Interesting farewell letter and "Ten Commandments". Each are interesting, although I would highlight 6, 7, and 10.
https://www.patplc.co.uk/sites/default/ ... nts/96.pdf
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A Fund Manager's Farewell
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Re: A Fund Manager's Farewell
i landed straight away on "commandment" no 10 .
which tallies with some of my own commandments ---
there is no magic in high yield or dividends.
what matters is TOTAL RETURNS - made up capital increase and dividends .
income , if you need it , can be derived from stock sales , not just dividends.
this also postulated up by a very well known IC writer .
which tallies with some of my own commandments ---
there is no magic in high yield or dividends.
what matters is TOTAL RETURNS - made up capital increase and dividends .
income , if you need it , can be derived from stock sales , not just dividends.
this also postulated up by a very well known IC writer .
Re: A Fund Manager's Farewell
jackdaww wrote:i landed straight away on "commandment" no 10 .
which tallies with some of my own commandments ---
there is no magic in high yield or dividends.
what matters is TOTAL RETURNS - made up capital increase and dividends .
income , if you need it , can be derived from stock sales , not just dividends.
this also postulated up by a very well known IC writer .
Yes,
And those who think TR is just a measure of performance make, imho, a grave mistake. Investing for TR leads naturally to a style and attitude in investing. We and much of our family and friends investors have always seen it as the way to go. YTD it has prove a massively good call too. Ignoring the 'cult and lure of the divi' is a very strong investing statement. For young investors in particular, going forward, it will be even more true, they will linger chasing HY, imho, because the outfits who will fight best the savage business scene of the future are those who will know how best to compound the bulk of their returns internally to their business.
Bagger
PS It does not mean that divis are not welcome, our portfolios produce bundles of them as a by-product, but they are just the tail, not the dog.
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