Dividend Growth Investor

Time 2020-10-07 20:09:31

Web Name: Dividend Growth Investor

WebSite: http://www.dividendgrowthinvestor.com

ID:73891

Keywords:

Dividend,Growth,Investor,

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As part of my monitoring process, I follow the dividend increases for companies I own, and companies on my watchlist. This process can also put companies on my watchlist, if I see and exciting dividend growth story.I typically focus on the companies that have managed to increase distributions for at least a decade. There were three companies that fit those parameters last week. The companies include:OGE Energy Corp. (OGE) operates as an energy and energy services provider that offers physical delivery and related services for electricity and natural gas primarily in the south-central United States. It operates in two segments, Electric Utility and Natural Gas Midstream Operations.The company raised its quarterly dividend by 3.90% to 40.25 cents/share."Strong operational execution at the utility has enabled us to increase our dividend for the 14th consecutive year," said Sean Trauschke, Chairman, President and CEO of OGE Energy. "We realize many of our shareholders count on our dividend for income, and I am grateful for the hard work and dedication of our members to provide value to our shareholders during these difficult times."Over the past decade, OGE Energy has managed to grow dividends at an annualized rate of 7.60%. It is a dividend achiever with a 14-year track record of annual dividend increases.OGE Energy grew earnings from $1.50/share in 2010 to $2.16/share in 2019.The company is expected to earn $2.13/share in 2020 and $2.21/share in 2021.The stock is fairly valued at 14.60 times forward earnings, yields 5.20% and has a payout ratio of 75.60%. I would expect dividend growth rates of around 3% over the next decade.Starbucks Corporation (SBUX) operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development.SBUX Starbucks increased its quarterly dividend by 9.80% to 45 cents/share. The Board s decision to raise our quarterly dividend demonstrates confidence in the strength of our recovery and the robustness of our long-term growth model, said Kevin Johnson, Starbucks president and CEO. Our cash flow generation is strong, and we remain committed to reducing our financial leverage while continuing to invest for future growth, concluded Johnson.Starbucks initiated its dividend in 2010 and has increased it in each of the past 10 years. During the past five years, it has managed to grow dividends at an annualized rate of 22.10%.Starbucks managed to grow earnings from 62 cents/share in 2010 to $2.92/share in 2019.Starbucks is expected to earn 95 cents/share in 2020 and $2.70/share in 2021.The stock is overvalued based on 2020 and 2021 times earnings estimates. The dividend is not covered out of 2020 earnings. The payout is high even based on 2021 earnings. It is quite possible that Starbucks will weather the Covid-19 storm stronger than before. Of course, if we get a second wave of lockdowns, it may be interesting to see if investors would reevaluate the business downward.Bank OZK (OZK) provides various retail and commercial banking services.Bank OZK increased its quarterly dividend by 0.90% to 27.50 cents/share. It has increased dividends for 24 years in a row. The current distribution is actually 10% higher than the distribution paid during the same time last year. The bank has managed to grow distributions at an annualized rate of 21.90% during the past decade.The bank has managed to grow earnings from 67 cents/share in 2010 to $3.30/share in 2019.The bank is expected to earn $1.67/share in 2020, and $2.53/share in 2021.The forward payout is at 65.90%, but if earnings do rebound in 2021, the payout drops to 43.50%. I do not like drops in earnings per share. My model looks for growth in earnings, dividends and intrinsic value over time. Short-term weakness does happen, but it changes the dynamic.If you believe any problems by Bank OZK are temporary, and not indicative of a permanent change for the worse, the stock is fairly valued at 13.20 times forward earnings and offers a dividend yield of 5.10%.Relevant Articles:-How to read my stock analysis reports-Starbucks Dividend Stock Analysis-Seven Dividend Stocks in the News-Eight Dividend Growth Stocks Rewarding Shareholders With a RaiseBack in the early 1970s, there was a group of companies which are referred to as The Nifty Fifty in the US. These were companies which were expected to grow earnings forever, by taking advantage of trends in demographics and the economy of the future decades. The stocks were often described as "one-decision", as they were viewed as extremely stable, even over long periods of time.The most common characteristic by the constituents were solid earnings growth for which these stocks were assigned extraordinary high price earnings ratios.A P/E of forty times earnings, far above the long-term market average, was common for these one-directional glamor stocks.As a result, these companies were seen as one-directional bets which were good investment ideas at any price. The investment public was excited about these companies prospects, and wanted in at any price, without thinking about valuation.Since buyers were willing to acquire these companies at any price, the prices moved higher. As prices moved higher, investors who bought without worrying about valuations felt vindicated and wanted to buy more without paying attention to valuation. Those who missed out wanted to buy in as