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To: shane forbes who wrote (14948)	9/11/1998 6:45:00 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

Actually Tigue and Lisanti's book has two important tables -- one titled "free stocks" where the increasing dividends alone have more than paid for the price of the stock over a period of 10 years or so. And another table lists "yield on cost". Looking at some of those stocks, even I was flabbergasted! -- 12%, 15%, 17% yields on cost. So, at that point, essentially, you don't need stock-price appreciation at all and you don't even have to bother! The humongous yields take good care of you! A striking example is that of Philip Morris (and in case you are hesitant to invest in tobacco, keep in mind that there are a quite few other companies in different industries that can boast of similar performance) -- An investor who bought Philip Morris in 1981 for a split-adjusted $1.75 would have been raking in $1.46 in dividends per share in 1996, an 84% yield (yes, eighty-four percent, no typo there!) on the initial stock price. You don't see this kind of yield even on D-rated junk bonds in danger of bankruptcy. A remarkable lesson on the wonders that a long-term perspective can bring to the truly diligent investor. Have a nice weekend. Dipy.

To: shane forbes who wrote (14948)	9/11/1998 6:49:00 PM
From: Jock Hutchinson	Read Replies (2) \| Respond to of 25814

How about the effective dividend return over two decades. If one had bought Dippy's beloved Philip Morris a mere 24 years ago, he would be receiving an annualized dividend return of over 100% on his original investment. Forget about the 4000% capital return. Who wouldn't want to invest $100,000 as a thirty something in 1998 and get an annual check for $100,000 in 2022 and have a net worth of four million dollars minus taxes? That's investing! 207.95.154.130