12.73 actual) (most of the variance was in relation to the accretive effect of Q4 2015 share repurchases)
BV as of 3/31/2016***: $0.04 per share variance; within range ($11.65 projected vs. $11.61 actual)
BV as of 6/30/2016***: $0.35 per share variance; within range towards lower end ($11.85 projected vs. $11.50 actual)
BV as of 9/30/2016***: $0.07 per share variance; within range ($11.90 projected vs. $11.83 actual)
Dividend for Q1 2014 - Q1 2015***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.30 projected vs. $0.30 actual)
Dividend for Q2 2015***: INCORRECTLY stated dividend would be reduced; $0.05 per share variance; ($0.25 projected vs. $0.30 actual)
Dividend for Q3 2015 - Q2 2016***: Correctly stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.30 projected vs. $0.30 actual)
NAV as of 3/31/2013: $0.03 per share variance; within range ($9.87 projected vs. $9.90 actual)
NAV as of 6/30/2013: $0.04 per share variance; within range ($9.94 projected vs. $9.90 actual)
NAV as of 9/30/2013: $0.01 per share variance; within range ($9.86 projected vs. $9.85 actual)
NAV as of 12/31/2013: $0.00 per share variance; 100% accuracy ($9.85 projected vs. $9.85 actual)
NAV as of 3/31/2014: $0.00 per share variance; 100% accuracy ($9.81 projected vs. $9.81 actual)
NAV as of 6/30/2014: $0.06 per share variance; within range lower end ($9.77 projected vs. $9.71 actual)
NAV as of 9/30/2014: $0.01 per share variance; within range ($9.65 projected vs. $9.64 actual)
NAV as of 12/31/2014: $0.37 per share variance; MATERIALLY OUTSIDE RANGE ($9.54 projected vs. $9.17 actual)
NAV as of 3/31/2015: $0.21 per share variance; OUTSIDE RANGE ($8.97 projected vs. $9.18 actual)
NAV as of 6/30/2015: $0.00 per share variance; 100% accuracy ($9.13 projected vs. $9.13 actual) (projections + article were provided to certain interested parties outside S.A.)
NAV as of 9/30/2015: $0.05 per share variance; within range ($8.95 projected vs. $9.00 actual) (projections + analysis were provided to certain interested parties; did not have enough time to provide an article)
FSC’s Dividend Sustainability Analysis Through Fiscal Q3 2013: Stated moderate to material dividend cut is needed; 100% accurate because company cut dividend beginning in December 2013
Dividend for Fiscal Q3 2015****: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (April 2015 $0.06 projected vs. $0.06 actual) (May 2015 $0.06 projected vs. $0.06 actual) (June 2015 $0.06 projected vs. $0.06 actual)
Dividend for September 2015 - February 2016****: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (September 2015 $0.06 projected vs. $0.06 actual) (October 2015 $0.06 projected vs. $0.06 actual) (November 2015 $0.06 projected vs. $0.06 actual) (December 2015 $0.06 projected vs. $0.06 actual) (January 2016 $0.06 projected vs. $0.06 actual) (February 2016 $0.06 projected vs. $0.06 actual)
Dividend for September 2016 - November 2016 Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy ($0.06 per share projected vs. $0.06 per share actual)
NAV as of 12/31/2013: $0.12 per share variance; within range lower end (wider range b/c first full quarter of operations) ($15.22 projected vs. $15.10 actual)
NAV as of 3/31/2014: $0.03 per share variance; within range ($15.13 projected vs. $15.10 actual)
NAV as of 6/30/2014: $0.01 per share variance; within range ($15.14 projected vs. $15.13 actual)
NAV as of 9/30/2014: $0.02 per share variance; within range ($12.63 projected vs. $12.65 actual)
NAV as of 12/31/2014: $0.10 per share variance; within range (at lowest end) ($12.635 projected vs. $12.534 actual)
NAV as of 3/31/2015: $0.08 per share variance; within range ($12.38 projected vs. $12.46 actual)
NAV as of 6/30/2015: $0.15 per share variance; within range (at lowest end) ($12.38 projected vs. $12.23 actual)
NAV as of 9/30/2015: $0.18 per share variance; within range (at higher end) ($11.93 projected vs. $12.11 actual)
NAV as of 12/31/2015: Not provided to readers due to the fact the company "pre-announced" NAV prior to my quarterly projection analysis (due to a material reduction)
NAV as of 3/31/2016: $0.17 per share variance; within range (at higher end) ($11.01 projected vs. $11.18 actual)
NAV as of 6/30/2016: $0.31 per share variance; MODESTLY OUTSIDE range ($11.30 projected vs. $10.99 actual)
Dividend Declaration for December 2015 - February 2016: Correctly stated very low probability (10%) for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (December 2015 $0.075 projected vs. $0.075 actual) (January 2016 $0.075 projected vs. $0.075 actual) (February 2016 $0.075 projected vs. $0.075 actual)
Dividend Sustainability Analysis Through Q4 2013: Stated material dividend cut was needed as soon as the next quarter; 100% accurate because company cut dividend in Q1 2014 from $0.80 per share (regular dividend portion) to $0.67 per share.