well, which pushed prices even further up. By late 1972/early 1973, a lot of these Nifty Fifty companies were selling at insanely high valuations. That was because investors expected lots of future growth for these enterprises. The rest of companies in the US were more adequately valued, but were ignored by many investors, because they were not exciting enough.By 1973 investors lost interest in the stock market, and by the bottom in 1974 lots of the Nifty-Fifty stocks were down by 70 80 90% from their highs just a couple of years earlier. Many of the companies did not deliver price increases for a while, with the majority of their returns coming from dividends in the first decade since the top. Some of these Nifty-Fifty companies ended up failing outright, while a few others ended up becoming successful beyond their original investors dreams.In reality, an investor who bought a portfolio of these companies and held through thick and thin for the next 30 years did well in the end.While that doesn t matter to me as much as it does to others, the portfolio of the original Nifty-Fifty companies did slightly better than the S P 500. This is according to research from Jeremy Siegel, which you can read about here:Valuing Growth Stocks: Revisiting the Nifty FiftyThe problem is that it took 30 years to get there. A lot of investors would have bailed out at the first sign of trouble. Even if you managed money and held these companies, your investors may have wanted out. So it is very likely that very few investors realized the excess returns.There are lots of lessons to be learned from the Nifty-Fifty companies of the 1970s.The first lesson is to be diversified. Nobody could have known in advance which of these companies would turn out to be rockstars in terms of performance, or which would turn to ashes. Therefore, it makes sense to spread your bets accordingly. Doing so on an equally weighted basis makes sense.The second lesson is to hold through thick or thin. If you buy a portfolio of investments, put them away and just forget about them. If you are going to be disappointed, because a company did poorly over a certain short period of time, you will never have the tenacity to hold on to any portfolio you select. It is possible that any portfolio could disappoint over any short-term period of time of five to ten years. Of course, deciding whether your portfolio is truly bad or it simply has a temporary setback is more art than science. This is similar to the Coffee Can Portfolio approach.The third lesson is that valuation matters. Buying these securities at lower valuations would have resulted in an amazing track record. Buying these securities without worrying about valuation would have generated a great return, but a lifetime to get there. If it appears that an investment is not working , many investors may be quick to abandon ship. Selling is usually a mistake.However, I did some additional digging and learned that there never was an official Nifty Fifty list of securities. It is quite possible that the securities in Jeremy Siegel s list were not the ones investors were buying in the 1970s. Therefore, their results would have been wildly different than what Jeremy Siegel suggests. His research makes me believe that it is fine overpaying for securities, because things worked out at the end. He even goes on to show that certain overvalued securities like Altria were not overvalued enough, since they generated amazing returns over time.The Nifty-Fifty Re-RevisitedCRUNCHING NUMBERS REVEALS NIFTY FIFTY AS IFFYI do not like where this is going, because I think that overpaying for securities teaches investors bad habits and can lead to buying companies without thinking about valuations or fundamentals. And most importantly, that can lead investors to ignoring any common sense and buying without having any margin of safety. Just because things worked out in the end, doesn t mean that things couldn t have gone the other way.Altria could have just as easily taken the path of John s Manville and wiped out the common shareholders in the process due to lawsuits. I think that blindly buying securities is not a good habit in the first place. Therefore, I would caution against overpaying for securities, no matter how exciting their growth prospects may seem. That s because the future can be uncertain, and things could change for one reason or another competition, government regulation, changes in consumer tastes and preferences, technological disruptions etc.To reiterate the third, but most important lesson, you should not overpay for future growth. While a lot of the hot growth companies of any era are usually seen as high quality, they are frequently overvalued. However, buying an overvalued security exposes the investor to the risk of valuation shrinkage. This is where you buy a security at an inflated valuation of say 50 times earnings, and then your growth expectations materialize, but the business is now worth only 10 times earnings. After all, trees do not grow to the sky, and growth usually hits a plateau after a few years, due to competition, obsolescence and disruptions and regulations. If you buy for 50 times earnings, and earnings go up 8 times in 21 years, your stock would only go up by 60% in total.When you overpay too much for a security, you are taking a big gamble, and you are probably speculating. No company is worth overpaying for.I have seen this lesson everywhere I have looked. For example, Japanese stocks did very well in the 1980s, delivering double-digit mouthwatering returns. Japan was