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#277792 - 21/03/2006 08:39 Re: Stock Market [Re: wfaulk]
Anonymous
Unregistered


I think you have to differentiate between income stocks and growth stocks. Income stocks pay regular dividends and the stock price stays pretty flat. So you might get a 10% yearly return on your investment in that company.

Growth stocks invest most or all of the profits back into the company. So you won't get regular dividends but the size of the company will increase rapidly, and the value of your shares will too.

I see what you're saying though about what tangible value does one single share have if it doesn't pay dividends. But if it had no value then that means a big shot could buy a really profitable company for really cheap. Then he could collect the profits or re-invest the profits or whatever. Either way, the profits are his. And even if you own 1/1000th of a company, then 1/1000th of the profits belong to you. You only get 1/1000th of a say in whether those profits are cashed out or re-invested for bigger profits later on.

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#277793 - 21/03/2006 11:15 Re: Stock Market [Re: ]
JBjorgen
carpal tunnel

Registered: 19/01/2002
Posts: 3538
Loc: Columbus, OH
Dear Bitt,

You are dumb. Bring our ball back.

John
_________________________
~ John

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#277794 - 21/03/2006 11:39 Re: Stock Market [Re: wfaulk]
Roger
carpal tunnel

Registered: 18/01/2000
Posts: 5620
Loc: London, UK
Quote:
none of which even begin to show me how you actually make money from the ownership (not the selling) of stock


How do you make money out of the possession of money? It's worthless unless you can persuade someone to either give you products or services (or other money) in exchange.

And currency isn't actually grounded in anything real either.
_________________________
-- roger

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#277795 - 21/03/2006 12:00 Re: Stock Market [Re: JBjorgen]
JeffS
carpal tunnel

Registered: 14/01/2002
Posts: 2858
Loc: Atlanta, GA
Quote:
You are dumb. Bring our ball back.

ROFL
_________________________
-Jeff
Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.

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#277796 - 21/03/2006 12:42 Re: Stock Market [Re: wfaulk]
JeffS
carpal tunnel

Registered: 14/01/2002
Posts: 2858
Loc: Atlanta, GA
If Bitt’s truly done with this thread then it doesn’t make much sense to continue. However, giving it one last stab:

Say a company offered something called a “Coolness Certificate” (cc) that you could purchase as an investment. The notion being that the company promises to do everything possible to become more “cool”, and in doing so will raise the value of your cc shares. The value in these shares would be that they would increase as the companies “coolness” does, and you could sell them to other investors when you feel that the value has peeked- perhaps you get a sense that the company just isn’t as cool as it used to be. This system works as long as all the investors buy into the notion that the coolness of a company and the value of the cc shares are linked.

Most of the arguments in this thread in favor of stocks having actual value would apply to the above scenario of “Coolness Certificates”. They have value as investments because people want them- the actual value as related to the company isn’t important (in fact, it doesn’t exist). Of course, the moment someone wakes up and realizes that neither is the emperor wearing any clothes, nor is there any correlation between a company’s “coolness” and the shares people have purchased, the whole system comes crashing down.

So what is the difference with stocks? As I see it, stock ownership has the potential to control the destiny of a company, therefore stock does correlate to the perceived value of a company, unlike cc’s to a company’s “coolness”. The more value a company has, the more value there is of being able to control. That most people don’t have enough shares to wield any kind of control is inconsequential, because there are some that do. People do use their shareholdings to control companies, and those holding small numbers of shares are riding on their coattails, as it were.

Or that’s how I see it, anyway. If I missed the point completely or am merely re-treading the same tired arguments, then I apologize.
_________________________
-Jeff
Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.

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#277797 - 21/03/2006 14:06 Re: Stock Market [Re: TigerJimmy]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
I'm responding here because Jeff's argument makes sense to me and we can call it quits, but I want to try to explain why you're totally misinterpreting my points:

Quote:
Nothing has monetary value if you refuse to sell it.

Never once have I said that the stock must have monetary value in order to have value. At the same time, I don't see that it has any other sort of value, either. To back up in your post, you kinda make my point for me:

Quote:
Its like saying that a car doesn't have any value if you don't drive it.

