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The Ultimate Dividend Playbook: Income, Insight and Independence for Today's Investor Hardcover – January 2, 2008
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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 othersthe kind of companies this book tells you aboutpay 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 approachemotional as much as intellectual or financialand 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 stocksto 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.
Top Customer Reviews
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!
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.
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.Read more ›
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.Read more ›
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.Read more ›
Most Recent Customer Reviews
Every investor should read this book. Josh Peter's approach to income investing is simple. Forget about the ups and downs of the market. Read morePublished 4 months ago by value hunter
Overall I love this book.
But you have to remember that there are different ways of investing. This strategy is for a dividend growth portfolio. Read more
I gone through this book twice. Two big gains from reading this book are
1. Better way of analysing dividend yield and dividend payout
2. Read more
I've been following Josh's advice for five years now. This book explains his rationale for dividend investing in a clear and compelling manner. Read morePublished 11 months ago by buckisacoach
I liked this book and felt it provided good information. Like most books on the subject it would benefit for more concrete details on when to sell. Read morePublished 12 months ago by T. Kelley