Totalmente de acuerdo.
A parte de que para mí 100 k$ es una cantidad muy alta, pero quizás para él no sea nada. Invertir al 100%, perfecto, sin embargo ¿a cuánto estaba antes? ¿Al 99%? ¿Al 0%?
Esto no quita para que me alegre por él si es cierto.
Esto es IF con mayúsculas. Hago captura de pantalla porque no tiene desperdicio 
El portfolio de ejemplo con 5M se ha quedado pequeño.
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Tiene que ser troll. Si no lo es, me parece tristísimo.
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Alguien sabe explicarme cómo funciona el rango de puntuación Chowder?? Hoy estoy muy espeso y no consigo encontrarlo
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De Older folks portfolio. Acerca de recortar posiciones que crezcan mucho en valor para mantener posiciones equiparables.
"I understand the concept of not wanting to have a company represent more than a certain percentage of the portfolio. In my own case I manage quite a few portfolios where I try to keep the positions equally weighted.
The equal weight concept comes from the standpoint of me working with a portfolio that isn’t a long term established portfolio and thus don’t know who the leaders and laggards are going to be. However, once you’ve held positions for 10 years or more, you to identify who is working and who isn’t.
If I have a company that has done really well over time, I don’t want to trim it or sell it to start over with some other company, I want to build on it. I’d be adding to a winner. So what if it represents 10% or 20% of the portfolio value, or even its income flows, it’s a winner.
People often don’t give their companies time to develop into this stage, and then there are those who get caught up in the moment and decide to sell their leaders and keep their laggards. I’ve been there, done that and it no longer makes any sense to me.
Anyone here who is holding a company that is up 1000% or more has had many occasions where that company was overvalued but by operating on the concept of buy and hold, or what I refer to as a company’s true value being in the future, you don’t trim a company that is performing well for you, you should add to it so the large numbers have a larger positive impact on your portfolio.
Any well established portfolio will have about 20% of the positions they own holding the portfolio up, and yet people want to trim those positions for various reasons and I prefer to add to them."
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Un poco más arriba lo tienes.
Y también en Recursos, explicado en la charla de Chowder. (hacia mitad de charla aprox).
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“Every Friday afternoon around 2 PM, Baker Hughes comes out with the weekly rig count. It will show up in the SA news feed. Every week rigs have been declining in use and thus tells me that demand isn’t picking up yet. When I see where the rig count starts rising, that’s when I’ll add to CVX and XOM. That’s my catalyst.”
Al menos sabemos de dónde saca la información.
Espero enterarme cuando lo haga.
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Principio o Ley de Pareto o Regla del 80/20?
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Tal cual. Porcentaje arriba o abajo.
La razón de las posiciones equiponderadas cuando se inicia o construye una cartera: no sabes cuáles serán las grandes ganadoras, pero mejor que cuando se disparen tengan la misma oportunidad que el resto (en vez de hacerlo con mucho menor capital invertido que otras).
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Compra en la cartera de su hijo.
“There have been no dividend increase announcements this month so I went with my backup plan. The focus here is on defensive positions with yields of 3% or more, and have the nearest ex-dividend date. The ex-date for KO is Jun 12. So, if I didn’t add today and waited until next week, I would be delaying the higher dividend payment by 3 months.
I want to increase dividend cash flows by 10% year over year so I am looking at yields above 3%.
KO has a 3.35% yield.”
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“Valuations …
I still don’t get the concept of valuing a company the way it appears most people on SA are doing do. It seems to me, regardless of where the market is, people think it is overvalued. Sometimes I think they use the term overvalued to hide the fear they are experiencing over their uncertainties and inexperience, they are simply repeating what they heard elsewhere. At the beginning of the year, there were companies that a lot of people would have jumped on if they corrected 20%, but now that they are 20% below market highs, they consider them overvalued. In some cases, price jumps $5 per share on a company that was beaten down and now that it has risen some, it’s overvalued.
