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Strategies & Market Trends : Value Investing

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To: Ron Bower who wrote (4657)	8/16/1998 12:31:00 AM
From: Paul Senior	of 78645

Hi Ron: re trend in dividends. It's possible with changes in perception, aging of investors, and changing tax laws, that there will be a trend to focus on dividends - the yield number and/or the increasing $/sh amounts. But who knows? Phil Fisher said, forget dividends... if you need money, just sell some shares. Which is easy and cost-effective enough to do now IMO. But Ibbotson says that a heck of a lot of the return that common stocks have provided over long periods of time (like I recall maybe 60% of the 10%??) are provided by dividends. My general take on dividends and companies is this: Once a company commits to its dividend policy... it must and should stick to this policy. Otherwise, it is sending a definite signal -- like sell - to investors. That is, I can be comfortable with a company that has a policy of no dividends, or a policy of a constant dividend amount, or a company that occasionally and sporadically increases its dividends, or a company that increases dividends every year. But not a company that changes such a policy. Paul

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