Correct. A car has both value in its utility (in the case of a car, its ability to get you from one place to another) and its potential resale value. Its potential resale value is based on its utility. (Even if, in some cases, that utility is awfully abstract, like making the owner feel like he looks cool.) A stock's potential resale value must also be based on its utility. That utility is the inherent value I've been talking about, and it need not be monetary in nature. Your argument so far, as far as I can fathom, is that its utility is that it can be sold for money. But the fact that it can be sold for money is based on its utility. It's like saying that Windows has the best applications because it's the best operating system, and that it's the best operating system because it has the best applications. That's a completely circular argument, and a classic logical fallacy: "circulus in demonstrando".

Again, my point is that any item must have some sort of inherent value (or utility), even if it's abstracted, in the case of currency, for example, for it to have any resale value. And my argument is that stocks are sufficiently abstracted to make their connection to the issuing company extraordinarily tenuous.
_________________________
Bitt Faulk

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#277798 - 21/03/2006 14:17 Re: Stock Market [Re: JeffS]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
I said in my last post that Jeff's argument made sense to me, and I thought it did, but now that I'm sitting down to explain how it does, I find that it doesn't.

It's a good first step, though, comparing it to something that is as similar as it can possibly be, but which demonstrably has no value at all.

Quote:
The more value a company has, the more value there is of being able to control.

Maybe my problem is that I don't see any value in the ability to control.

I do see the value in dividends, obviously, and maybe I'm overestimating their rarity. And I suppose I can see the value in potential dividends, though that's a lot closer to gambling to me.

BTW, I didn't mean to offend anyone with my Kool-Aid reference. And, for the record, it's not like I think it's all some big conspiracy, or that people don't make money. And I don't have a problem with anyone playing the stock market (or gambling, for that matter) -- I'm just of the opinion that the whole concept has clay feet, and therefore would never do it myself.
_________________________
Bitt Faulk

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#277799 - 21/03/2006 14:24 Re: Stock Market [Re: wfaulk]
Ezekiel
pooh-bah

Registered: 25/08/2000
Posts: 2413
Loc: NH USA
Bitt,
I've avoided weighing in, since so many have made points I agree with (voting, dividends, mainly).

Let me pose to you this hypothetical question. Say a company were public, but there were only two stockholders, one with 51% and one with 49%. The company has a record of consistent 12% profits, and has never paid a dividend - they have several hundered in million in cash accounts. Gross sales are 100 million per year. Is that 49% share worthless/of no value simply because it is a minority share and therefore cannot control board membership?

It seems to me that your arguments to date would say yes, that this 49% has no intrinsic worth - no dividends, no meaningful voting rights.

Am I incorrect in that interpretation?

-Zeke
_________________________
WWFSMD?

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#277800 - 21/03/2006 14:53 Re: Stock Market [Re: wfaulk]
JeffS
carpal tunnel

Registered: 14/01/2002
Posts: 2858
Loc: Atlanta, GA
Quote:
Maybe my problem is that I don't see any value in the ability to control.
Yes, from reading your posts, I'd say that's probably the issue. The ability to control a company is a huge value I think, if you ever can attain that control, and if the company is a good one. You can strip the company and sell off pieces, for money. You can liquidate the entire thing, for money. If you see great potential you can hang on to it and pocket the profits (rather than reinvesting them), and earn money- this is of course the whole point of dividends. The bottom line is that you have the control over what a company does with its money and assets- giving it/them to you or trying to use it/them to make more money. More often then not its a combination of the two.

Of course, most people never get that kind of control, but the fact that it's there makes the correlation between company performance and the price of the stock more reasonable. And if stock prices don't retain their correlation then it will self adjust. When a stock is undervalued, someone with deep pockets is going to buy it for the control potential and not let go unless the price exceeds the value of their control.

But the whole thing hinges on the notion that someone, somewhere cares about control of companies and is willing to pay for it. It doesn't have to be you or I, but there are plenty of people out there doing exactly that- looking for companies to buy at a good price.


Edited by JeffS (21/03/2006 14:57)
_________________________
-Jeff
Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.