Here’s how I put valuations into perspective. Today’s market isn’t the same as it was 20 years ago. Anyone with experience would know that. We have the Fed and Treasury who have provided unlimited quantitative easing which in essence is going to cause PE expansion. We have many companies that are owned by some people who have seen dividends frozen, cut or suspended. This decreases the supply of companies that continue to grow the dividend. We have record numbers of people focused on buying companies that pay and increase the dividend and with a lower supply of companies to choose from, this too is going to cause even further PE expansion. … The law of supply and demand.
Too many people focus on what they consider the true value of a company today when in essence the true value of a company is well off in the future. Anyone who has long-held positions (20 years or more) would know what I am talking about. The value of their long-held companies at the time they purchased them doesn’t even show up as a lump on a log when looked at on a 20 year chart.
I am of the belief that the economy is going to bounce back stronger than most people expect it to. I’m not suggesting new all-time highs this year, but they are coming at some point, and I want to be fully positioned to benefit from it.
There are no risk-free investments but people, we are currently in a win-win situation if you can manage to get your mind right. Too many people wandering off the reservation, now talking about market timing, trying to focus more on cap gains instead of building good solid companies into positions of size. Too many people thinking they can buy yield later as if they think valuations will be better when they choose to do so. Gotta get the mind right.
The market correction that others were waiting for to add to existing companies came and left and too many did nothing, or very little.
This market correction is different from those experienced a couple of decades ago and more, it’s difficult to identify winners and losers anymore because the Fed is willing to bail them out. They are too big to fail. All one has to do is look at how the airlines are doing. It’s simply a matter of paying attention and understand it is happening because the Fed is going to allow it to happen. … I don’t fight the Fed.
Understanding these circumstances is why I have no fear of current valuations and continue to follow my process with buying on a regularly scheduled basis. PE ratios are going to continue to expand, and what looks like overvaluation today doesn’t really apply because people are using historical PE’s that no longer exist under current market conditions. … Ya gotta adjust!
Think about it.”
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Es una forma de pillar un dividendo mas
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Un criterio un poco…, digamos…, …ejem…, …poco profesional, ¿no?. Vamos, que me recuerda a los míos. 
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Jamás he mirado la fecha ex-dividend para decidir si compro una empresa, creo que ni siquiera lo he hecho cuando ya sé que la voy a comprar. Se me debe estar escapando algo.
Me da la sensación que compra KO independientemente de la cotización (solo yield>3%) con lo qual, comprar por comprar, mejor antes de la fecha ex-div.
Pues ha sido comprar KO y bajar un 4%… ahora está a precio interesante.
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Si que suelo mirar la fecha exdividend, pero desde luego no es ni el primer criterio ni el principal.
Si con la empresa que quiero puedo cobrar un dividendo proximamente pues bien
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Bueno, él va a por la pasta directamente. Se ha marcado objetivo de dividendos a cobrar y busca empresas que entren en los criterios:
1.- anuncio de aumento de dividendo: compra.
2.- Si hay varias: elige la del ex-dividend en ese mes (se asegura aumento del dividendo cobrado).
3.- Si ése mes no hay ninguna: busca empresa que le interese, tenga RPD > 3% y ex-dividend ese mes.
El tema de ex-dividend sí que lo aplico en ocasiones ya que hago compra mensual y entre dos candidatos igual de apetecibles me ayuda a decidir. Creo que @jordirp también la usa.
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Portfolio de su hijo: Añade un CEF que aumentará a 2k para recoger algo más de dividendos y usarlos para comprar empresas.
Todo viene de una “explicación” que dio acerca del uso de hacía de CEF.
“I want to take a moment and talk about CEF’s and goals.
There has been discussion lately that people who invest a lot into CEF’s must simply not have enough income. I don’t know how they define “lot” but in any event, their conclusions are misguided and completely wrong. I could use the same argument with them regarding total return. Their portfolio values are so small, they need growth in order to buy yield at a later date to provide the income they need in retirement. … Is that any more logical than the argument they make about CEF’s?
