Thanks Paul. I will have to see if my local library has these books.
For those who missed the links, here are the book reviews Paul referenced.
Here is the Amazon review
Relative Dividend Yield: Common Stock Investing for Income and Appreciation, 2nd Edition (Hardcover)
Anthony Spare and Paul Ciotti make a logical, but uninspired, case for making Relative Dividend Yield part of one's equity valuation and also one's buy/sell decisions. The book is clearly written and offers ample graphs to substantiate the notion of buying equities when dividend yields are high, and selling them once they are low.
Actually, the graphs may be too ample...readers of this rather expensive 248-page book will quickly learn that the text is a bit long on charts showing individual equity dividend yields relative to stock indexes over time, and a bit short on specifics concerning the avoidance of issues whose yields are high for good reason.
That's the book's essential deficiency: the authors devote a mere twelve overly general pages to "Pitfalls and Preventative Measures" (Chapter 6). Also, since investors will likely have a difficult time constructing the kinds of charts the Relative Dividend Yield methodology requires, it would have been helpful to offer tips on a cost-effective means to make this methodology applicable in real-time. The authors do, however, provide graphs with prior relative dividend yield histories, with room to continue plotting these yields, on several "blue chip" dividend-paying equities.
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Description of New Era Value Investing
This is an unique guide that combines the best of traditional value theory with an innovative approach to assessing value in low or non dividend paying stocks.In the 1990s, America's focus on productivity and innovation led to huge gains in technology, communication, and healthcare stocks, and contributed to the transformation of the U.S. stock market from a value (dividend paying orientation) to a growth (nondividend paying) bias. During this time, forward thinking value managers began to develop analytical tools for valuing nondividend paying stocks. These tools allowed them to evaluate and identify the best investments in both traditional and nontraditional value sectors. At the forefront of this movement was author Nancy Tengler who, along with Noel DeDora, developed "Relative Value Discipline," an approach which combines two proven methods for valuing growth stocks: Relative Dividend Yield and Relative to Price Sales. The combination of these approaches allows individuals to invest across the investment universe regardless of dividend policies."
New Era Value Investing" introduces the proven method known as Relative Value Discipline by combining the excitement of developing a new investment discipline with the lessons learned through the application of this new methodology in the real world. In addition to providing an insider's look at an investment manager's experience in adopting a new investment approach, this book creates a context for understanding the transformation of the U.S. economy, and offers expert insights beyond those of traditional value theory. Nancy Tengler (San Francisco, CA) is President and Chief Investment Officer of Fremont Investment Advisors. She is co-author of "Relative Dividend Yield: Common Stock Investing for Income and Appreciation" (Wiley: 0 471 53652 0). She has appeared on numerous financial radio and television programs, including CNN/fn and is frequently quoted in financial publications such as "The Wall Street Journal".
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