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#277801 - 21/03/2006 15:18 Re: Stock Market [Re: matthew_k]
julf
veteran

Registered: 01/10/2001
Posts: 1298
Loc: Amsterdam, The Netherlands
Quote:
Ownership isn't a new concept, we brought it over on the mayflower and it's been thriving in North America ever since.

And the Mayflower actually came via Holland, where they pretty much invented stocks and exchanges - and maybe looking at the history helps understand the "rationale" behind owning stocks.

The Dutch invented the idea of joint stock companies.The Dutch East India Company was the first company to issue stocks and bonds. The whole construct originally existed to mitigate the (significant) risk of sending a ship to the East Indies. In most cases it didn't come back, but if it did, it's cargo would make you rich.

So, instead of taking the risk all yourself, why not split the risk up in, let's say, 100 pieces, and agree to split the profits in the same ratio. Thus you can invest in 100 1% pieces, and have a reasonable expectation that some of the ships come back and give you some amount of wealth.

But in buying shares in a company, you take on part of the risk and benefit of the company business plan - if they fail, you have lost your money, if they succeed you will get some benefit (as dividends).

Of course, what then happens is people start speculating on the odds of a company succeeding, and create a market of derivatives - again a construct originally designed to mitigate the risk of crops failing or raw material prices changing.

Let's not get into junk bonds...

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#277802 - 21/03/2006 15:19 Re: Stock Market [Re: Ezekiel]
DWallach
carpal tunnel

Registered: 30/04/2000
Posts: 3728
Also, one other point for Bitt concerns the price to earnings (P/E) ratio. To keep the numbers simple, let's say we have a hypothetical company which makes a profit of $1M/year. There are also 1M outstanding shares (for a profit of $1/share). Clearly, if you bought all the shares for $1/each, then you would control the company and would recover your investment in a single year if you chose to pay yourself that entire profit as a dividend. Unsurprisingly, if the stock were trading at $1/share (and having a P/E ratio of 1.0), that would be very attractive for exactly this reason. And, as a direct result, the share price (and the P/E ratio) would increase and the market would eventually reach a price equilibrium.

If you look at various stocks, you'll see P/E ratios all over the map. To pick a random sampling of stocks, Ford's P/E ratio is 7.58. 3M's is 18.25. Google's is 69.07. Ford and 3M pay dividends (5.1% and 2.5%, respectively), while Google doesn't pay any dividend.

So, if you were to buy a controlling share of Ford and were to pay yourself massive dividends, you could recover your investment in eight years, versus 18 for 3M. However, the market is more concerned that Ford will collapse under a mountain of its own debt. Thus, Ford shares are less valuable than 3M, despite the fact that they're paying out twice the dividend rate. Still, the prices aren't random at all. They make perfect sense. I'd argue that no Kool-Aid is necessary to wrap your brain around how Ford and 3M are priced and you could probably even derive those prices from first principles.

Google, and any other "growth" company, require some amount of Kool-Aid to understand. Unlike many of the earlier dot-com bombs, Google is actually making heaping piles of real profit, so there's clearly "value" in its shares. However, those higher P/E ratios stocks tend to also have higher price volatility, precisely because the stock prices is being driven more by emotions and less by hard "value" data, as with Ford or 3M.

Maybe we can invent a "Bitt Index", where a low-numbered value says an investment is concrete and sensible, and a high-numbered value says an investment is pure Kool-Aid. If you buy a government or blue-chip corporate bond and hold it until it matures, they're promising to pay you back your money with a fixed interest rate. Your profit is entirely predictable. That should have a nice, low Bitt number, but it's also generally going to have a lower return (these days, under 5% yield). You can also trade those bonds, prior to their maturity. They still have a guaranteed payout to the bond holder when it matures, but the price of the bonds will fluctuate. So, bond trading, of the very same bonds, would seem to have a higher Bitt number. Of course, bigger bond profits happen when you get "junk" or "emerging market" bonds, where there are legitimate concerns about whether the bond issuer will actually pay out when the bonds mature. In order to overcome this, the bond issuers have to promise higher returns. More risk, higher Bitt number, more potential reward.