Dividend for Q4 2014*****: Stated dividend would be stable; $0.00 per share variance; 100% accuracy ($0.70 projected vs. $0.70 actual)
Dividend for Q1 2015***: Stated dividend would be "relatively" stable; accurate because company only cut its dividend by ($0.03) per share which, when calculated, was only a "minor" (< 5%) reduction
Dividend for Q2 2015***: Stated heightened risk for another minor - modest dividend reduction; accurate because company cut its dividend by ($0.03) per share which, when calculated, was another "minor" (< 5%) reduction
Dividend for Q3 2015: Correctly stated dividend would be modestly cut; $0.00 per share variance; 100% accuracy ($0.60 projected vs. $0.60 actual
Dividend for Q3 2015*****: Stated dividend had a modest to high probability (50% - 75%) of being reduced; 100% accurate because company reduced monthly dividends from $0.18 per share to $0.14 per share beginning in July 2015.
Dividend for August 2015 - October 2016: Correctly stated each month dividend would be stable; 100% accuracy ($0.14 projected vs. $0.14 actual)
BV as of 9/30/2015: $0.06 per share variance; within range ($11.63 projected vs. $11.69 actual)
BV as of 12/31/2015: $0.09 per share variance; within range ($11.74 projected vs. $11.65 actual)
BV as of 3/31/2016: $0.09 per share variance; within range ($11.10 projected vs. $11.01 actual)
BV as of 6/30/2016: $0.01 per share variance; within range ($10.86 projected vs. $10.85 actual)
BV as of 9/30/2016: $0.03 per share variance; within range ($11.24 projected vs. $11.21 actual)
Dividend Declaration for Calendar Q2 2015****: Correctly stated low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (April 2015 $0.175 projected vs. $0.175 actual) (May 2015 $0.175 projected vs. $0.175 actual) (June 2015 $0.175 projected vs. $0.175 actual).
Dividend Declaration for September - November 2015: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (September 2015 $0.175 - $0.18 projected vs. $0.180 actual) (October 2015 $0.175 - $0.18 projected vs. $0.180 actual) (November 2015 $0.175 - $0.18 projected vs. $0.180 actual).
Special Periodic Dividend Declaration for 2015: Correctly stated high probability of a special periodic dividend paid in December 2015; exactly at my projected mean: ($0.25 - $0.30 projected vs. $0.275 actual).
Dividend Declaration for December 2015 - February 2016: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (December 2015 $0.18 projected vs. $0.180 actual) (January 2016 $0.18 projected vs. $0.180 actual) (February 2016 $0.18 projected vs. $0.180 actual).
Dividend Declaration for March 2016 - May 2016: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (March 2016 $0.18 - $0.185 projected vs. $0.180 actual) (April 2016 $0.18 - $0.185 projected vs. $0.180 actual) (May 2016 $0.18 - $0.185 projected vs. $0.180 actual).
Dividend Declaration for June 2016 - August 2016: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (June 2016 $0.18 - $0.185 projected vs. $0.180 actual) (July 2016 $0.18 - $0.185 projected vs. $0.180 actual) (August 2016 $0.18 - $0.185 projected vs. $0.180 actual).
Special Periodic Dividend Declaration for First-Half 2016: Correctly stated high probability of a special periodic dividend paid in June 2016; exactly at my projected mean: ($0.25 - $0.30 projected vs. $0.275 actual).
Dividend Declaration for September 2016 - November 2016: Correctly stated very low risk for a dividend reduction; dividend would be stable; $0.00 per share variance; 100% accuracy (Sept. 2016 $0.18 - $0.185 projected vs. $0.185 actual) (October 2016 $0.18 - $0.185 projected vs. $0.185 actual) (November 2016 $0.18 - $0.185 projected vs. $0.185 actual).
