Stock investment resources

Actually interesting question on long term total shareholder return buying the big 3 LICs at a discount (typically during well developed bull market) vs buying at a premium (bear market)...Interesting...

Game has changed though I think now that the fee for service advisors are putting a lot of their clients into lics, there is more demand for the product which might change future discount/premium cycles somewhat.

 

No worries, all good (apart from the running out of beer!)

 

I usually just use a calculator cos I'm oldschool like those oldschool LICs. My calcs were based on yesterday's MLT and XJO close so might've been slightly out given there was 1.13% drop in the XJO today.

I get my NAV data from here:
MLT-Milton Corporation – ETF Watch

 

I'd be happy to work with you on this pet project. I've just gotten back from my ~7 month sabbatical and currently got some free time

 

TF,

Yes very valid point. Post FOFA I have wondered about the long term implications myself. Will be interesting to see the impact in coming years. Recent trends suggest it is already having an impact. There is also the recent huge growth in ETFs that is new competition to LICs and are seen as the "in thing" nowadays. Advisors are more likely to recommend LICs than previously to clients nowadays but LICs are also competing with a monumentally popular newcomer being ETFs. Advisors love ETFs in general and of course they like the fact that ETFs are free of NTA issues. But my gut tells me that there is a likelihood the LIC NTA cycle may be impacted going forward.

As mentioned in my previous post even in the past these NTA heuristics don't always hold true. I suppose the main point I was trying to highlight is to not let NTA discount and premium obsession cloud ones judgement.

 

For Boglehead fans, the following a work in progress:

Investing in Australia - Bogleheads

 

Long way to go. Will hopefully be good.

 

The part about overseas assets allocation was interesting. Don't think many would have that much.

 

Ok I'm reading random walk down wall street. It's interesting but I get the feeling after half finishing the book that he will keep bringing up study after study and anecdote after anecdote that supports his very logical conclusion that almost noone beats the market.

 

Yep.

 

Cool. Good to know haha

 

Over the long term correct. And thats a key tenet behind index funds.

 

Quite true. And one can stop the journey at that point, which is quite reasonable or can continue on if they have an interest.

 

Motivated Money done.

Random Walk down Wall Street and The Economist Guide just arrived today.

Need to read fast!

 

I've really struggled with the Economist Guide. I get about 1/3 - 1/2 way through and drop out. Twice now.

 

I haven't got the Economist Guide (so good to get feedback) or Education of a value Investor. Enjoying Buffett and I have the Most important thing at home.

Has anyone read th Educaiton of a Value Investor? Curious for a review of it.

I found a Random Walk Down Wall Street excellent. I don't subscribe to the efficient market theory (EMT) fully, however I do believe it is so difficult to beat the market it is best to invest as if EMT is alive and well.

 

Anyone read shares by Roger Kinsky? I got the book some years ago and was going to read it as I just found it again. Unfortunately my puppy didn't approve and there isn't much left.

 

Here is an interesting whitepaper on Dividend growth, payout ratios, performance of dividend payers vs. non payers etc.

http://www.nelson-securities.com/new/nelsonsecurities/thepowerofdividends.pdf

Worth a read

 

Thanks, was actually looking at an Oppenheimer graph that is very similar to one in the whitepaper.

Do you know what criteria they use for dividend growers and initiators? Is it as simple as looking at past dividend performance and if it grew over the past x length of time?

I do find it interesting that so many people (especially on MMM) advocate low/non dividend payers. People seem convinced that it shows the company can do something great with the cash if they retain it rather than distribute it.

 

Thanks mate, much appreciated.

Seeing @The Falcon has heaps of spare time (NOT), his posting of the above paper is probably partly in response to me bugging him about where to find this research. Too much home brew has made me Google-challenged.

The following is why I asked him about the location of the above research: