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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mark Adams who wrote (231187)3/26/2003 8:21:10 AM
From: Mike M2  Read Replies (2) of 436258
 
Mark, in the 1932 stocks were cheap there was value and high dividends I think ATT had a 16% dividend yield. Even with the decline in the markets stocks are not cheap. Value provides support for valuations . The DJ Utilities avg introduced in May 1928 peaked in 1929 and did not surpass that high until 1966 ( I guess the grandkids got the money back -g-). If you adjust for inflation the DJUA did not make a new high until 1994. The utilities were a growth sector in its day. I don't recall the precise figure but approx. 40% of the returns from stocks over the past 100 years came from DIVIDENDS keep in mind the avg. dividend yield was much higher than today ( maybe avg 4% ?over past 100yrs) . With corporate profits running at a post war low 3% of GDP don't count on dividends being raised any time soon. mike
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