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2021-03-16

More cannibis for the world!!

Why Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote>

2021-03-09

How do I leave a comment?

Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>

2021-03-09

Warren Buffet sets the trend!!!

Warren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote>

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cannibis for the world!!&nbsp;","listText":"More cannibis for the world!!&nbsp;","text":"More cannibis for the world!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325948473","repostId":"1197824300","repostType":4,"repost":{"id":"1197824300","kind":"news","pubTimestamp":1615859575,"share":"https://www.laohu8.com/m/news/1197824300?lang=zh_CN&edition=full","pubTime":"2021-03-16 09:52","market":"us","language":"en","title":"Why Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197824300","media":"Motley Fool","summary":"The companies are one step closer to a merger.\nWhat happened\nShares of Canadian marijuana company Ap","content":"<p>The companies are one step closer to a merger.</p><p><blockquote>两家公司距离合并又近了一步。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of Canadian marijuana company&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;were moving up Monday, as it gets one step closer to its planned merger with&nbsp;<b>Tilray</b>&nbsp;(NASDAQ:TLRY). Aphria and Tilray shares were both trading more&nbsp;than 10% higher than Friday's closing price.</p><p><blockquote>加拿大大麻公司股票<b>Aphria</b>（纳斯达克：APHA）周一股价上涨，距离与<b>蒂尔雷</b>（纳斯达克：TLRY）。Aphria和Tilray股价均较周五收盘价上涨10%以上。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Today the companies announced special shareholder meetings will occur in mid-April to approve the&nbsp;previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16.&nbsp;The boards of directors for both companies unanimously support the merger.</p><p><blockquote>今天，两家公司宣布将于4月中旬召开特别股东大会，以批准之前宣布的合并。Aphria的特别股东大会定于4月14日举行，Tilray股东投票将于4月16日统计。两家公司的董事会一致支持此次合并。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The combination will create one of the largest global&nbsp;cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.</p><p><blockquote>此次合并将创建全球最大的大麻公司之一。在交易之前，两家公司都在继续扩大业务。</blockquote></p><p> Last month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products&nbsp;in Portugal.</p><p><blockquote>上个月，Tilray宣布与英国医用大麻经销商Grow Pharma达成新的分销协议。根据协议，Tilray的医药级医用大麻产品将由Grow Pharma在英国进口和分销。“随着欧洲越来越多的国家认识到医用大麻的好处，法规正在取得进展，”Tilray Europe董事总经理Sascha Mielcarek在一份声明中说。另外，该公司宣布已向西班牙出口第一批医用大麻，并获得了葡萄牙第一个也是唯一一个医用大麻产品的市场授权。</blockquote></p><p> Aphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"</p><p><blockquote>Aphria去年收购了总部位于美国的SweetWater Brewing Company，如果大麻在美国实现联邦合法化，将为其提供基础设施。Aphria首席执行官欧文·西蒙(Irwin Simon)将领导合并后的公司，他发表声明称：“作为一家合并后的公司，我们预计将继续在美国品牌消费品行业进行[并购]，这些并购具有增值作用，并且在我们有能力的情况下可以利用互补的大麻产品。”</blockquote></p><p> Investors are moving both stocks higher today, signaling approval of the merger and its potential.</p><p><blockquote>投资者今天推高了这两只股票，表明合并及其潜力得到了批准。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-16 09:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The companies are one step closer to a merger.</p><p><blockquote>两家公司距离合并又近了一步。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of Canadian marijuana company&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;were moving up Monday, as it gets one step closer to its planned merger with&nbsp;<b>Tilray</b>&nbsp;(NASDAQ:TLRY). Aphria and Tilray shares were both trading more&nbsp;than 10% higher than Friday's closing price.</p><p><blockquote>加拿大大麻公司股票<b>Aphria</b>（纳斯达克：APHA）周一股价上涨，距离与<b>蒂尔雷</b>（纳斯达克：TLRY）。Aphria和Tilray股价均较周五收盘价上涨10%以上。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Today the companies announced special shareholder meetings will occur in mid-April to approve the&nbsp;previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16.&nbsp;The boards of directors for both companies unanimously support the merger.</p><p><blockquote>今天，两家公司宣布将于4月中旬召开特别股东大会，以批准之前宣布的合并。Aphria的特别股东大会定于4月14日举行，Tilray股东投票将于4月16日统计。两家公司的董事会一致支持此次合并。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The combination will create one of the largest global&nbsp;cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.</p><p><blockquote>此次合并将创建全球最大的大麻公司之一。在交易之前，两家公司都在继续扩大业务。</blockquote></p><p> Last month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products&nbsp;in Portugal.</p><p><blockquote>上个月，Tilray宣布与英国医用大麻经销商Grow Pharma达成新的分销协议。根据协议，Tilray的医药级医用大麻产品将由Grow Pharma在英国进口和分销。“随着欧洲越来越多的国家认识到医用大麻的好处，法规正在取得进展，”Tilray Europe董事总经理Sascha Mielcarek在一份声明中说。另外，该公司宣布已向西班牙出口第一批医用大麻，并获得了葡萄牙第一个也是唯一一个医用大麻产品的市场授权。</blockquote></p><p> Aphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"</p><p><blockquote>Aphria去年收购了总部位于美国的SweetWater Brewing Company，如果大麻在美国实现联邦合法化，将为其提供基础设施。Aphria首席执行官欧文·西蒙(Irwin Simon)将领导合并后的公司，他发表声明称：“作为一家合并后的公司，我们预计将继续在美国品牌消费品行业进行[并购]，这些并购具有增值作用，并且在我们有能力的情况下可以利用互补的大麻产品。”</blockquote></p><p> Investors are moving both stocks higher today, signaling approval of the merger and its potential.</p><p><blockquote>投资者今天推高了这两只股票，表明合并及其潜力得到了批准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/15/why-aphria-stock-jumped-6-monday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","APHA":"Aphria Inc."