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What You’re Getting Wrong About Dividend Investing

2024/11/15

Investing Insights

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David Harrell

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David Harrell 指出投资者对股息投资的看法并非完全对立，而是对股息的理解存在误区。媒体对股息投资的报道既有正面也有负面，使得投资者难以形成清晰的认识。他用巧克力棒的比喻解释了股息谬论，即投资者误认为股息是额外收益，而忽略了股息发放后股价会相应调整。他还提到了股息陷阱，即高股息率可能是由股价下跌造成，而股价下跌可能预示着公司基本面存在问题。他认为投资者应该关注总回报而不是单独的股息，因为如果需要当前收入，投资者可以选择出售部分股票来创造自己的股息。他还解释了为什么一些投资者不喜欢自己创造股息，因为收到股息的心理满足感更强。David Harrell 认为长期来看，股息股的表现与大盘相比各有优劣，取决于时间段和市场环境。他还比较了股票回购和股息，认为股票回购比股息更有效地将资本返还给股东，因为它更具税收效率。最后，他指出股息投资策略本身并无好坏之分，关键在于是否符合投资者的个人目标和行为习惯。如果股息策略能够激励投资者实现财务目标，那就是一个好的策略。 Ivanna Hampton 作为主持人，引导了对话方向，并提出了关于股息投资是否会造成不良投资者行为的关键问题。

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Chapters

David Harrell discusses why investors might be divided or confused about dividend investing due to mixed messages from financial headlines.

Investors receive mixed messages about dividends from financial headlines.
Dividend increases and dividend growth investing are generally viewed positively.
There is also a view that dividends are an inefficient way for companies to return cash to shareholders.

Shownotes Transcript

David Harrell, editor of Morningstar’s DividendInvestor newsletter, makes the case for dividend investing. However, he also points out the pitfalls, like dividend fallacy, that income-focused investors should watch out for. Why Investors Are Divided About Dividend Investing

The Pitfall of Dividend Fallacy

Warning Signal for Dividend Traps

Should Investors Focus on Total Return Rather Than Dividends Alone?

How a Dividend-Focused Investment Strategy Can Help with Safe Withdrawal Rates

Why Investors May Not Want to Create Their Own Dividend

Why Long-Term Performance Matters When Looking at Dividend Stocks Versus the Broder Market

Are Share Repurchases Better Than Dividends at Returning Capital to Stock Owners?

Drawbacks of a Dividend-Focused Investment Strategy

Has Dividend Investing Created Bad Investor Behavior?

**Read about topics from this episode. **

Subscribe to the Morningstar DividendInvestor newsletter.)

3 Dividend Stocks for November 2024)