overvalued in 1980, but still delivered amazing returns to investors. When returns come easy, without looking, it would be easy to tell yourself that valuations do not matter.Unfortunately, the stock market was selling at 100 times earnings by 1989 and a dividend yield below 0.50%. It has taken the stock market 30 years for it to sell for a more normal P/E of roughly 12 and a dividend yield of roughly 2% - 3%, while the stock market is down by 50% since then. This means that earnings per share and dividends per share have been rising gradually over the past 30 years. The reason why investors didn t generate much in returns is due to the massive overvaluation of securities. While ignoring valuations worked in the 1980s, the law of gravity caught up with investors by 1990, and they are still paying the price many decades later.I saw this first hand in 1999 and 2000, when stock market investing became a national sport, and companies sold at high valuations. As a result, we had the lost decade in 2000 2009, where stock prices went nowhere, despite increases in earnings and dividends. It took a decade for fundamentals to catch up to share prices. Since share prices are driven by investor sentiment, we went from massive exuberance in 1999/2000 and overpaying for future earnings to a massive depression in outlook for stocks and unwillingness to pay for future earnings.My analysis of the performance of the Nasdaq 100 companies from 2000 shows that it ultimately did work out for investors. However, we should also strive for margin of safety and some humility along the way. In general, while investing in Nifty-Fifty from 1972 ultimately worked out, I still think investors should be cognizant of these factors:Investors should always be conscious of starting valuation when placing their bets. Starting valuation matters.Ignoring entry valuation may work for a while and the ease of making money may trick you into believe that it doesn t matter.When stocks go nowhere or go down from your purchase price, you may have to wait for a long time, before even breaking even.Relevant Articles:-Investing in Nasdaq 100 in 2000-The Coffee Can Portfolio-Time in the market is your greatest ally in investing-Stocks that leave the Dow tend to outperform after their exit from the averageAs part of my monitoring process, I review the list of dividend increases every week. This exercise is helpful in monitoring the progress for existing holdings in my dividend growth portfolio. It is also a helpful exercise to uncover hidden gems for further research.I like to review the press releases, and see if I can see something that jumps at me. The tone of press releases, the rate of change in dividends, when compared to historical averages and growth in fundamentals, gives me a very decent approximation if management is bluffing or is simply staying the course.I usually focus on the companies that have managed to increase dividends for at least a decade. During the past week, the following companies raised dividends for their shareholders:Lockheed Martin Corporation (LMT) is a security and aerospace company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. It operates through four segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space Systems.Lockheed Martin raised its quarterly dividend by 8.30% to $2.60/share. This marked the 18th consecutive annual dividend increase for this dividend achiever. During the past decade, the company has managed to grow distributions at an annualized rate of 14.40%.Between 2010 and 2019, Lockheed Martin managed to grow earnings from $7.81/share to $21.95/share. Lockheed is expected to earn $24.17/share in 2020.The stock is attractively valued at 16 times forward earnings. Lockheed Martin yields 2.70%.Artesian Resources Corporation (ARTNA) provides water, wastewater, and other services on the Delmarva Peninsula.Artesian Resources increased its quarterly dividend by 3% to 25.71 cents/share. This dividend champion company has increased dividends for 28 years in a row. The company has managed to grow distributions at an annualized rate of 3.10% during the past decade.The company managed to grow earnings from $1/share in 2010 to $1.60/share in 2019. Artesian Resources is expected to generate $1.68/share in 2020.The stock is selling for 20.10 times forward earnings and yields 3.05%.Honeywell International Inc. (HON) operates as a diversified technology and manufacturing company worldwide.The company increased its quarterly dividend by 3.30% to 93 cents/share. This marked the 11th consecutive annual dividend increase for this dividend achiever. Honeywell has managed to grow annual distributions at an annualized rate of 10.75% during the past decade.The company grew earnings from $2.59/share in 2010 to $8.41/share in 2019. Honeywell is expected to earn $6.87/share in 2020.The stock is selling for 23.50 times forward earnings and yields 2.30%.The First of Long Island Corporation (FLIC) operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, municipalities, and other organizations.The company increased its quarterly dividend by 5.60% to 19 cents/share. This marked the 25th consecutive annual dividend increase for this newly minted dividend champion. Over the past decade, this dividend champion has managed to grow distributions at an annualized rate of 7.70%.The company managed to increase earnings from $1.02/share in 2010 to $1.67/share in 2019.The stock trades at 8.40 times forward earnings and yields 5.25%.Accenture plc (ACN) provides consulting, technology, and outsourcing services worldwide. Accenture