繼續(xù)整理學(xué)習(xí)美國(guó)投資書《終極股息投資攻略》第6章，作者來自美國(guó)基金評(píng)級(jí)公司晨星(Morningstar)。
Adequate and appropriate payout ratios, healthy balance sheets, durable earnings--these are the basic building blocks of a secure income stream for investors. For me, however, the safest dividend is the one that's just been raised. Recall the signals that dividends send: When making the decision to raise the dividend, management knows that investors will expect higher payouts into the indefinite future. If it can't afford to raise the dividend now, it won't. But if it can, that sends a very positive signal of dividend safety.
True, New Century increased its quarterly dividend only months before filing for bankruptcy. But in almost every other case I can think of, dividend increases provide the best possible evidence of dividend safety. Analyzing a dividend's safety is critical in understanding where future dividends will come from and whether they can be relied upon.
Chapter 6: Rules and Plays1. Even though dividend rates are sticky, not all dividends are safe. Be especially wary of those that offer extra-high current yields, as they may be cut or eliminated in the future. Fortunately, dividend cuts can be anticipated and thus avoided.
2. A stocks payout ratio should always be less than 100 percent on a long-term basis. However, it must be viewed in context of the stability of the underlying eamnings stream, as well as the willingness of management to maintain the dividend through times of temporary difficulty.
3. The safest dividends, in almost all cases, are the ones that continue to grow over time.
