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SHAREHOLDER YIELD


A BETTER APPROACH TO YIELD INVESTING

Are you still focusing on dividend yield alone?  Accounting for all of the ways
that companies return cash to shareholders is vital to assessing a stock’s
shareholder yield. Portfolios that invest in stocks with a more holistic cash
flow distribution focus, such as high shareholder yield, have experienced a
higher total return than dividend yield alone or the broad stock market.


WHAT'S INSIDE

In this age of online brokerage accounts and high frequency trading,
dividend-paying companies are often seen as tame and predictable.  However,
astute analysts have long focused on dividend paying stocks, and for good
reason.   Stocks of companies paying high cash dividends have outperformed broad
stock market indices in both the United States and in foreign equity markets for
as long as returns have been calculated.  Likewise, the reinvestment of
dividends contributes significantly to a portfolio’s total return.

However, due to legal, tax, and structural changes in the US markets, dividend
payments have become a less prominent method by which companies return cash to
shareholders.  Dividend payments are only one use of a company’s free cash flow;
other uses of cash include: share repurchases, debt paydown, reinvestment in the
business, and mergers and acquisitions.  Consequently, investors in the 21st
century must look to all of the direct and indirect ways in which companies
distribute their cash to shareholders, a metric commonly referred to as
“Shareholder Yield”.    In this book, we analyze portfolios based on the various
cash flow metrics and find that portfolios of companies with high shareholder
yields outperform both broad market indices and high dividend yield portfolios
by a substantial margin.

With all of the uncertainty in the markets today, Shareholder Yield helps the
reader answer one of the most often asked question in investing today – “Where
do I find yield”?


ABOUT THE AUTHOR

MEBANE FABER

Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment
Management. Faber is the manager of Cambria’s Global Tactical ETF (GTAA),
separate accounts and private investment funds for accredited investors. Mr.
Faber is also the author of the Mebane Faber Research blog, and the co-author of
The Ivy Portfolio.

Follow @MebFaber on Twitter
 

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