raised its quarterly dividend by 10% to 88 cents/share. This marked the 16th consecutive annual dividend increase for this dividend achiever. Accenture has managed to grow dividends at an annualized rate of 14.80% during the past decade.The company managed to increase earnings from $2.66/share in 2010 to $7.36/share in 2019. Accenture is expected to generate $8.04/share in 2020.The stock sells for 26.70 times forward earnings and yields 1.65%.Bank of South Carolina Corporation (BKSC) operates as the holding company for The Bank of South Carolina that provides commercial banking services to individuals, professionals, and small and middle market businesses in South Carolina.The company hiked its quarterly dividend by 6.25% to 17 cents/share. This marked the 10th consecutive annual dividend increase for this dividend contender. During the past decade, it has managed to grow distributions at an annualized rate of 5.70%.The company managed to increase earnings from 58 cents/share in 2010 to $1.31/share in 2019. The stock sells for 13.50 times earnings and yields 4.20%.Hingham Institution for Savings (HIFS) provides various banking products and services to individuals and small businesses in the United States.The bank increased its quarterly dividend by 4.35% to 45 cents/share. The new dividend rate is 12.50% higher than the rate paid during the same time last year. The bank has consistently increased regular quarterly cash dividends over the last twenty-five years. The Bank has also declared special cash dividends in each of the last twenty-five years, typically in the fourth quarter. Over the past decade, it has managed to grow dividends at an annualized rate of 6.10%.The company increased earnings from $4.81/share in 2010 to $17.83/share in 2019. The stock sells for 10.30 times earnings and yields 1%.Fortis Inc. (FTS) operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries.The utility raised its quarterly dividend by 5.90% to 50.50 cents/share. This marked the 47th consecutive year of annual dividend increases for this Canadian dividend aristocrat. Over the past decade, Fortis has managed to grow dividends at an annualized rate of 5.80%. In addition, the Corporation has extended its targeted average annual dividend per common share growth of approximately 6% to 2025 based on a 2020 annualized dividend of $1.91. Just for reference, the stock data is listed in Canadian Dollars, not US dollars.Between 2009 and 2019, Fortis has managed to grow earnings from $1.51/share to $2.67/share. The company is expected to generate $2.58/share in 2020.The stock trades at 20.84 times forward earnings and yields 3.75%.Relevant Articles:-Where to find international dividend paying stocks?-Is international exposure overrated?-International Dividend Stocks Pros and Cons-A Costly Misconception about foreign dividend stocksYour portfolio is like a bar of soap...the more you handle it the smaller it gets.Fidelity Magellan (FMAGX) was one of the top performing mutual funds in the US between 1977 and 1990. It was managed by legendary investor Peter Lynch, who popularized the concept of investing in what you know. His fund generated an annualized return of 29% during his tenure at Fidelity Magellan.This means that a $10,000 investment in the Fidelity Magellan at the beginning of 1977 would have been worth $291,782 by June 30, 1990. The same investment in S P 500 would have been worth $57,524.His team had calculated that the annualized average return generated by fund shareholders was only 7% during that time period. This means that a similar $10,000 investment would havebeen worth a little less than $25,000 by June 1990.This is a very big gap between what the investment would have generated, and the actual returns generated by investors. I would refer to that gap as the behavior gap.You'd think that having a super-star fund manager would have led investors to stick with him through the inevitable ups and downs, and invest for the long term. Of course, we know that today. But investors were not sure at the time.Perhaps that s because his investors were not the buy and hold type. They were chasing what is hot, and then selling at the first setback. When he would have a setback, for example, the money would flow out of the fund through redemptions. Then when he got back on track it would flow back in, having missed the recovery.Perhaps they listened to economists, or perma-bear doom and gloomers, so they could not hold on to their equity fund. Perhaps they traded too much, because they thought they could buy low and sell high. Unfortunately, as a group, investors ended up buying high, selling low, and compounding their mistakes over several corrections.This is a bad habit to have when you are investing your hard earned money. Noone knows if a stock is about to go up or down in the short-term, which is why it is pointless to even try. Market timing simply does not work, yet people keep jumping in and out of investments, and ultimately doing much worse than if they simple stayed put. Ultimately, it is time in the market, not timing the market that helps you take full advantage of the long-term power of compounding. That s how you patiently compound dividend income and capital.I see the same behavior with some dividend growth investors. Notably, they sell too soon at the first time of trouble.They also sell too soon if the company works in their favor, but gets a little overvalued. In the long-run, I would expect a successful company to grow earnings, dividends and intrinsic value. The stock price of the