Q4 2015 Adjusted Diluted EPS: $0.00 per share variance; 100% accuracy ($0.67 projected vs. $0.67 per share actual)
Q1 2016 Adjusted Diluted EPS: $0.02 per share variance; within range lower end of $0.04 per share range ($0.70 projected vs. $0.72 per share actual)
Q2 2016 Adjusted Diluted EPS: $0.01 per share variance; within range ($0.80 projected vs. $0.81 per share actual)
Q3 2016 Adjusted Diluted EPS: $0.01 per share variance; within range ($0.81 projected vs. $0.82 per share actual)
* = Stated there was a 60% probability dividend would be reduced to $0.18 per share; a 30% probability dividend would remain stable at $0.20 per share
** = Stated there was a 45% probability dividend would be reduced to $0.16 - $0.19 per share
*** = Provided within an AGNC article
**** = Provided within a PSEC article
***** = Provided within a NLY article
Dr. Charles Lieberman serves as chief investment officer for Advisors Capital Management L.L.C., a money management and investment advisory firm, servicing financial advisors and private clients throughout the country. Dr. Lieberman has overall responsibility for managing its three primary types of separate account portfolios, growth, growth with income, and income with growth.
A graduate of the Massachusetts Institute of Technology with a bachelors degree in economics, he earned a Ph.D. in economics from the University of Pennsylvania before beginning his professional career as an academic at the University of Maryland and, subsequently, at Northwestern University. After five years in academia, Dr. Lieberman joined the Federal Reserve Bank of New York as head of its Monetary Analysis Staff before coming to Wall Street. At Morgan Stanley and Shearson Lehman Brothers, he focused on the debt and equity markets, respectively. In 1986, he joined Manufacturers Hanover Securities Corp. as chief economist and head of research and retained that position through the subsequent mergers with Chemical Bank and Chase Manhattan. During his 11-1/2 years with these banks, he worked intensively with the Bank’s clients, as well as the Bank’s trading desks and portfolio and sat on the Bank’s Markets Committee, which was responsible for funding, interest rate and currency risk management. He also traveled extensively on behalf of the Bank, both domestically and internationally, consulting with senior government officials and portfolio managers of some of the largest financial institutions in the world.
In 1997, he left Chase to found, along with co-founder Henry Kaufman, the global macro hedge fund Strategic Investors Management L.L.C. and to serve as its managing partner and principal strategist. In this role, Dr. Lieberman constructed leveraged investments (some hedged, some unhedged) on a global basis.
Dr. Lieberman is frequently quoted in the media. He has appeared often on CNBC, Bloomberg radio and television, CNN, CNNfn, The Nightly Business Report on PBS, Reuters Financial Television, Fox Business News, and the major television networks. He is often quoted by Bloomberg, Reuters, The Wall Street Journal, The Washington Post, Barron’s, and numerous other domestic and international business publications.
Retired, late 50's
Hold CFP designation. Passed CFP exam Nov 2000
Author of "IRA: A Quck Reference Guide". Available on Amazon as an e-book.
Author of "Retirement Investing for INCOME ONLY: How to invest for relaible income in Retirement ONLY from Dividends"
I'm a 65-year-old investor focused on dividends in a Retirement Income Portfolio. I'm not yet in the distribution phase of retirement.
I've been a member of the National Association of Investment Clubs (NAIC) since 1982, which now operates as BetterInvesting.org. For many years as a volunteer I helped lead workshops to teach tools developed by NAIC to educate investors about how to do basic fundamental stock analysis. I continue to have a strong interest in investor education.
NAIC's historic "four principles" have been very helpful to me:
1) invest regularly throughout your lifetime;
2) invest in growth companies;
3) reinvest earnings and profits;
4) diversify by industry and size.
Bill Bengen's "4% Rule" concept inspired me to set a goal to create a retirement income portfolio of individual dividend growth stocks as a way to tap only dividend income from the portfolio as long as possible rather than selling assets.
