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Fidelity attempts to explain this non-dividend payout:You can’t fake, manipulate or fudge a dividend payment by hiring a talented CPA.
Ask any fund manager about "return of capital" as a dividend and you'll see manipulation/fudging is exactly what can be done.
Ask any fund manager about "return of capital" as a dividend and you'll see manipulation/fudging is exactly what can be done.You can’t fake, manipulate or fudge a dividend payment by hiring a talented CPA.
Fundamentals are more complex than they seem.
One of the simplest, yet most overlooked, stock market fundamentals is the dividend yield. Dividends are actual cash flows being paid out by corporations into the hands of investors.
You can’t fake, manipulate or fudge a dividend payment by hiring a talented CPA.
Dividends also happen to be one of the most resilient features of the stock market over the long-term.
A little bumpy at times but the real growth rate of 2.1% over the rate of inflation over the last 100 years is impressive.
That doesn’t sound like much but the inflation rate over this time frame was just shy of 3%. So nominal dividends have grown at an annual rate of roughly 5% since 1920.
the-best-source-of-investment-income/
how-larry-fink-s-blackrock-is-helping-the-fed-with-bond-buyingWhen the Federal Reserve needed Wall Street’s help with its pandemic rescue mission, it went straight to Larry Fink. The BlackRock Inc. co-founder, chairman, and chief executive officer has become one of the industry’s most important government whisperers. In contrast to other influential financiers who’ve built on ties to President Trump, Fink possesses a power that’s more technocratic. BlackRock, the world’s largest money manager, can do the things governments need right now.
The company’s new assignment is a much bigger version of one it took on after the 2008 financial crisis, when the Federal Reserve enlisted it to dispose of toxic mortgage securities from Bear Stearns & Co. and American International Group Inc. This time it will help the Fed prop up the entire corporate bond market by purchasing, on the central bank’s behalf, what could become a $750 billion portfolio of debt.
One part of the Fed’s plan is to buy bond exchange-traded funds. BlackRock itself runs ETFs under the iShares brand, and could end up buying funds it manages. There are rules in place to avoid conflicts of interest—for example, it won’t charge the Fed management fees on ETF shares. “BlackRock is acting as a fiduciary to the Federal Reserve Bank of New York,” says a spokesman for the company.
“It’s impossible to think of BlackRock without thinking of them as a fourth branch of government,” says William Birdthistle, a professor at the Chicago-Kent College of Law who studies the fund industry.
https://stratechery.com/2020/chips-and-geopolitics/The reason this matters is because chips matter for many use cases outside of PCs and servers — Intel’s focus — which is to say that TSMC matters. Nearly every piece of equipment these days, military or otherwise, has a processor inside. Some of these don’t require particularly high performance, and can be manufactured by fabs built years ago all over the U.S. and across the world; others, though, require the most advanced processes, which means they must be manufactured in Taiwan by TSMC.
This is a big problem if you are a U.S. military planner. Your job is not to figure out if there will ever be a war between the U.S. and China, but to plan for an eventuality you hope never occurs. And in that planning the fact that TSMC’s foundries — and Samsung’s — are within easy reach of Chinese missiles is a major issue.
https://d1d329da-dbb0-4cc9-b461-d7bd4ad09b4e.usrfiles.com/ugd/d1d329_13b9948593544d9d8d73e17185af1591.pdfWe write in strong support of your recent comments indicating that the Securities and Exchange Commission (SEC or Commission) will significantly limit its collection of retail investors' personally identifiable information (PII) as pait of the Consolidated Audit Trail (CAT). We welcome your statement that the Commission will not require retail investors' Social Security numbers to be collected and stored in the CAT. We appreciate the Commission's ongoing work on the CAT and agree that it is important for regulators to be able to oversee the capital markets on a consolidated basis. However, we strongly believe that the CAT can, and should, fulfill its intended purpose without collecting Main Street investors' PII.
Yet that's just what the exemption order being appealed does.In the suit, the ASA requests an alternative approach to the CAT’s generation of a customer ID that does not require broker-dealers to report individual clients’ Social Security or taxpayer identification numbers to the CAT.
It goes on to say that use of the CAT Customer ID (CCID) "allow[s] the elimination of SSNs from the CAT."Participants seek exemptive relief from ... the CAT NMS Plan (1) to allow for an alternative approach to generating a CAT Customer ID (“CCID”) without requiring Industry Members to report individual social security numbers or tax payer identification numbers collectively, “SSNs”) to the consolidated audit trail (“CAT”) (the “CCID Alternative”); and (2) to allow for an alternative approach which would exempt the reporting of dates of birth and account numbers associated with natural person retail Customers to the CAT ...
[T]his Order grants the Participants’ request for exemptions ... subject to certain conditions.
https://www.americansecurities.org/post/lawsuit-filed-against-sec-to-protect-american-investor-privacyThe collection of retail investor PII in no way bolsters the ability of the SEC to oversee equity markets more effectively as the Commission has brought over 400 insider trading cases between FY2011-2019 (averaging over 44 per year). These numbers clearly illustrate that (1) the SEC has no issue in bringing insider trading cases against individuals who violate its rules, and (2) collecting retail investor will needlessly subject millions of American investors to identity theft by cyberhackers for no regulatory benefit.
Harvard’s Reinhart and Rogoff Say This Time Really Is Different:The biggest positive productivity shock we’ve had over the last 40 years has been globalization together with technology. And I think if you take away the globalization, you probably take away some of the technology.
...you probably need a debt moratorium that’s fairly widespread for emerging markets and developing economies. As an analogy, the IMF or Chapter 11 bankruptcy is very good at dealing with a couple of countries or a couple of firms at a time. But just as the hospitals can’t handle all the Covid-19 patients showing up in the same week, neither can our bankruptcy system and neither can the international financial institutions
I indeed hope it is the G-20 and not just the G-19. China needs to be on board with debt relief. That’s a big issue. The largest official creditor by far is China. If China is not fully on board on granting debt relief, then the initiative is going to offer little or no relief. If the savings are just going to be used to repay debts to China, well, that would be a tragedy.
Do you see an inflationary surge at some point?
KR: We don’t know where we will come out. So the probability is, for the foreseeable future, we’ll have deflation. But at the end of this, I think we’re going to have experienced an extremely negative productivity shock with deglobalization. In terms of growth and productivity, they will be lasting negative shocks, and demand may come back. And then you have the many forces that have led to very low inflation maybe going into reverse, either because of deglobalization or because workers will strengthen their rights. The market sees essentially zero chance of ever having inflation again. And I think that’s very wrong.
BM: And what scars are left on economies once the pandemic passes?
CR: Some of the scars are on supply chains. I don’t think we’ll return to their precrisis normal. We’re going to see a lot of risk aversion. We’ll be more inward-looking, self-sufficient in medical supplies, self-sufficient in food.
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