The AAII San Francisco Chapter presents...

MLP 101: What You Need to Know About Investing in Master Limited Partnerships

    Discussed by:

    Mary S. Lyman
    Executive Director, National Association of Publicly Traded Partnerships

With continuing low interest rates and volatility in the stock markets, many investors looking for an attractive yield are considering investing in master limited partnerships. MLPs can offer many advantages, including a quarterly income stream, tax advantages, growth potential and an opportunity to invest in the development of the energy infrastructure expected to occur over the next several years. MLPs can however present challenges as well, particularly when it is time to fill out your tax return. Mary Lyman is a nationally recognized expert on this subject and her presentation will examine the universe of MLPs and how they work, give you an idea what to expect as an MLP investor, walk you through how your investment is taxed and provide information on some alternatives to direct investment in MLPs.

Shareholder Yield: A Better Approach to Dividend Investing

    Discussed by:
    Mebane Faber
    Chief Investment Officer, Cambria Investment Management

In this low-return environment, investors have flocked to dividend stocks in search of yield. However, companies in the U.S. markets are paying out less in dividends due to legal, tax and structural changes. Consequently, investors should consider all of the direct and indirect ways in which companies distribute their cash to shareholders, a metric commonly referred to as “shareholder yield.” Mebane Faber will discuss his new book, “Shareholder Yield: A Better Approach to Dividend Investing,” and show how to analyze portfolios based on various cash flow metrics. He will demonstrate that portfolios of companies with high shareholder yields outperform both broad market indexes and other high-dividend-yield portfolios by a substantial margin. With government proposals aimed at raising the tax rates for dividends in the future, it is more important than ever to consider the alternative methods by which companies distribute their earnings.

Saturday, January 19, 2013
9:00 a.m.    Registration/Social/Continental Breakfast
9:30 a.m. – 12:00 p.m    Program
10:45 a.m.    Break
12:00 p.m.    Q&A
Hs Lordships Restaurant
199 Seawall Dr.
Berkeley, CA
[ Map This Location ]
Choose one of three ways to register for this meeting: (Please
note change in fees for mail-in prepaid reservation only.
Other pricing tiers remain the same.)
1. PREPAID REGISTRATION by MAIL—use the form below to
register, form MUST be received by 1/16, $30/person.
2. EMAIL or PHONE (space available only, prepaid registrations
take preference)—make your reservation by email:

or Phone: 925/485-0890.
Reservation MUST be received no later than 1/16,
$35/person to be paid at the door.
3. AT THE DOOR (space available only, prepaid registrations take
preference)—Register at the door the day of the meeting
—meetings are selling out, be aware that space may NOT be
available, $40/person.
Refund Policy: Cancel Reservations Before Cut-Off Date of 1/16.

  Special Interest Groups (SIGs)


East Bay Discussion and Special Interest Group
Attendance is free for all AAII members & guests.
Date: Thursday, January 10 and February 14, 2013
Time: 7:00 – 8:40 P.M.
Location: The Orinda Library, 24 Orinda Way, Gallery or Garden Rooms
Moderator: Mike Skinner
These meetings are held every month except December. The agenda varies between open forum topics suggested by attendees at the meeting, and speakers and presentations on topics suggested in advance. Attendees have different experience levels and investment approaches. This is an opportunity to discuss current investment issues, share questions and concerns in an open forum, and interact in a small group setting with presenters and other attendees.
For more information, contact Mike Skinner, group leader, at 510/526-1154 or

San Francisco Downtown Experienced Investor
Discussion Group
Attendance is free for all AAII members, but space is limited to first 20 attendees.
Dates: Wednesdays, February 20 and March 20, 2013
Time: 12:00 p.m.
Moderator: Kevin Donovan
These meetings, held the third Wednesday of each month, are a general discussion of timely topics for experienced investors. Space is limited to 20 attendees, so please call for reservations and location.
For more information contact, Kevin Donovan, group leader, at 415/788-1700.

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