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New exchange traded fund SYLD offered by Mebane Faber...with a much friendlier ER of 0.59% (vs 1.41% for GTAA). This one appears to be coming directly from Cambria Funds and not through AdvisorShares, probably a good thing. Hoping it gets off to a better start than GTAA.
Reply to @Maurice: The manager has an enjoyable book called the Ivy Portfolio (although it's been a while since I read it.) The manager's blog is also very informative. That said, the GTAA etf was a disappointment (it is the only ETF the company has done prior) and it would really take some time and seeing how the new offering does before considering it.
As for the advisorshares ETFs, I just think a number of those funds are going to close - the volume is just a trickle on a lot of those funds.
I am not sure I fully buy into the idea of shareholder yield and whether it reflects sound capital allocation. Dividends and debt payoffs seem okay. My concern is with share buybacks -- there are so many cases of firms that have repurchased shares at the peak that I wonder if this is a good component of shareholder yield. In many ways, Buffett's use of buybacks at prices when the P/B is low makes a lot of sense -- sound allocation of capital and setting a price floor on the stock.
This may be a naive comment. I would be interested in any studies that have looked at the longer term performance (including dividends) of stocks that have favored dividends over buybacks and vice versa.
Comments
As for the advisorshares ETFs, I just think a number of those funds are going to close - the volume is just a trickle on a lot of those funds.
This may be a naive comment. I would be interested in any studies that have looked at the longer term performance (including dividends) of stocks that have favored dividends over buybacks and vice versa.
BWG
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias=aps&field-keywords=Shareholder+Yield:+A+Better+Approach+to+Dividend+Investin