business would fluctuate above and below that intrinsic value. Since no one can time the markets well enough to make it worthwhile, it is best to just hop on that train and ride for as long as possible.If you sell when it is overvalued, you may be making an error. That s because if the business compounds earnings, dividends and intrinsic value over time, you are missing out on all the future growth by selling.I read academic research that found how trading too much is hazardous to your wealth.I have studied my investment activity and the activity of other investors who publicly post their transactions. I have found that when individual investors sell stocks, the companies they replaced them with end up doing much worse than the companies they sold. In other words, thse investors on average ended up taking a perfectly good situation and making it worse.I have found in my investing that selling has frequently been a mistake. I would have been better off just doing nothing. Hence, selling quality dividend growth stocks over a long investing career will most likely be a mistake.All of this brings me to the very important point of this article.As an investor, you need to focus on time in the market, not timing the market.All you have to do it focus on things within your control, such as your savings rate, the strategy you choose to achieve your goals and your temperament. Nobody can time the market, which is why it is fruitless to even try to do it.Hence, the goal is to diversify, buy quality over time, and patiently wait for the power of compounding to do the heavy lifting for you. Do not strive for perfection, and do not overtrade. When you trade too much, you increase investment costs in terms of commissions, fees and taxes. But even more importantly, you increase your behavioral costs, and ultimately may suffer a behavior gap. That gap is the difference between the return of an asset that a patient buy and hold investor would have achieved, versus the actual return generated by someone with an itchy finger.Relevant Articles:-Time in the market is your greatest ally in investing-How to improve your investing over time-Should you sell after yield drops below minimum yield requirement?- Why would I not sell dividend stocks even after a 1000% gain?A few months ago I read an article where someone expressed their hope that tobacco giant Altria (MO) goes to zero. I did not link to this controversial opinion, in order to discourage that.Altria Group, Inc. (MO) manufactures and sells cigarettes, smokeless products, and wine in the United States.The company last raised its quarterly dividend by 2.40% to 86 cents/share in July 2020. This marked the 51st consecutive year of annual dividend increases for this dividend king. During the past decade, this dividend king has managed to grow distributions at an annualized rate of 9.70%.Altria earned $1.87/share in 2010 and is expected to earn $4.31/share in 2020.The stock is cheap at 9 times forward earnings. The stock yields 8.60%. Check my last review of Altria from the time it joined the dividend kings list in 2019.It was a welcome way to look at some key principles of dividend investing, notably the fact that dividends representa return of investment and a return on investment. It is also a good refresher on my risk management guidelines.For example, if you bought a share of Altria today for $40/share, you can expect to earn an annual dividend of $3.44/share. This means that as long as the dividend stays constant, the investor receives 8.60% of their original investment back each year. At this rate, the stock will pay for itself with dividends alone within eleven or twelve years. Assuming that the business is still intact, and generating profits, you would have an ownership stake worth something as well. If history is any guide, Altria will likely continue to grow dividends for the foreseeable future, which could translate into high valuations over time. This will all be driven by slow but steady growth in earnings per share. All this growth would result in an even faster dividend payback.In other words, dividends represent a return of investment and a return on investment in the case of Altria, because just by dividends alone an investor today would recover their purchase price within 11 - 12 years, if not quicker.However, assuming the company s business model continues going on uninterrupted, it is likely that the investor would have received dividends and have something of value as well. Assuming that the share price stays at $40 until September 2021, an investor today would generate a close to 8.60% return merely by collecting their distributions.If Altria keeps growing, and earnings per share and dividends double within a decade, I could reasonably expect that the share price would double. Therefore, the total return would be very good for the patient investor who held through thick or thin. Those growing dividend payments would represent a growing portion of their returns over time. If market participants are less gloomy on Altria in a decade, and P/E expands from less than 10 today to 15 in 2030, that would be an added tailwind behind future stock appreciation.However, if Altria continues stumbling on, it may do the unthinkable and cut dividends. While I believe that most of Altria's issues are self-inflicted wounds ( as discussed here), it is possible that I am not being objective. Sometimes, early success may make us blind to changes. This is why I always plan to sell after a dividend cut, and then reevaluate with a clear head.The other notable fact