},"source_url":"https://www.fool.com/investing/2021/03/15/why-aphria-stock-jumped-6-monday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197824300","content_text":"The companies are one step closer to a merger.\nWhat happened\nShares of Canadian marijuana company Aphria (NASDAQ:APHA) were moving up Monday, as it gets one step closer to its planned merger with Tilray (NASDAQ:TLRY). Aphria and Tilray shares were both trading more than 10% higher than Friday's closing price.\nSo what\nToday the companies announced special shareholder meetings will occur in mid-April to approve the previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16. The boards of directors for both companies unanimously support the merger.\nNow what\nThe combination will create one of the largest global cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.\nLast month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products in Portugal.\nAphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"\nInvestors are moving both stocks higher today, signaling approval of the merger and its potential.","news_type":1,"symbols_score_info":{"APHA":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":1086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323964110,"gmtCreate":1615300021830,"gmtModify":1703486972339,"author":{"id":"3574938519580407","authorId":"3574938519580407","name":"MinimalLee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574938519580407","idStr":"3574938519580407"},"themes":[],"htmlText":"How do I leave a comment?&nbsp;","listText":"How do I leave a comment?&nbsp;","text":"How do I leave a comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323964110","repostId":"1158287133","repostType":4,"repost":{"id":"1158287133","kind":"news","pubTimestamp":1615298882,"share":"https://www.laohu8.com/m/news/1158287133?lang=zh_CN&edition=full","pubTime":"2021-03-09 22:08","market":"us","language":"en","title":"Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158287133","media":"MarketWatch","summary":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching","content":"<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-09 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1158287133","content_text":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels\nThe Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.\nI am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.\nNew research from the National Bureau of Economic Research calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.\nThe study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”\nPrice-weighted\nOne of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.\nConsider the highest-priced stock currently in the DJIA, which is UnitedHealth Group with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.\nSplit adjustments\nOne consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is now in danger of entering into a bear market.\nAnother of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.\nAnother peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.\nDividends\nBy the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.\nYou might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)\n\nNotice what this means for the near-term, given that the S&P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the 10-year breakeven inflation rate.\nCould the future be different than the past?\nThe bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.\nIf so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.\nCrucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.\nWhether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.\nThis means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&P 500) was 3.8%, of which dividend yield contributed exactly half.”\nTo be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323910494,"gmtCreate":1615298065718,"gmtModify":1703486932790,"author":{"id":"3574938519580407","authorId":"3574938519580407","name":"MinimalLee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574938519580407","idStr":"3574938519580407"},"themes":[],"htmlText":"Warren Buffet sets the trend!!!&nbsp;","listText":"Warren Buffet sets the trend!!!&nbsp;","text":"Warren Buffet sets the trend!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/323910494","repostId":"1143899408","repostType":4,"repost":{"id":"1143899408","kind":"news","pubTimestamp":1615297122,"share":"https://www.laohu8.com/m/news/1143899408?lang=zh_CN&edition=full","pubTime":"2021-03-09 21:38","market":"us","language":"en","title":"Warren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143899408","media":"Motley Fool","summary":"The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors","content":"<p>The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.</p><p><blockquote>奥马哈先知对最近的这些选择可能是正确的——至少对于寻求收入的投资者来说是这样。</blockquote></p><p> Warren Buffett's&nbsp;<b>Berkshire Hathaway</b>&nbsp;(NYSE:BRKA)(NYSE:BRKB)&nbsp;has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.</p><p><blockquote>沃伦·巴菲特<b>伯克希尔哈撒韦</b>（纽约证券交易所代码：BRKA）（纽约证券交易所代码：BRKB）从未支付过股息。但毫无疑问：这位亿万富翁投资者确实喜欢股息。事实上，他在最近致股东的信中强调了伯克希尔哈撒韦公司从其几家主要持股中获得的巨额股息。</blockquote></p><p> Berkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield&nbsp;dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.