Stocks, like bonds, will have variable placement on the Bitt Index. If you own 10% of your cousin's auto parts store and he pays you a hefty dividend every year on his profits, then you would probably give that a reasonable low Bitt number. As the percentage of the firm you own goes down and/or the dividend rate goes down, the Bitt number increases. But, what if you cousin wanted to reinvest his profits to expand his store, rather than paying you a dividend? He might be able to pay you more dividends later on. Higher Bitt number, more risk, more potential reward.

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#277803 - 21/03/2006 16:20 Re: Stock Market [Re: Ezekiel]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Quote:
It seems to me that your arguments to date would say yes, that this 49% has no intrinsic worth - no dividends, no meaningful voting rights.

Correct. I contend that that is worthless.

I can see where it's vaguely possible that the company got bought out and paid cash for the stock and you would end up getting 49% of the cash, but I think that hoping that your business gets bought out for cash is a lousy business model, personally.
_________________________
Bitt Faulk

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#277804 - 21/03/2006 16:40 Re: Stock Market [Re: DWallach]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Quote:
As the percentage of the firm you own goes down and/or the dividend rate goes down, the Bitt number increases.

And my point is that when the dividend rate reaches zero, the Bitt number becomes infinite. What you've defined is essentially a risk ratio. And I fail to see the benefit where the dividend rate reaches zero. From my point of view, you're paying money that you will never see any return on. I can see, empirically, that there is such a significant number of other people who want these things, but I fail to see what their desire is based on. And part of me would feel guilty for pawning this crap off on someone else. To me, it's like selling something broken on eBay.

I guess it all comes down to control. There is a certain group of people who think that control of a company is worth paying for, and the stock market is based on that. Since that desire for control is aberrant to me, it seems like a huge waste of time.

And, to be clear, I completely understand the risk abatement idea in the original notion of stock, like what Julf describes with the Dutch East India Company. No single person can afford to lose $1,000,000, but a thousand people can afford to lose $1,000. So you get a thousand people to sign up and they hope that the expedition brings back more than $1,000,000, each of whom get their 0.1% of the profits. Effectively, that's dividends, and, again, from my point of view, dividends are largely not paid these days.
_________________________
Bitt Faulk

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#277805 - 21/03/2006 16:44 Re: Stock Market [Re: JeffS]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Quote:
But the whole thing hinges on the notion that someone, somewhere cares about control of companies and is willing to pay for it. It doesn't have to be you or I, but there are plenty of people out there doing exactly that- looking for companies to buy at a good price.

Hmm. That one almost makes sense to me. Essentially, I know I have something that you want, and even though it holds no interest to me, I'm going to hang onto it because I know you want it.

That just cements my dislike of the stock market. That's just scummy, IMO. The fact that it's anonymous is irrelevant to me. Essentially, "I don't want the whole world. I just want your half."

I guess that's why I'm not a capitalist.
_________________________
Bitt Faulk

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#277806 - 21/03/2006 16:50 Re: Stock Market [Re: wfaulk]
Phil.
pooh-bah

Registered: 14/01/2002
Posts: 2481
Hmmm like buying useless web domains in the hope one person will buy them for an inflated price.

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#277807 - 21/03/2006 17:06 Re: Stock Market [Re: Phil.]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Yeah, that was exactly the scumbaggy example I was thinking of.
_________________________
Bitt Faulk

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#277808 - 21/03/2006 17:08 Re: Stock Market [Re: Phil.]
JBjorgen
carpal tunnel

Registered: 19/01/2002
Posts: 3538
Loc: Columbus, OH
Quote:
Hmmm like buying useless web domains in the hope one person will buy them for an inflated price.

Ugh, that totally chaps my ass! Then they want like 2000 bucks for it. Yeah, right.
_________________________
~ John

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#277809 - 21/03/2006 17:51 Re: Stock Market [Re: wfaulk]
JeffS
carpal tunnel

Registered: 14/01/2002
Posts: 2858
Loc: Atlanta, GA
Quote:
Essentially, I know I have something that you want, and even though it holds no interest to me, I'm going to hang onto it because I know you want it.
Good summation I think, like it or not. How to you feel about purchasing land as an investment (land that you do not intend to use personally, but feel may appreciate in value)?
_________________________
-Jeff
Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.

