繼續(xù)整理學(xué)習美國投資書《終極股息投資攻略》第3章，作者來自美國基金評級公司晨星(Morningstar)。
As we head back up to 30,000 feet, we find that the corporate dividend machine has one basic input (capital) and two basic outputs (current dividends and dividend growth). All else being equal, a corporation with a high ROE is going to do a better job of increasing its dividend than one with a low ROE, so evaluating and monitoring a company's competitive position (economic moat) is essential. In Chapter 7, I provide additional details and a simple model for incorporating these factors into a growth forecast.
Before turning to these forecasting tools, let's take a look at dividend insight--how to read the signals sent by a corporation through its dividend payments.
Chapter 3: Rules and Plays> From the shareholder's standpoint, a corporation is simply a machine that turns today's investment capital into tomorrow's dividend income.> In the long run, return on equity--a direct influence on a corporation's dividend-paying potential--is a function of the corporation's economic moat.> These dividend machines have two outputs: current dividend income (a function of profits and the dividend payout ratio) and future dividend growth (attributable to the reinvestment of retained eamings into existing business opportunities, acquisitions, and share buybacks).
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