</p><p><blockquote>由于最近的一些收购，伯克希尔哈撒韦公司的股息支付无疑会增加。巴菲特刚刚购买了三只高收益股息股票。以下是他买入的股票，以及它们是否也是您的好选择。</blockquote></p><p> <b>AbbVie</b></p><p><blockquote><b>艾伯维</b></blockquote></p><p> Berkshire initiated a position in&nbsp;<b>AbbVie</b>&nbsp;(NYSE:ABBV)&nbsp;during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.</p><p><blockquote>伯克希尔在<b>艾伯维</b>（纽约证券交易所股票代码：ABBV）在2020年第三季度购买了近2130万股。巴菲特似乎很喜欢这家大型制药商。截至第四季度末，伯克希尔哈撒韦持有艾伯维超过2550万股股票。</blockquote></p><p> AbbVie's pedigree as a dividend stock is impressive. It's a&nbsp;Dividend Aristocrat&nbsp;with 49 consecutive years of dividend increases. Since being spun off from&nbsp;<b>Abbott Labs</b>&nbsp;in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.</p><p><blockquote>艾伯维作为股息股票的血统令人印象深刻。它是股息贵族，股息连续49年增加。自从从<b>雅培实验室</b>2013年，艾伯维将股息提高了225%。目前股息收益率接近4.9%。</blockquote></p><p> I think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.</p><p><blockquote>我认为许多投资者会像巴菲特一样，发现艾伯维是一个有吸引力的选择。除了股息丰厚之外，该股价格低廉，股价交易价格不到预期市盈率的九倍。</blockquote></p><p> The company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.</p><p><blockquote>从2023年开始，随着生物仿制药进入美国市场，其最畅销药物修美乐(Humira)，该公司将面临一些阻力。不过，用不了多久，艾伯维就会恢复元气。该公司预计2024年收入将实现温和增长，随后在十年剩余时间内实现高个位数增长。</blockquote></p><p> <b>Chevron</b></p><p><blockquote><b>雪佛龙</b></blockquote></p><p> Buffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in&nbsp;<b>Chevron</b>(NYSE:CVX).</p><p><blockquote>过去几年，巴菲特并不是能源行业的忠实粉丝。然而，他似乎至少在某种程度上热身了。第四季度，伯克希尔在<b>雪佛龙</b>（纽约证券交易所代码：CVX）。</blockquote></p><p> The oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.</p><p><blockquote>这家石油和天然气巨头也是股息贵族，连续33年提高股息。雪佛龙超过4.9%的股息收益率足以吸引大多数收益投资者的眼球。</blockquote></p><p> There are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.</p><p><blockquote>除了强劲的股息之外，投资者喜欢雪佛龙还有其他原因。随着经济重新开放，能源行业今年可能会强劲复苏。新冠肺炎疫苗供应的增加加上最近的刺激计划应该有助于推动复苏。</blockquote></p><p> Chevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.</p><p><blockquote>雪佛龙被评为最好的能源股之一。该公司继续享有稳健的财务状况。尽管通过适时收购Noble Energy，为石油和天然气价格上涨做好了准备，但它还是减少了资本支出。尽管该股可能会继续波动，但雪佛龙在未来五到十年内仍应是投资者的赢家。</blockquote></p><p> <b>Verizon Communications</b></p><p><blockquote><b>Verizon通信</b></blockquote></p><p> The biggest addition of all for Berkshire in Q4 was its initiation of a position in&nbsp;<b>Verizon Communications</b>&nbsp;(NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.</p><p><blockquote>伯克希尔第四季度最大的增长是在<b>Verizon通信</b>（纽约证券交易所代码：VZ）。巴菲特和他的团队对这家电信巨头非常热情，以至于伯克希尔购买了价值约90亿美元的Verizon股票。</blockquote></p><p> So why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.</p><p><blockquote>那么巴菲特为什么要收购Verizon呢？几乎可以肯定，他很欣赏公司的股息。尽管Verizon不是股息贵族，但它已连续14年增加股息支付。这家电信领导者近4.5%的股息收益率为伯克希尔提供了比将资金存入货币市场账户好得多的回报。</blockquote></p><p> Verizon also appears to be poised to be&nbsp;a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.</p><p><blockquote>Verizon似乎也有望成为高速5G网络的领导者。巴菲特可能不是自动驾驶汽车和物联网方面的专家，但他绝对了解坚实基础设施的重要性。Verizon的5G基础设施规模庞大且不断增长。</blockquote></p><p> Even with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.</p><p><blockquote>即使有5G前景，我也不认为Verizon是一只伟大的成长股。然而，我认为对于寻求收入的投资者来说，这是一个相当不错的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-09 21:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.</p><p><blockquote>奥马哈先知对最近的这些选择可能是正确的——至少对于寻求收入的投资者来说是这样。</blockquote></p><p> Warren Buffett's&nbsp;<b>Berkshire Hathaway</b>&nbsp;(NYSE:BRKA)(NYSE:BRKB)&nbsp;has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.</p><p><blockquote>沃伦·巴菲特<b>伯克希尔哈撒韦</b>（纽约证券交易所代码：BRKA）（纽约证券交易所代码：BRKB）从未支付过股息。但毫无疑问：这位亿万富翁投资者确实喜欢股息。事实上，他在最近致股东的信中强调了伯克希尔哈撒韦公司从其几家主要持股中获得的巨额股息。</blockquote></p><p> Berkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield&nbsp;dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.</p><p><blockquote>由于最近的一些收购，伯克希尔哈撒韦公司的股息支付无疑会增加。巴菲特刚刚购买了三只高收益股息股票。以下是他买入的股票，以及它们是否也是您的好选择。</blockquote></p><p> <b>AbbVie</b></p><p><blockquote><b>艾伯维</b></blockquote></p><p> Berkshire initiated a position in&nbsp;<b>AbbVie</b>&nbsp;(NYSE:ABBV)&nbsp;during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.</p><p><blockquote>伯克希尔在<b>艾伯维</b>（纽约证券交易所股票代码：ABBV）在2020年第三季度购买了近2130万股。巴菲特似乎很喜欢这家大型制药商。截至第四季度末，伯克希尔哈撒韦持有艾伯维超过2550万股股票。</blockquote></p><p> AbbVie's pedigree as a dividend stock is impressive. It's a&nbsp;Dividend Aristocrat&nbsp;with 49 consecutive years of dividend increases. Since being spun off from&nbsp;<b>Abbott Labs</b>&nbsp;in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.</p><p><blockquote>艾伯维作为股息股票的血统令人印象深刻。它是股息贵族，股息连续49年增加。自从从<b>雅培实验室</b>2013年，艾伯维将股息提高了225%。目前股息收益率接近4.9%。</blockquote></p><p> I think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.</p><p><blockquote>我认为许多投资者会像巴菲特一样，发现艾伯维是一个有吸引力的选择。除了股息丰厚之外，该股价格低廉，股价交易价格不到预期市盈率的九倍。</blockquote></p><p> The company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.</p><p><blockquote>从2023年开始，随着生物仿制药进入美国市场，其最畅销药物修美乐(Humira)，该公司将面临一些阻力。不过，用不了多久，艾伯维就会恢复元气。该公司预计2024年收入将实现温和增长，随后在十年剩余时间内实现高个位数增长。</blockquote></p><p> <b>Chevron</b></p><p><blockquote><b>雪佛龙</b></blockquote></p><p> Buffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in&nbsp;<b>Chevron</b>(NYSE:CVX).</p><p><blockquote>过去几年，巴菲特并不是能源行业的忠实粉丝。然而，他似乎至少在某种程度上热身了。第四季度，伯克希尔在<b>雪佛龙</b>（纽约证券交易所代码：CVX）。</blockquote></p><p> The oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.</p><p><blockquote>这家石油和天然气巨头也是股息贵族，连续33年提高股息。