Helpful mentors and colleagues include:
- Charles Allmon, former columnist for Better Investing, taught me to look for growth stocks
- Ben Graham's The Intelligent Investor taught me the importance of intrinsic value
- Peter Lynch instilled confidence that the average citizen can win in the stock market
- Louis Rukeyser demonstrated how to ask probing questions about market conditions
- Brad Thomas introduced me to a host of real estate investment trusts
- Bob Wells' analytical discipline keeps me focused on dividend growth
- Lowell Miller's The Single Best Investment helped me focus on quality and safety
- David Van Knapp's holistic style of portfolio building helps me see the big picture
- David Fish and Factoids inspire me to keep digging for data
- Chowder reminds me that each buy is the purchase of a business
- BDC Buzz has helped me sift through business development companies
- Tom Konrad opened my mind to alternative energy investments
- George Fisher is a helpful "lookout" scanning the horizon for utility opportunities
- The Seeking Alpha community--both veterans and young contributors.
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Independent. Insightful. Trusted. Morningstar provides stock market analysis; equity, mutual fund, and ETF research, ratings, and picks; portfolio tools; and option, hedge fund, IRA, 401k, and 529 plan research. Our reliable data and analysis can help both experienced enthusiasts and newcomers.
I am a medical professional, but I have been studying investing for many years so that I can control my own portfolio. DGI seems to be the best way for me to invest for my retirement while being able to sleep at night.
I have also been successfully trading cash secured puts for extra income. I share my experience on my websites, Tradingcsps.com and my blog Tradingputs.com.
Light trader interested in dividend growth stocks. I own every S&P dividend aristocrat, and then some. The aristocrats form the foundation. I have ownership of more companies that I have placed on that foundation. I have several general rules about stocks. Rule #1: Do not buy a stock to sell it. Rule 2: Do not sell a stock you bought. Rule 3: If I am unsure if I should sell a stock, see Rules 1 & 2. Rule 4: If I really am going to sell a stock (fundamentals change, dividend frozen or cut, etc.,), then just sell it and do not look back. Rule 5: no foreign tax withholding (I do not want the money back later, I want it re-investing now, There are plenty of US and British dividend companies) and Rule 6: drip. drip. drip.
Mr. Leach spent his early years on a subsistence farm in western Michigan. He graduated at the top of his high school class which helped him land a scholarship to the University Michigan. Graduating magna cum laude with a bachelor’s degree in Nuclear Engineering and a minor in mathematics in 1981, Mr. Leach took his first professional job with Westinghouse Electric in Monroeville, PA.
Mr. Leach held several positions of increasing responsibility at Westinghouse, and Fluor Federal Services in Pennsylvania, South Carolina, and Washington State. While in Washington State, Mr. Leach completed his master’s of science degree in Environmental Engineering graduating summa cum laude in 1997 from Washington State University.
In 2003 and 2004 with Fluor Federal Services, Mr. Leach worked as a civilian contractor for the US Department of Defense in various middle east locations and the Philippines. In 2005, Mr. Leach joined the AREVA Group and spent two years in France. After returning stateside in 2006, Mr. Leach held various positions of increasing responsibility with AREVA Federal Services in South Carolina and North Carolina. Mr. Leach left the AREVA group in 2014 at the age of 56 and is now quasi-retired and focuses on his wife, his 15 year old son, and his investment portfolio.
Mr. Leach has been a consistent, avid, and successful investor for more than 30 years. His investment style is conservative and he primarily invests in income oriented equities, bonds, preferred stocks and mutual funds. Mr. Leach has written more than 50 articles on Seeking Alpha and other websites.
My wife and I are now retired. We live off SS and the income from our portfolio. My investments are all income producers and include dividend growth stocks like T and MO, some higher yielding low growth issues like PNNT. and others in between. About 25% of my income comes from fixed income preferred issues. When I was younger I was more into growth, but my goal was to switch to income and live off that. So that is what I have achieved today. I also work as a tax preparer for the 4 months of tax season.
My investment strategy is built around the creation of an income stream that will provide me with long term flexibility. I believe there are many ways to accomplish this goal from buying stocks that have an income component at value, to cash flow generating real estate investments to bond and bond equivalents. Each investor must know where they're trying to get to, then create a formula that works best for them. I choose to focus on income because it allows me to sleep more comfortably.
Retired, self-directed individual investor. Retired at 56 in March 2007 after 30 years with CA Superior Court with a modest lifetime pension and a small IRA now converted to a Roth. Native Californian, raised in the USAF and lived in various countries around the world, now reside in Sacramento, CA.
Discovered Seeking Alpha in late 2011 when I was ready to invest my IRA. I started using a method I dubbed DGI Lite using the Dogs of the CCCs lists for Dividend Growth. I changed over to high-yielders such as REITs and BDCs when I needed more income to move closer to family and buy a new home in 2013. Best move I could have made.