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#277810 - 21/03/2006 18:09 Re: Stock Market [Re: JeffS]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Good question. Unlike stocks or domain names, someone has to own land. There's not really an unowned state (any more). So I'm going to say that it's less offensive.

Note that I think that a valid use of land (and other things, for that matter) is to prevent someone else from doing something with it you don't want done. Like I might not have any use for a piece of land, but I don't want a potential buyer to stripmine it.

When did this turn into "Bitt Explains It All"?
_________________________
Bitt Faulk

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#277811 - 22/03/2006 05:01 Re: Stock Market [Re: wfaulk]
genixia
Carpal Tunnel

Registered: 08/02/2002
Posts: 3411
I'm having trouble understanding your lack of understanding when so many examples of value have been given!

Owning part of a company has intrinsic value. You own part of its infrastructure and assets, its patents and copyrights, its trademarks and brands. All of those have some value. You also own part of its future profits and losses.

The expectation is that the company will be profitable. When that happens it will pay out dividends. Except, sometimes it is better for a company to invest in itself instead. This is frequently the case with emerging business sectors where companies compete to garner market-share - the expectation is that the larger the market share that a company has, the more product it can sell, and since it aims to make profit from each unit of product, the more profits it will generate. If they can gain a large enough market share they may be able to gain an effective monopoly, allowing them to dictate prices and profit margins (eg Microsoft) So the company grows, increasing its intrinsic value, making your share of the company worth more and more. Stable business sectors usually contain companies that pay dividends.

You can _always_ sell your share back to the company for its intrinsic value.

Yes, I did just write that.

Note that I didn't say that you could go and knock on the CEO's door and ask to 'redeem' it. But if you were, he would almost certainly buy it from you. He'd have to be drinking Kool-Aid to not do so.

Why?

Because the intrinsic value of a share is nearly always significantly less than the market value. The company could buy that share from you and resell it for an easy profit. But why would you sell it to back to the company when you could get a better price on the open market yourself? (Unless _you_ were drinking the Kool-Aid)

The intrinsic value of a share is based on the tangible assets of a company. The moment that the market price drops below the intrinsic value, the company is going to buy back shares. The major stockholders are going to demand it - each share removed from the market increases their percentage of control and profit. Eventually, if the market price stayed forever below the intrinsic value (which raises for each share removed from the market), you'd end up with a handful of stockholders holding all the remaining stock, at which point they'd probably liquidate the company to extract its intrinsic value straight into their bank accounts.

But of course - how could this happen? It obviously cannot. Stockholders get smart and realise that they could be amongst those getting the big payouts, and refuse to sell for that price. Other non-owners realise that they could buy stock and be amongst them too. Supply, demand. The market price quickly rises to an equilibrium.

The market price is based upon the intrinsic value and other intangible factors, such as expected profits, market share, market outlook, etc. As such, the market price defines the perceived value of the company, which fluctuates as perceptions shift. Obviously, the company itself can affect these perceptions. That is why the SEC exists, to bring regulate how a company must report its accounts and financial outlook, and also prevent employees with privleged information from profiting on the stock market due to that knowledge.

Stock Exhanges are a convenience. Since the company does not participate in most transactions, forcing buyers and sellers to move their transactions through the company would be inconvenient. You'd need to contact each company that you'd want to trade in. Originally this was the case. It soon became apparent that there was money to be made in being a broker or dealer of several stocks, and soon after that groups of brokers and dealers collected together to form clubs dedicated to extracting money from brokering and dealing in stocks. Thus begun the stock exchanges that became a far more efficient vehicle for buying and selling stocks than dealing with the company directly. This is the reason that you don't redeem stocks to the company. It's too inefficient. Companies basically outsource this process to the stock exchanges and participate to buy and sell stock in the open market when appropriate (eg IPOs and buy-backs)
_________________________
Mk2a 60GB Blue. Serial 030102962 sig.mp3: File Format not Valid.

