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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (51541)5/18/2013 4:46:32 PM
From: Spekulatius1 Recommendation  Read Replies (1) of 78688
 
My Buys and Sells are mainly focused on the dividend yield. I have been selling if/when the dividend yield falls below 4.5% but now I lowered that to 3.5%.
I don't like to value stocks, based on dividend yields. I don't mind a high dividend yield either , if I think the dividend is sustainable. I own TOT to that point. But TOT is cheap based on many other metrics, like PE, P/B, assessment of the value of proved reserves and historical valuations. It is what some call a multiple pillar value stock.

Looking at dividend by itself just get's you into stuff like LNCO, which trades at 2x the EBITDA/EV and NAV of comparable E&P's. It's got shades of a Ponzi scheme to it, with constant capital raises. It will work as long as they can raise funds at an accretiveo price. Not a short either, since it can go on for a long time.

One would have gone broke shorting Madoff, if that would have been possible...
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