雪佛龙超过4.9%的股息收益率足以吸引大多数收益投资者的眼球。</blockquote></p><p> There are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.</p><p><blockquote>除了强劲的股息之外，投资者喜欢雪佛龙还有其他原因。随着经济重新开放，能源行业今年可能会强劲复苏。新冠肺炎疫苗供应的增加加上最近的刺激计划应该有助于推动复苏。</blockquote></p><p> Chevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.</p><p><blockquote>雪佛龙被评为最好的能源股之一。该公司继续享有稳健的财务状况。尽管通过适时收购Noble Energy，为石油和天然气价格上涨做好了准备，但它还是减少了资本支出。尽管该股可能会继续波动，但雪佛龙在未来五到十年内仍应是投资者的赢家。</blockquote></p><p> <b>Verizon Communications</b></p><p><blockquote><b>Verizon通信</b></blockquote></p><p> The biggest addition of all for Berkshire in Q4 was its initiation of a position in&nbsp;<b>Verizon Communications</b>&nbsp;(NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.</p><p><blockquote>伯克希尔第四季度最大的增长是在<b>Verizon通信</b>（纽约证券交易所代码：VZ）。巴菲特和他的团队对这家电信巨头非常热情，以至于伯克希尔购买了价值约90亿美元的Verizon股票。</blockquote></p><p> So why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.</p><p><blockquote>那么巴菲特为什么要收购Verizon呢？几乎可以肯定，他很欣赏公司的股息。尽管Verizon不是股息贵族，但它已连续14年增加股息支付。这家电信领导者近4.5%的股息收益率为伯克希尔提供了比将资金存入货币市场账户好得多的回报。</blockquote></p><p> Verizon also appears to be poised to be&nbsp;a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.</p><p><blockquote>Verizon似乎也有望成为高速5G网络的领导者。巴菲特可能不是自动驾驶汽车和物联网方面的专家，但他绝对了解坚实基础设施的重要性。Verizon的5G基础设施规模庞大且不断增长。</blockquote></p><p> Even with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.</p><p><blockquote>即使有5G前景，我也不认为Verizon是一只伟大的成长股。然而，我认为对于寻求收入的投资者来说，这是一个相当不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/09/warren-buffett-just-bought-these-3-high-yield-divi/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVX":"雪佛龙","BRK.B":"伯克希尔B","VZ":"Verizon Comms","ABBV":"艾伯维公司","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2021/03/09/warren-buffett-just-bought-these-3-high-yield-divi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143899408","content_text":"The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.\nWarren Buffett's Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.\nBerkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.\nAbbVie\nBerkshire initiated a position in AbbVie (NYSE:ABBV) during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.\nAbbVie's pedigree as a dividend stock is impressive. It's a Dividend Aristocrat with 49 consecutive years of dividend increases. Since being spun off from Abbott Labs in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.\nI think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.\nThe company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.\nChevron\nBuffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in Chevron(NYSE:CVX).\nThe oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.\nThere are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.\nChevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.\nVerizon Communications\nThe biggest addition of all for Berkshire in Q4 was its initiation of a position in Verizon Communications (NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.\nSo why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.\nVerizon also appears to be poised to be a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.\nEven with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.","news_type":1,"symbols_score_info":{"CVX":0.9,"VZ":0.9,"BRK.B":0.9,"ABBV":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":3596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":323910494,"gmtCreate":1615298065718,"gmtModify":1703486932790,"author":{"id":"3574938519580407","authorId":"3574938519580407","name":"MinimalLee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574938519580407","idStr":"3574938519580407"},"themes":[],"htmlText":"Warren Buffet sets the trend!!!&nbsp;","listText":"Warren Buffet sets the trend!!!&nbsp;","text":"Warren Buffet sets the trend!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/323910494","repostId":"1143899408","repostType":4,"repost":{"id":"1143899408","kind":"news","pubTimestamp":1615297122,"share":"https://www.laohu8.com/m/news/1143899408?lang=zh_CN&edition=full","pubTime":"2021-03-09 21:38","market":"us","language":"en","title":"Warren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143899408","media":"Motley Fool","summary":"The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors","content":"<p>The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.</p><p><blockquote>奥马哈先知对最近的这些选择可能是正确的——至少对于寻求收入的投资者来说是这样。</blockquote></p><p> Warren Buffett's&nbsp;<b>Berkshire Hathaway</b>&nbsp;(NYSE:BRKA)(NYSE:BRKB)&nbsp;has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.</p><p><blockquote>沃伦·巴菲特<b>伯克希尔哈撒韦</b>（纽约证券交易所代码：BRKA）（纽约证券交易所代码：BRKB）从未支付过股息。但毫无疑问：这位亿万富翁投资者确实喜欢股息。事实上，他在最近致股东的信中强调了伯克希尔哈撒韦公司从其几家主要持股中获得的巨额股息。</blockquote></p><p> Berkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield&nbsp;dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.</p><p><blockquote>由于最近的一些收购，伯克希尔哈撒韦公司的股息支付无疑会增加。巴菲特刚刚购买了三只高收益股息股票。以下是他买入的股票，以及它们是否也是您的好选择。</blockquote></p><p> <b>AbbVie</b></p><p><blockquote><b>艾伯维</b></blockquote></p><p> Berkshire initiated a position in&nbsp;<b>AbbVie</b>&nbsp;(NYSE:ABBV)&nbsp;during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.</p><p><blockquote>伯克希尔在<b>艾伯维</b>（纽约证券交易所股票代码：ABBV）在2020年第三季度购买了近2130万股。巴菲特似乎很喜欢这家大型制药商。截至第四季度末，伯克希尔哈撒韦持有艾伯维超过2550万股股票。