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Mature Company Stocks Are Not Bonds

Listen on: iTunes | Google Podcasts | Online Like many professional investors, I love companies that pay dividends. Dividends bring tangible and intangible benefits: Over the last hundred years, half of total stock returns came from dividends. In a world where earnings often represent the creative output of CFOs’ imaginations, dividends are paid out of cash flows, and thus are […]

Exxon Mobil Think Again

General Electric’s collapse should have served as a reminder that buying a company based solely on past reputation and dividend yield is a dangerous endeavor. GE is also a great example that dividends are not paid out of earnings, especially massaged-to-death non-GAAP earnings, but from free cash flows. GE’s non-GAAP earnings were double its dividend payment. This brings us to another American icon […]