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The Ultimate Dividend Playbook: Income, Insight and Independence for Today's Investor Hardcover – January 2, 2008

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Editorial Reviews

From the Inside Flap

"Dividends may not be the only path for an individual investor's success," says Josh Peters, editor of the monthly Morningstar DividendInvestor newsletter, "but if there's a better one, I have yet to find it."

Many people believe that the key to success in the stock market is buying low and selling high. But how many investors have the time, talent, and luck to earn consistent returns this way? In The Ultimate Dividend Playbook: Income, Insight, and Independence for Today's Investor, Peters shows you why you don't have to try to beat the market and how you can use dividends to do the heavy lifting.

What exactly are dividends? Basically, a dividend is a transfer of assets, almost always cash, from a corporation to its shareholders. Not all corporations, even those with enormous profits and sizable cash reserves, are willing to pay them out to shareholders, but many corporations do. Some pay out only a little, while others—the kind of companies this book tells you about—pay out a lot, thereby setting the investor free from fickle market prices and unreliable capital gains.

This practical resource focuses on three essential elements: income, information, and independence. Most investors are familiar with income, but what you may not know is that dividends convey crucial information like a company's financial health and growth prospects, and that an investment strategy using dividends and dividends alone offers rewards not subject to the whims of Wall Street.

So let others chase capital gains, add up their statement values, and try to time the market. Dividends are the ultimate source of a stock's value for shareholders. The Ultimate Dividend Playbook will help you frame an approach—emotional as much as intellectual or financial—and assemble a portfolio of well-chosen, dividend-rich stocks that can deliver the income and growth you seek.

From the Back Cover


The Ultimate Dividend Playbook

Dividends may be the most misunderstood aspect of investing in stocks—to the extent people bother to understand dividends at all. As editor of the monthly newsletter Morningstar DividendInvestor, Josh Peters offers sound advice on the long-term investment of capital with dividends as the guide.

Now, in The Ultimate Dividend Playbook: Income, Insight, and Independence for Today's Investor, Peters takes a fresh look at dividend-paying stocks and equips the individual investor for financial success through his dividend-achieving approach. He shows how to put the three dividend plays of income, insight, and independence into practice so that dividends will put cash in your pocket regardless of the fads and failings of Wall Street. Peters also takes you through the insides of a corporation and the factors that allow it to pay and raise dividends, tells how to separate safe dividends from risky ones, and explains how to construct a portfolio of dividend-paying stocks to meet your financial needs.

Filled with in-depth insights and practical advice, The Ultimate Dividend Playbook will help investors find high-quality, dividend-paying stocks to fortify their portfolios for the long haul.


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Product Details

  • Hardcover: 368 pages
  • Publisher: Wiley; 1 edition (January 2, 2008)
  • Language: English
  • ISBN-10: 0470125128
  • ISBN-13: 978-0470125120
  • Product Dimensions: 6.4 x 1.2 x 9.3 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (50 customer reviews)
  • Amazon Best Sellers Rank: #73,160 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

277 of 285 people found the following review helpful By Clif Purkiser on January 14, 2008
Format: Hardcover
Let me be upfront, I am a fan of dividend investing in general and Josh's Morningstar Dividend Investor Newsletter in particular. As an early retiree I have been struggling with a way to have enough income to enjoy life, while protecting my nest egg from the ravages of inflation.

I think this is a valuable book for the intermediate or advance investor to own for two reasons. First, while dividend investing has become somewhat trendy in the last couple of years, there hasn't been much in depth analysis of why dividends matter. Secondly, the truly outstanding portion of the Dividend Playbook is it teaches the average investor how to search out and evaluate dividend stocks, and figure out which are likely to be good investments. Overall, the Playbook is the rare business book that does a better job teaching you how to catch fish, than making the case why you should eat fish!

Target Audience.
I think anybody who is a current or potential M* Dividend Investor Newsletter subscriber would be crazy not to buy this book, it is a fraction of the cost of the newsletter, and makes the newsletter much more valuable. I'd also commend it to any do it yourself stock picker. I think it would be valuable people looking at purchasing dividend ETF like DVY or mutual funds. A beginning investor who isn't really comfortable with terms like Return on Equity, or an index fund investor, or 401K investor doesn't really need it.

Why dividends?
Josh quickly nailed my biggest problem as a retiree depending on an equity heavy (80%) investor. It is awfully hard to figure out when to buy a stock and even harder to know when to sell.
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157 of 169 people found the following review helpful By Munir F. Bhatti on February 8, 2010
Format: Hardcover
Although published in 2008, the content in this book (judging by the included information in the text, tables and charts) was authored through 2006. In 2006 and 2007 the markets rose. In 2008, it plateaued and--later that year--it fell off a cliff as we entered the worst worldwide economic downturn in 70 years. As of 2010, the market has recovered a great deal but many companies were nonetheless critically damaged or forced into bankruptcy. With the benefit of hindsight, we can examine the central thesis, particular methods, and specific recommendations of this book and see how well they have held up over the past 4 years. Given the severity of the decline, this should indicate how well the ideas and investment methods would hold up in hard times in general, and therefore how dependable this strategy would be for investing.

What is the central thesis? Josh Peters' compelling idea is that one can purchase companies that pay dependable and growing dividends. These dividends should grow faster than inflation, allowing the investor to depend on stable and growing income during retirement. It's an alluring thesis, and one that seemed highly plausible in 2006. However, of the thousands of companies screened and approximately 26 selected using the authors sophisticated Dividend Drill Return Model, a fairly high proportion have declined in value 30%, 50%, or even 95% while cutting the dividend in half, decimating the dividend, or eliminating the dividend entirely. To use Mythbusters' terminology, we can safely declare the central thesis--that one should retire on dividend paying companies rather than bonds--busted.
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53 of 55 people found the following review helpful By mostserene1 on March 3, 2008
Format: Hardcover Verified Purchase
Like Clif, I am an early retiree who relies on dividends for an (in my case, modest) income stream. I disclose this so the reader can place this review in perspective. The thesis of this book coincided with my own investing philosophy, so I anticipated both friendly and familiar ground, but the author argued persuasively the advantages of dividend-paying stock strategy over alternatives, and he provided sufficient detail on the analysis of the dividend aspect of equities to improve my knowledge in this area.

The book's thrust is that you may be better off receiving income via dividends than regularly selling off stocks from your portfolio or relying on fixed income instruments. Moreover, even if you are a long-term investor looking for a modicum of growth and not only immediate income, the author confirms the value-investing maxim that div-payers tend to perform better than non-div stocks over the long term.

And to me perhaps the most convincing construction, also proposed by the book Active Value Investing, is that if you are going to own a stock and that stock's performance is flat or down for relatively long periods of time (say, during range-bound or bear markets), would you not want the stock to pay you for holding it in the meantime?

The author uses a variety of methods to analyze how to select dividend-payers that are likely to continue paying, and increasing, their dividends. He focuses on ROE vice cash flow, and explains why. He also reveals his own portfolio. One nit-pick is the promotion of his newsletter, which is common among investing authors but nonetheless detracts a bit from the point being made.

It is worth noting that this book was put to bed mid-2007, so his fairly unalloyed praise of REITs should be viewed in that context.
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