</blockquote></p><p> AbbVie's pedigree as a dividend stock is impressive. It's a&nbsp;Dividend Aristocrat&nbsp;with 49 consecutive years of dividend increases. Since being spun off from&nbsp;<b>Abbott Labs</b>&nbsp;in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.</p><p><blockquote>艾伯维作为股息股票的血统令人印象深刻。它是股息贵族，股息连续49年增加。自从从<b>雅培实验室</b>2013年，艾伯维将股息提高了225%。目前股息收益率接近4.9%。</blockquote></p><p> I think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.</p><p><blockquote>我认为许多投资者会像巴菲特一样，发现艾伯维是一个有吸引力的选择。除了股息丰厚之外，该股价格低廉，股价交易价格不到预期市盈率的九倍。</blockquote></p><p> The company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.</p><p><blockquote>从2023年开始，随着生物仿制药进入美国市场，其最畅销药物修美乐(Humira)，该公司将面临一些阻力。不过，用不了多久，艾伯维就会恢复元气。该公司预计2024年收入将实现温和增长，随后在十年剩余时间内实现高个位数增长。</blockquote></p><p> <b>Chevron</b></p><p><blockquote><b>雪佛龙</b></blockquote></p><p> Buffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in&nbsp;<b>Chevron</b>(NYSE:CVX).</p><p><blockquote>过去几年，巴菲特并不是能源行业的忠实粉丝。然而，他似乎至少在某种程度上热身了。第四季度，伯克希尔在<b>雪佛龙</b>（纽约证券交易所代码：CVX）。</blockquote></p><p> The oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.</p><p><blockquote>这家石油和天然气巨头也是股息贵族，连续33年提高股息。雪佛龙超过4.9%的股息收益率足以吸引大多数收益投资者的眼球。</blockquote></p><p> There are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.</p><p><blockquote>除了强劲的股息之外，投资者喜欢雪佛龙还有其他原因。随着经济重新开放，能源行业今年可能会强劲复苏。新冠肺炎疫苗供应的增加加上最近的刺激计划应该有助于推动复苏。</blockquote></p><p> Chevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.</p><p><blockquote>雪佛龙被评为最好的能源股之一。该公司继续享有稳健的财务状况。尽管通过适时收购Noble Energy，为石油和天然气价格上涨做好了准备，但它还是减少了资本支出。尽管该股可能会继续波动，但雪佛龙在未来五到十年内仍应是投资者的赢家。</blockquote></p><p> <b>Verizon Communications</b></p><p><blockquote><b>Verizon通信</b></blockquote></p><p> The biggest addition of all for Berkshire in Q4 was its initiation of a position in&nbsp;<b>Verizon Communications</b>&nbsp;(NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.</p><p><blockquote>伯克希尔第四季度最大的增长是在<b>Verizon通信</b>（纽约证券交易所代码：VZ）。巴菲特和他的团队对这家电信巨头非常热情，以至于伯克希尔购买了价值约90亿美元的Verizon股票。</blockquote></p><p> So why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.</p><p><blockquote>那么巴菲特为什么要收购Verizon呢？几乎可以肯定，他很欣赏公司的股息。尽管Verizon不是股息贵族，但它已连续14年增加股息支付。这家电信领导者近4.5%的股息收益率为伯克希尔提供了比将资金存入货币市场账户好得多的回报。</blockquote></p><p> Verizon also appears to be poised to be&nbsp;a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.</p><p><blockquote>Verizon似乎也有望成为高速5G网络的领导者。巴菲特可能不是自动驾驶汽车和物联网方面的专家，但他绝对了解坚实基础设施的重要性。Verizon的5G基础设施规模庞大且不断增长。</blockquote></p><p> Even with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.</p><p><blockquote>即使有5G前景，我也不认为Verizon是一只伟大的成长股。然而，我认为对于寻求收入的投资者来说，这是一个相当不错的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett Just Bought These 3 High-Yield Dividend Stocks. Should You?<blockquote>沃伦·巴菲特刚刚购买了这3只高收益股息股票。你应该吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-09 21:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.</p><p><blockquote>奥马哈先知对最近的这些选择可能是正确的——至少对于寻求收入的投资者来说是这样。</blockquote></p><p> Warren Buffett's&nbsp;<b>Berkshire Hathaway</b>&nbsp;(NYSE:BRKA)(NYSE:BRKB)&nbsp;has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.</p><p><blockquote>沃伦·巴菲特<b>伯克希尔哈撒韦</b>（纽约证券交易所代码：BRKA）（纽约证券交易所代码：BRKB）从未支付过股息。但毫无疑问：这位亿万富翁投资者确实喜欢股息。事实上，他在最近致股东的信中强调了伯克希尔哈撒韦公司从其几家主要持股中获得的巨额股息。</blockquote></p><p> Berkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield&nbsp;dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.</p><p><blockquote>由于最近的一些收购，伯克希尔哈撒韦公司的股息支付无疑会增加。巴菲特刚刚购买了三只高收益股息股票。以下是他买入的股票，以及它们是否也是您的好选择。</blockquote></p><p> <b>AbbVie</b></p><p><blockquote><b>艾伯维</b></blockquote></p><p> Berkshire initiated a position in&nbsp;<b>AbbVie</b>&nbsp;(NYSE:ABBV)&nbsp;during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.</p><p><blockquote>伯克希尔在<b>艾伯维</b>（纽约证券交易所股票代码：ABBV）在2020年第三季度购买了近2130万股。巴菲特似乎很喜欢这家大型制药商。截至第四季度末，伯克希尔哈撒韦持有艾伯维超过2550万股股票。</blockquote></p><p> AbbVie's pedigree as a dividend stock is impressive. It's a&nbsp;Dividend Aristocrat&nbsp;with 49 consecutive years of dividend increases. Since being spun off from&nbsp;<b>Abbott Labs</b>&nbsp;in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.</p><p><blockquote>艾伯维作为股息股票的血统令人印象深刻。它是股息贵族，股息连续49年增加。自从从<b>雅培实验室</b>2013年，艾伯维将股息提高了225%。目前股息收益率接近4.9%。</blockquote></p><p> I think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.</p><p><blockquote>我认为许多投资者会像巴菲特一样，发现艾伯维是一个有吸引力的选择。除了股息丰厚之外，该股价格低廉，股价交易价格不到预期市盈率的九倍。</blockquote></p><p> The company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.</p><p><blockquote>从2023年开始，随着生物仿制药进入美国市场，其最畅销药物修美乐(Humira)，该公司将面临一些阻力。不过，用不了多久，艾伯维就会恢复元气。该公司预计2024年收入将实现温和增长，随后在十年剩余时间内实现高个位数增长。</blockquote></p><p> <b>Chevron</b></p><p><blockquote><b>雪佛龙</b></blockquote></p><p> Buffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in&nbsp;<b>Chevron</b>(NYSE:CVX).</p><p><blockquote>过去几年，巴菲特并不是能源行业的忠实粉丝。然而，他似乎至少在某种程度上热身了。第四季度，伯克希尔在<b>雪佛龙</b>（纽约证券交易所代码：CVX）。</blockquote></p><p> The oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.</p><p><blockquote>这家石油和天然气巨头也是股息贵族，连续33年提高股息。雪佛龙超过4.9%的股息收益率足以吸引大多数收益投资者的眼球。</blockquote></p><p> There are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.</p><p><blockquote>除了强劲的股息之外，投资者喜欢雪佛龙还有其他原因。随着经济重新开放，能源行业今年可能会强劲复苏。新冠肺炎疫苗供应的增加加上最近的刺激计划应该有助于推动复苏。</blockquote></p><p> Chevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.</p><p><blockquote>雪佛龙被评为最好的能源股之一。