The AAII San Francisco Chapter presents...
MLP 101: What You Need to Know About Investing in Master Limited Partnerships
Mary S. Lyman
Shareholder Yield: A Better Approach to Dividend Investing
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.
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