Retirement *is* all it's cracked up to be -- it's the best gig I've ever had!
I am a Civil Engineer, who is married with three kids under the age of 5. In early 2013 I took a more active role in managing my IRA for retirement and decided to publicly share my experiences in building the portfolio. My hope is to provide a positive example for other young do-it-yourself investors as they save for retirement on a limited budget.
My interest in investing mostly began in 2005 when I started up an investment club with a few friends from college and has accelerated as I've been reading and learning along the way. Since then, investing and the stock market has become a passion and favorite hobby and I've enjoyed writing about stocks and sharing ideas I have here on Seeking Alpha.
My investing goals are to build a nest egg for retirement and fund college education accounts for my kids. I invest mainly in dividend paying stocks that have shown a history of consistent growth in earnings and dividend payouts.
Eli Inkrot is a writer. Check out his website: thecurrencyoftime.com, his articles here on Seeking Alpha or his book - "You Don't Have A Money Problem" - on Amazon.com.
Additionally, here is a quick bio:
Eli has held the title of Vice President and Portfolio Manager at EDMP Inc. - a money management firm - along with Vice President for F.A.S.T. Graphs - a financial software company.
Prior to that, he began his investment career as an analyst in private real estate for a public pension fund. During his time in real estate he was the lead for a variety of accounts with net asset values totaling nearly two billion dollars. Eli received a Master’s in Finance from the University of Tampa where he earned “highest honors” whilst receiving the distinction of being named the “most outstanding graduate student.” He also holds undergraduate degrees in both Economics and Business Administration from Otterbein University, graduating “magna cum laude” with distinct honors in each major. During his tenure at Otterbein, Eli was a member of the varsity golf team, held the departmental Senator position for Business, Economics and Accounting and studied abroad in the Netherlands.
I am a buy and hold common stock investor. Warren Buffett is definitely my guru. He makes the most sense to me. I began investing in the stock market at age 14 in 1970 with money earned on my paper route. What I have done since 1970 is invest primarily in the Dividend Aristocrats whenever the stock market is relatively low. I have never sold a single share of stock except on the rare occasion when one of my stocks was bought out for cash and I was forced to sell.. I keep all of my stock certificates or direct registration statements in a safe deposit box at the bank. I do not automatically reinvest dividends. I only purchase stocks when I feel that the stock market is relatively low. Brown University, B. A., 1978. Below are the 35 stocks in my portfolio.
I am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been active in the markets for several years, and am primarily focused on long/short equities.
I hold a Bachelor of Science Degree from Lehigh University, where I double majored in Finance and Accounting, with a minor in History. My major track focused on Investments and Financial Analysis. While at Lehigh, I was the Head Portfolio Manager of the Investment Management Group, a student group that manages three portfolios, one long/short and two long only. I have had two internships, one a summer internship at a large bank, and another helping to manage the Lehigh University Endowment for nearly a year.
Disclaimer: Bill reminds investors to always due their own due diligence on any investment, and to consult their own financial adviser or representative when necessary. Any material provided is intended as general information only, and should not be considered or relied upon as a formal investment recommendation.
Semi-retired CPA. 55 years old. I am steadily relying on my investment income for retirement. My practice is slowly fading away and is a means to pay my health insurance and medical expenses.
Started investing thru my mother's account at age 14. I owe so much to my mother who taught me so much about investing. She had me keep her charting up for her. She had me watching the ticker on TV when it became available to the masses. I learned company ticker symbols using California 3 letter license plates in a game we would play whenever we drove anywhere. I learned her investment philosophy which was based on long term charting of stocks that had remained dormant for years hoping they were on the verge of breaking out to the upside. She was very successful using this methodology.
My mom had me sitting with her watching the old Wall Street Week, Agronsky & Co., Washington Week, Nightly Business Report, etc. I started out understanding next to nothing in the beginning but gradually began to understand everything. She emphasized importance of understanding the interrelationship of the economy and government because government could make or break your investments.
Our investment philosophies ended up being so different but I rely on that solid core I learned in those early years for so many things even to this day.
My focus is constructing a portfolio of solid total return investments. Too many investors focus on high income at any price or high risky income because they did not accumulate enough assets to lower their risk profile and desperately need or want a desired level of income and are taking way too much risk to get it. We all need income to live in a retirement time frame much longer than anyone could have expected when we were all young. We also need a greater measure of capital growth because life's highest expenses may be in our future and our assets must keep up with the higher cost of living in the future.