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#277812 - 22/03/2006 11:46 Re: Stock Market [Re: wfaulk]
Tim
veteran

Registered: 25/04/2000
Posts: 1488
Loc: Arizona
Quote:
Effectively, that's dividends, and, again, from my point of view, dividends are largely not paid these days.

I still think you are overestimating the number of companies that don't pay dividends.

-- Tim

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#277813 - 22/03/2006 14:33 Re: Stock Market [Re: Tim]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Quote:
I still think you are overestimating the number of companies that don't pay dividends.

I think that's the crux of my issue, and the point where everyone's arguments fall over in my eyes.

I'd love to see some solid information on this. I've looked and I can't find any.
_________________________
Bitt Faulk

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#277814 - 22/03/2006 15:50 Re: Stock Market [Re: wfaulk]
Tim
veteran

Registered: 25/04/2000
Posts: 1488
Loc: Arizona
Quote:
I'd love to see some solid information on this. I've looked and I can't find any.

I tried to find a list of the companies that do provide quarterly dividends, but couldn't come up with one. I will check further to see if such a list exists.

-- Tim

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#277815 - 22/03/2006 16:08 Re: Stock Market [Re: Tim]
pgrzelak
carpal tunnel

Registered: 15/08/2000
Posts: 4859
Loc: New Jersey, USA
Would something like this help?
_________________________
Paul Grzelak
200GB with 48MB RAM, Illuminated Buttons and Digital Outputs

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#277816 - 22/03/2006 16:21 Re: Stock Market [Re: pgrzelak]
JBjorgen
carpal tunnel

Registered: 19/01/2002
Posts: 3538
Loc: Columbus, OH
Quote:
Would something like this help?

The force is strong with this one.
_________________________
~ John

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#277817 - 22/03/2006 16:35 Re: Stock Market [Re: JBjorgen]
pgrzelak
carpal tunnel

Registered: 15/08/2000
Posts: 4859
Loc: New Jersey, USA
Not really. Google - "annual dividend" stock list.
_________________________
Paul Grzelak
200GB with 48MB RAM, Illuminated Buttons and Digital Outputs

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#277818 - 22/03/2006 16:54 Re: Stock Market [Re: wfaulk]
Tim
veteran

Registered: 25/04/2000
Posts: 1488
Loc: Arizona
Close, but I wasn't looking for any qualifiers

That list has about 800 stocks shown that meet his criteria, but he also said that more than 1,900 fit the criteria before he took speculation into account.

There are a ton more that are outside his search criteria.

-- Tim

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#277819 - 22/03/2006 16:56 Re: Stock Market [Re: pgrzelak]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Not perfect, but not bad, either.

Quote:
To qualify for the Big List, a stock must have a minimum 1.75% estimated dividend yield. When I last checked, more than 1,900 stocks met that requirement, too many to list here.


AmEx lists 808 stocks, NYSE 1366, and NASDAQ 3300. That's probably the vast majority of stocks traded in the US, right? So that's 5474. And about 1900 pay dividends that are worth much of anything. So about 35%. More than I thought.
_________________________
Bitt Faulk

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#277820 - 22/03/2006 17:02 Re: Stock Market [Re: wfaulk]
pgrzelak
carpal tunnel

Registered: 15/08/2000
Posts: 4859
Loc: New Jersey, USA
Quote:
More than I thought.


But a lot less than what I thought. That is a painfully small percentage.
_________________________
Paul Grzelak
200GB with 48MB RAM, Illuminated Buttons and Digital Outputs

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#277821 - 22/03/2006 17:26 Re: Stock Market [Re: wfaulk]
wfaulk
carpal tunnel

Registered: 25/12/2000
Posts: 16706
Loc: Raleigh, NC US
Reuters has a stock search tool. They list 8914 US companies, 2653 of which have an Indicated Annual Dividend [1] greater than zero, and 2645 have a Dividend Yield [2] greater than zero. So about 30%.

[1] Indicated Annual Dividend: The total of the expected dividend payments over the next twelve months. It is generally the most recent cash dividend paid or declared multiplied by the dividend payment frequency, plus any recurring extra dividends.

[2]Dividend Yield: This value is the current percentage dividend yield based on the present cash dividend rate.
_________________________
Bitt Faulk

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