该公司继续享有稳健的财务状况。尽管通过适时收购Noble Energy，为石油和天然气价格上涨做好了准备，但它还是减少了资本支出。尽管该股可能会继续波动，但雪佛龙在未来五到十年内仍应是投资者的赢家。</blockquote></p><p> <b>Verizon Communications</b></p><p><blockquote><b>Verizon通信</b></blockquote></p><p> The biggest addition of all for Berkshire in Q4 was its initiation of a position in&nbsp;<b>Verizon Communications</b>&nbsp;(NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.</p><p><blockquote>伯克希尔第四季度最大的增长是在<b>Verizon通信</b>（纽约证券交易所代码：VZ）。巴菲特和他的团队对这家电信巨头非常热情，以至于伯克希尔购买了价值约90亿美元的Verizon股票。</blockquote></p><p> So why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.</p><p><blockquote>那么巴菲特为什么要收购Verizon呢？几乎可以肯定，他很欣赏公司的股息。尽管Verizon不是股息贵族，但它已连续14年增加股息支付。这家电信领导者近4.5%的股息收益率为伯克希尔提供了比将资金存入货币市场账户好得多的回报。</blockquote></p><p> Verizon also appears to be poised to be&nbsp;a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.</p><p><blockquote>Verizon似乎也有望成为高速5G网络的领导者。巴菲特可能不是自动驾驶汽车和物联网方面的专家，但他绝对了解坚实基础设施的重要性。Verizon的5G基础设施规模庞大且不断增长。</blockquote></p><p> Even with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.</p><p><blockquote>即使有5G前景，我也不认为Verizon是一只伟大的成长股。然而，我认为对于寻求收入的投资者来说，这是一个相当不错的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/09/warren-buffett-just-bought-these-3-high-yield-divi/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVX":"雪佛龙","BRK.B":"伯克希尔B","VZ":"Verizon Comms","ABBV":"艾伯维公司","BRK.A":"伯克希尔"},"source_url":"https://www.fool.com/investing/2021/03/09/warren-buffett-just-bought-these-3-high-yield-divi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143899408","content_text":"The Oracle of Omaha could be right about these recent picks -- at least for income-seeking investors.\nWarren Buffett's Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) has never paid a dividend. But make no mistake about it: The billionaire investor really likes dividends. In fact, he highlighted the huge amounts that Berkshire receives in dividends from a couple of its top holdings in his most recent letter to shareholders.\nBerkshire's dividend payments will no doubt increase thanks to some of its recent purchases. Buffett just bought three high-yield dividend stocks. Here's which stocks he scooped up -- and whether or not they're good picks for you too.\nAbbVie\nBerkshire initiated a position in AbbVie (NYSE:ABBV) during the third quarter of 2020 with a purchase of nearly 21.3 million shares. Buffett appears to like the big drugmaker. Berkshire owned AbbVie over 25.5 million shares of the stock by the end of the fourth quarter.\nAbbVie's pedigree as a dividend stock is impressive. It's a Dividend Aristocrat with 49 consecutive years of dividend increases. Since being spun off from Abbott Labs in 2013, AbbVie has boosted its dividend by 225%. The dividend yield currently stands at nearly 4.9%.\nI think that many investors will, like Buffett, find AbbVie to be an attractive pick. In addition to its great dividend, the stock is cheap with shares trading at less than nine times expected earnings.\nThe company faces some headwinds beginning in 2023 with the entrance of biosimilars to its top-selling drug Humira in the U.S. market. However, it won't take long for AbbVie to recover. The company expects to deliver modest revenue growth in 2024 followed by high-single-digit growth throughout the rest of the decade.\nChevron\nBuffett hasn't been a big fan of the energy sector over the last couple of years. However, he seems to be warming up at least somewhat. In the fourth quarter, Berkshire opened a sizable position in Chevron(NYSE:CVX).\nThe oil and gas giant is also a Dividend Aristocrat with 33 consecutive years of dividend hikes. Chevron's dividend yield of over 4.9% is juicy enough to catch the eye of most income investors.\nThere are other reasons investors might like Chevron in addition to its strong dividend. The energy sector could mount a strong comeback this year as the economy reopens. The increasing availability of COVID-19 vaccines combined with the recent stimulus package should help drive the recovery.\nChevron ranks as one of the best energy stocks around. The company continues to enjoy a solid financial position. It reduced capital spending even while positioning itself well for rising oil and gas prices with the well-timed acquisition of Noble Energy. Although the stock is likely to remain volatile, Chevron should still be a winner for investors over the next five-to-10 years.\nVerizon Communications\nThe biggest addition of all for Berkshire in Q4 was its initiation of a position in Verizon Communications (NYSE:VZ). Buffett and his team were so enthusiastic about the telecom giant that Berkshire bought around $9 billion worth of Verizon's shares.\nSo why did Buffett buy Verizon? He almost certainly appreciated the company's dividend. Although Verizon isn't a Dividend Aristocrat, it has increased its dividend payout for 14 years running. The telecom leader's dividend yield of nearly 4.5% provides Berkshire a much better return than parking its money in money market accounts.\nVerizon also appears to be poised to be a leader in high-speed 5G networks. Buffett might not be an expert in autonomous vehicles and the Internet of Things, but he definitely understands the importance of a solid infrastructure. And Verizon's 5G infrastructure is massive and growing.