I was smashed to pieces like so many in late 2008. Had to lick my wounds and figure out how to move forward. I read an article by Prof. Timothy Considine (then at Univ of PA) in late 2008/early 2009 about the future of energy and I completely bought into it choosing the MLP space as the primary focus believing in an eventual recovery of MLPs but more importantly the story that 25 years of incredible infrastructure growth lay ahead and the MLPs were best suited to perform that service so the E&Ps maintain their capital for exploration and production.
Still licking my wounds I focused on the MLP sector in general believing in a general recovery meaning all boats would rise which they did. BUT, there comes a moment and I learned this from my mother, there comes a moment where the general part of a recovery must give way to an intense focus on the very best companies within the industry you believe in. So I moved from a general focus to specific best of breed MLPs. I chose based on an understanding of each MLP's asset map and future potential to build out. I focused on organic growth over acquisition growth because Wall Street has destroyed so many companies over the years playing the acquisition game. Prof. Considine's thesis of a long term infrastructure build out meant you had to choose companies with the financial firepower (balance sheet) and asset map that allowed for much more organic growth than competing MLPs whose history was more reliant on higher cost acquisition growth.
In this zero interest rate environment many sub-par MLPs could prosper but the trick was to find the best of breed that could prosper in a normalized interest rate world which is the next chapter in our economy. I also focused on MLPs that were starting to jettison their GPs. MMP was the first and they paid 11x ebitda to buy out their GP. BPL and NRY were among the last to buy out their GPs and paid 23-26x ebitda which was crazy and an indication of how late they were to the game. MMP has prospered big time while the latter two MLPs have faltered in large part because they paid too much and waited too long to buy out their GPs. I bought MMP when they made the announcement. Wall Street analysts were skeptical about MMP's move and thought 11x ebitda was too much to pay. These same analysts thought paying 10x ebitda for a pipeline acquisition was reasonable but understand they get a lot more fees from the latter than the former. I knew I was on to something very good and have a large portion of my assets in the MLPs that bought out their GPs.
So to boil it down I have MLPs as core and absent tax law changes will be a major factor in my retirement plan. I also own a few best of breed BDCs and some common stock with good dividend payout histories and histories of good growth in dividends.
I used the 2008/9 crash to convert my IRA to a ROTH. My first transfer out of my traditional IRA was AAPL at $167; sold in my ROTH for $596. My mom always said use tragedy and adversity to your advantage an converting to a ROTH was my greatest leap of faith.
When I was younger I did very well in growth stocks without dividends but I have reached an age where I do not want to work as hard as I have worked so I do not have that same salary backup behind me that allows for taking that level of risk. However my risk portion of the portfolio is more measured with stocks like AIG, LCC, and WMB.
I am an HNWI. Not meant to brag, simply to state that I have accomplished my dream and enjoy responding to SA writings to give some wisdom from lessons learned, ideas for what to look for in (specifically) MLP investments, and in the case of Mreits hopefully get a few people to understand they must start learning about interest rate cycles in order to successfully play the cycle. I dumped all Mreits in NOV 2012 because I could see the winds of change that very much paralleled the GNMA and GNMA fund breakdowns in the 1980s. When the time comes I will begin looking at bonds and preferred again because the cycle will eventually reach that point where it will make sense to own bonds and preferred but not yet.
Jason Merriam is former publisher and editor of the Merriam Report providing innovative financial analysis based on dual cash-flow, accruals and capital productivity methodologies. An active investor for 35 years, he is also founder and president of Merriam Investor Services since 1990. MIS offers portfolio analysis and investment research services to institutional and retail investor clients. Prior to MIS, Jason was managing partner for Beach and Sea Group, a San Diego based investment LP. Merriam studied corporate finance and accounting with Robert J. Westervelt, retired senior VP of Finance at Warner Lambert and Pfizer. As Mr. Westervelt's intern, Jason assisted and was responsible for financial statement analysis, evaluation of earnings-quality, credit/liquidity/dividend assessment, etc. This opportunity allowed Jason to advance his research of the novel dual cash-flow methodology (based on the pioneering work of Harry Ernst and Jeffrey Fotta in the 1990's). Jason has 22 years experience in active portfolio management and asset allocation. Media appearances include: CNBC, MarketWatch, New York Times and San Diego Union Tribune. Visit his blog: www.merriamreport.blogspot.com