is that dividend investing is almost free, because we do not employ expensive fund managers that charge a percentage of fees under management. We also do not pay money for commissions either. Most dividend investors are the worst clients for brokers, because they buy and hold, and seldom trade actively.Imagine that you held Altria in a diversified portfolio of 100 individual companies, and the portfolio is equally weighted and worth $100,000 at its inception.If you paid a fund manager a 1% annual fee to manage that portfolio, you are essentially losing one Altria per year in management fees alone.But, if you paid someone to buy stocks for you 1%/year, they would earn that 40 cents on a $40 stock each year that you work with them. If the stock stays at $40/year, and you keep holding for 20 years, you would have paid them close to $8/share.If that position went to zero, not all is lost in a taxable account. The share that cost $40 can be sold at zero, resulting in a $40 capital loss that can be offset against other gains or against income on the first $3,000 of losses. If you are in the 24% tax bracket, you will save $9.60 in taxes. This means that your loss is never 100%, which is a small consolation. If you managed to collect dividends net of taxes for a sufficient period of time to cover your cost, and sold for a $40 loss, the tax savings alone could have been the determining factor between a gain and a loss.This is where you need to determine your risk management method. Some investors end up reinvesting dividends back into the same company, which works wonderfully if that company ends up delivering outstanding returns. It doesn't work as well if the company ends up failing.Other investors take the dividends in cash, and re-deploy them elsewhere. This method works best if the investor deploys the cash into other companies, and the original dividend payer stumbles onto hard times. Redeploying dividends elsewhere doesn't work as well when the original dividend payer is a dividend dynamo, which Altria was between 1926 and 2015.That being said I am not suggesting that Altria is going to zero anytime soon. However, I view the high dividend yield as a warning sign today. While I like Altria, I would be selling the minute it declares a dividend cut. While I reinvest some of the dividends back in one of my portfolios, I generally get most of my Altria dividends in cash to redeploy elsewhere or to spend.Relevant Articles:-Analysis of Altria's Recent Deal Activity-Dividend Payback from six quality dividend stocks-Dividends Offer an Instant Rebate on Your Purchase Price- Risk ManagementWells Fargo Cuts Dividends by 80% to 10 cents/shareThis morning Wells Fargo cut dividends by 80%, from 51 cents/share to 10 cents/share. This was not a surprise, since the bank stated that th...What if Altria went to zero?A few months ago I read an article where someone expressed their hope that tobacco giant Altria (MO) goes to zero. I did not link to this co...How Grace Groner Turned $180 in $7 Million by Investing in Dividend Growth StocksGrace Groner is one of the most successful dividend investors out there, on par with Anne Scheiber and Ronald Read . She definitely fits th...Peter Lynch on Dividend Growth InvestingPeter Lynch is probably one of the best-known stock pickers of our time and certainly among the most successful. He was portfolio manager of...Eight Dividend Growth Stocks Rewarding Shareholders With a RaiseAs part of my monitoring process, I review the list of dividend increases every week. This exercise is helpful in monitoring the progress f...The Nifty Fifty: Valuing Growth StocksBack in the early 1970s, there was a group of companies which are referred to as The Nifty Fifty in the US. These were companies which wer...Philip Morris International Inc (PM) Dividend Stock AnalysisPhilip Morris International Inc (PM) manufactures and sells cigarettes, other nicotine-containing products, smoke-free products, and related...Buffett on ignoring stock price fluctuations and thinking like a business ownerOne of my favorite Berkshire Hathaway letters to shareholders is the one from 2013 . It left a very big impression on me, mostly because it ...Index Investors are Closet Dividend Growth InvestorsLast year marked a record in earnings and dividends for US companies. The S P 500 index ended up distributing a record number of dividen...Three Companies Raising Dividends to ShareholdersAs part of my monitoring process, I follow the dividend increases for companies I own, and companies on my watchlist. This process can also...I am not a licensed investment adviser, and I am not providing you with individual investment advice on this site. Please consult with an investment professional before you invest your money. This site is for entertainment and educational use only - any opinion expressed on the site here and elsewhere on the internet is not a form of investment advice provided to you. I use information in my articles I believe to be correct at the time of writing them on my site, which information may or may not be accurate. We are not liable for any losses suffered by any party because of information published on this blog. Past performance is not a guarantee of future performance. Unless your investments are FDIC insured, they may decline in value.By reading this site, you agree that you are solely responsible for making investment decisions in connection with your funds.Questions or Comments? You can contact me at dividendgrowthinvestor at gmail dot com.

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