\nEven with its 5G prospects, I don't view Verizon as a great growth stock at this point. However, I think that it's a pretty good pick for income-seeking investors.","news_type":1,"symbols_score_info":{"CVX":0.9,"VZ":0.9,"BRK.B":0.9,"ABBV":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":3596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325948473,"gmtCreate":1615859831892,"gmtModify":1703494091019,"author":{"id":"3574938519580407","authorId":"3574938519580407","name":"MinimalLee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574938519580407","idStr":"3574938519580407"},"themes":[],"htmlText":"More cannibis for the world!!&nbsp;","listText":"More cannibis for the world!!&nbsp;","text":"More cannibis for the world!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/325948473","repostId":"1197824300","repostType":4,"repost":{"id":"1197824300","kind":"news","pubTimestamp":1615859575,"share":"https://www.laohu8.com/m/news/1197824300?lang=zh_CN&edition=full","pubTime":"2021-03-16 09:52","market":"us","language":"en","title":"Why Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197824300","media":"Motley Fool","summary":"The companies are one step closer to a merger.\nWhat happened\nShares of Canadian marijuana company Ap","content":"<p>The companies are one step closer to a merger.</p><p><blockquote>两家公司距离合并又近了一步。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of Canadian marijuana company&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;were moving up Monday, as it gets one step closer to its planned merger with&nbsp;<b>Tilray</b>&nbsp;(NASDAQ:TLRY). Aphria and Tilray shares were both trading more&nbsp;than 10% higher than Friday's closing price.</p><p><blockquote>加拿大大麻公司股票<b>Aphria</b>（纳斯达克：APHA）周一股价上涨，距离与<b>蒂尔雷</b>（纳斯达克：TLRY）。Aphria和Tilray股价均较周五收盘价上涨10%以上。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Today the companies announced special shareholder meetings will occur in mid-April to approve the&nbsp;previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16.&nbsp;The boards of directors for both companies unanimously support the merger.</p><p><blockquote>今天，两家公司宣布将于4月中旬召开特别股东大会，以批准之前宣布的合并。Aphria的特别股东大会定于4月14日举行，Tilray股东投票将于4月16日统计。两家公司的董事会一致支持此次合并。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The combination will create one of the largest global&nbsp;cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.</p><p><blockquote>此次合并将创建全球最大的大麻公司之一。在交易之前，两家公司都在继续扩大业务。</blockquote></p><p> Last month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products&nbsp;in Portugal.</p><p><blockquote>上个月，Tilray宣布与英国医用大麻经销商Grow Pharma达成新的分销协议。根据协议，Tilray的医药级医用大麻产品将由Grow Pharma在英国进口和分销。“随着欧洲越来越多的国家认识到医用大麻的好处，法规正在取得进展，”Tilray Europe董事总经理Sascha Mielcarek在一份声明中说。另外，该公司宣布已向西班牙出口第一批医用大麻，并获得了葡萄牙第一个也是唯一一个医用大麻产品的市场授权。</blockquote></p><p> Aphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"</p><p><blockquote>Aphria去年收购了总部位于美国的SweetWater Brewing Company，如果大麻在美国实现联邦合法化，将为其提供基础设施。Aphria首席执行官欧文·西蒙(Irwin Simon)将领导合并后的公司，他发表声明称：“作为一家合并后的公司，我们预计将继续在美国品牌消费品行业进行[并购]，这些并购具有增值作用，并且在我们有能力的情况下可以利用互补的大麻产品。”</blockquote></p><p> Investors are moving both stocks higher today, signaling approval of the merger and its potential.</p><p><blockquote>投资者今天推高了这两只股票，表明合并及其潜力得到了批准。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Aphria and Tilray Stocks Jumped Monday<blockquote>为什么Aphria和Tilray股价周一上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-16 09:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The companies are one step closer to a merger.</p><p><blockquote>两家公司距离合并又近了一步。</blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of Canadian marijuana company&nbsp;<b>Aphria</b>&nbsp;(NASDAQ:APHA)&nbsp;were moving up Monday, as it gets one step closer to its planned merger with&nbsp;<b>Tilray</b>&nbsp;(NASDAQ:TLRY). Aphria and Tilray shares were both trading more&nbsp;than 10% higher than Friday's closing price.</p><p><blockquote>加拿大大麻公司股票<b>Aphria</b>（纳斯达克：APHA）周一股价上涨，距离与<b>蒂尔雷</b>（纳斯达克：TLRY）。Aphria和Tilray股价均较周五收盘价上涨10%以上。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Today the companies announced special shareholder meetings will occur in mid-April to approve the&nbsp;previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16.&nbsp;The boards of directors for both companies unanimously support the merger.</p><p><blockquote>今天，两家公司宣布将于4月中旬召开特别股东大会，以批准之前宣布的合并。Aphria的特别股东大会定于4月14日举行，Tilray股东投票将于4月16日统计。两家公司的董事会一致支持此次合并。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> The combination will create one of the largest global&nbsp;cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.</p><p><blockquote>此次合并将创建全球最大的大麻公司之一。在交易之前，两家公司都在继续扩大业务。</blockquote></p><p> Last month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products&nbsp;in Portugal.</p><p><blockquote>上个月，Tilray宣布与英国医用大麻经销商Grow Pharma达成新的分销协议。根据协议，Tilray的医药级医用大麻产品将由Grow Pharma在英国进口和分销。“随着欧洲越来越多的国家认识到医用大麻的好处，法规正在取得进展，”Tilray Europe董事总经理Sascha Mielcarek在一份声明中说。另外，该公司宣布已向西班牙出口第一批医用大麻，并获得了葡萄牙第一个也是唯一一个医用大麻产品的市场授权。</blockquote></p><p> Aphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"</p><p><blockquote>Aphria去年收购了总部位于美国的SweetWater Brewing Company，如果大麻在美国实现联邦合法化，将为其提供基础设施。Aphria首席执行官欧文·西蒙(Irwin Simon)将领导合并后的公司，他发表声明称：“作为一家合并后的公司，我们预计将继续在美国品牌消费品行业进行[并购]，这些并购具有增值作用，并且在我们有能力的情况下可以利用互补的大麻产品。”