I don’t need “clown analysis” I look for reasonable expectations on why people do the things they do. This older folk portfolio, that this blog is all about, is a portfolio that has a market value of $5 million and creates $200K in dividend income per year. Yet, this portfolio owns some CEF’s and I will add to them as time goes on just as I add to any other position in the portfolio.
Does this portfolio sound like it is small in value or lacking in income?
People may say, why own CEF’s at all then since the portfolio value and income levels are so high? I say why not? … I’m a goal oriented person to the point the Missus has nicknamed me “Mission Man” because when I set a goal I go after it and I try to get off to a fast start in doing so because you never know what obstacles you’ll face down the road that may slow down your progress. CEF’s help me get off to that fast start in creating more income and income is the primary objective.
To me, CEF’s are no different than owning bonds, equities, art, antiques, precious metals, classic cars or real estate. As long as you own quality and manage your assets accordingly, you can make money in any of these investment vehicles.
Just because Simply Safe Dividends doesn’t have a safety rating, or S&P doesn’t have a quality rating, doesn’t mean there aren’t any quality CEF’s to own. People have gotten so lazy and dependent on SSD and FAST Graphs that they don’t do their own work anymore. They seem to always be looking for short cuts.
Morningstar does rate CEF’s and I prefer those rated 4 and 5 stars, but I also look at the underlying assets of the fund. I’ll look at the top 25 holdings to determine if those assets are high quality or not. If I don’t understand what it is the fund owns, I won’t invest in them regardless of yields or discounts to NAV.
I have another portfolio I manage that is 7 figures in value with quite a bit of CEF’s but the goal isn’t to outperform the market, the goal is to have the distributions from those CEF’s to meet the RMD’s that come out every year so the principal owning the portfolio doesn’t have to liquidate positions to meet RMD’s. So far it has been working for 8 years.
I retired and was no longer dependent on a paycheck, it felt weird not having extra money to invest. There were no more 401K contributions with company matches. That left a hole in my investing plan that I thought I might be able to plug if I stopped and thought about it. CEF’s seemed to be the best answer. It immediately gave me extra money to invest and I still invest in something every month thanks to those distributions.
A number of retired people have admitted that in order to buy something, they have to sell something. I don’t have to do that. Instead of waiting and waiting and waiting for dividend growth from my normal equities, I get immediate larger amounts of cash to invest from CEF’s.
In every case, CEF’s were purchased to meet specific goals above and beyond immediate income needs. They are not being used for living expenses, they are being used to raise cash for investment. They are goal specific, and if they don’t meet your goals or your tolerance for risk , then stay the hell away from them, but don’t ostracize those who do invest in them, they may know more than you do about goal setting and how to achieve those goals more quickly.”
Y aquí su explicación de por qué compra un CEF para la cartera de su hijo.
“The taxable account portion of this portfolio does not have new cash going into it as new cash goes into the Roth. Therefore, the taxable account has to create its own cash for investment and that is done via dividends.
I don’t get as much dividends in cash as I could because I have all of the industrial’s set up on dividend reinvestment, so it takes a while to collect dividends from the other companies. I suppose I could buy 1 or 2 shares at a time, but I haven’t taken that approach yet, I usually collect $1,000 in cash before investment.
I am willing to lower that number to $500 now that there are no fees and the taxable account has $500 that can be invested.
I took that $500 moments ago and purchased the first CEF for this portfolio. I purchased 32 shares of PTY.
The goal is to build this up in size to $2,000 and then use those distributions to add to the other companies within the portfolio.
I chose PTY not only for its high yield of 9.9%, but it is a bond fund and bonds are generally less risky than equities. The management team of this CEF has done a nice job of using leverage, something I want to take advantage of, and through the portfolio management tactics this fund uses, they not only continue to show a steady stream of distributions but have made several special distributions each year as well. So, I’m willing to put some toes in the water and test it in this portfolio. The position is small enough to take the additional risk of investing in CEF’s and I think the payoff is worth that risk at this time. If the situation changes, I can always change with it.”