</blockquote></p><p> Investors are moving both stocks higher today, signaling approval of the merger and its potential.</p><p><blockquote>投资者今天推高了这两只股票，表明合并及其潜力得到了批准。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/15/why-aphria-stock-jumped-6-monday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","APHA":"Aphria Inc."},"source_url":"https://www.fool.com/investing/2021/03/15/why-aphria-stock-jumped-6-monday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197824300","content_text":"The companies are one step closer to a merger.\nWhat happened\nShares of Canadian marijuana company Aphria (NASDAQ:APHA) were moving up Monday, as it gets one step closer to its planned merger with Tilray (NASDAQ:TLRY). Aphria and Tilray shares were both trading more than 10% higher than Friday's closing price.\nSo what\nToday the companies announced special shareholder meetings will occur in mid-April to approve the previously announced merger. Aphria's special shareholder meeting is scheduled for April 14, and Tilray shareholder votes will be tallied April 16. The boards of directors for both companies unanimously support the merger.\nNow what\nThe combination will create one of the largest global cannabis companies. Leading up to the transaction, both companies have continued to expand their businesses.\nLast month, Tilray announced a new distribution agreement with U.K. medical cannabis distributor Grow Pharma. Under the agreement, Tilray's pharmaceutical-grade medical cannabis products will be imported and distributed by Grow Pharma in the U.K. \"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis,\" Tilray Europe's managing director, Sascha Mielcarek, said in a statement. Separately, it announced it has exported its first medical cannabis shipment to Spain, and it has received the first and only market authorization for medical cannabis products in Portugal.\nAphria acquired U.S.-based SweetWater Brewing Company last year, giving it infrastructure if marijuana achieves federal legalization in the U.S. Irwin Simon, Aphria's CEO, who will lead the combined company, issued a statement saying, \"As a combined company, we expect to continue to pursue [mergers and acquisitions] in the U.S. across the branded consumer products industry that are accretive and can parlay into complementary cannabis products when we are able to do so.\"\nInvestors are moving both stocks higher today, signaling approval of the merger and its potential.","news_type":1,"symbols_score_info":{"APHA":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":1086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323964110,"gmtCreate":1615300021830,"gmtModify":1703486972339,"author":{"id":"3574938519580407","authorId":"3574938519580407","name":"MinimalLee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574938519580407","idStr":"3574938519580407"},"themes":[],"htmlText":"How do I leave a comment?&nbsp;","listText":"How do I leave a comment?&nbsp;","text":"How do I leave a comment?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323964110","repostId":"1158287133","repostType":4,"repost":{"id":"1158287133","kind":"news","pubTimestamp":1615298882,"share":"https://www.laohu8.com/m/news/1158287133?lang=zh_CN&edition=full","pubTime":"2021-03-09 22:08","market":"us","language":"en","title":"Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158287133","media":"MarketWatch","summary":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching","content":"<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-09 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1158287133","content_text":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels\nThe Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.\nI am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.\nNew research from the National Bureau of Economic Research calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.\nThe study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”\nPrice-weighted\nOne of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.\nConsider the highest-priced stock currently in the DJIA, which is UnitedHealth Group with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.\nSplit adjustments\nOne consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is now in danger of entering into a bear market.\nAnother of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.\nAnother peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.\nDividends\nBy the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.\nYou might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)\n\nNotice what this means for the near-term, given that the S&P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the 10-year breakeven inflation rate.\nCould the future be different than the past?\nThe bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.\nIf so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.\nCrucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.\nWhether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.\nThis means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&P 500) was 3.8%, of which dividend yield contributed exactly half.”\nTo be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}