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dividends

Weekly Market Pulse: The Dividend Stock Conundrum

By |2023-09-18T08:03:45-04:00September 17th, 2023|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

Everybody loves dividend stocks. Some prefer stocks with high dividend yields and some prefer stocks of companies that have grown their dividends consistently, but dividends are an essential component of many (we think it should be all) investors' portfolios. The two methodologies produce quite different portfolios but over the long run, they both perform very well on a total return [...]

Income Revisions Ironically Detect The BOND ROUT!!! But Not The LABOR SHORTAGE!!!

By |2019-07-30T13:16:18-04:00July 29th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Chairman Powell’s hawkishness, so called, has made its way into the historical revisions for Personal Income estimates. The Bureau of Economic Analysis (BEA) released today the annual benchmark revisions to NIPA, the National Income and Product Accounts, which apply to Personal Income and Personal Spending. We’ve already seen the results for GDP and underlying data for corporate profits. What the [...]

Buybacks Get All The Macro Hate, But What About Dividends?

By |2018-07-11T18:33:17-04:00July 11th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

When it comes to the stock market and the corporate cash flow condition, our attention is usually drawn to stock repurchases. With good reason. These controversial uses of scarce internal funds are traditionally argued along the lines of management teams identifying and correcting undervalued shares. History shows, conclusively, that hasn’t really been true. Last year’s tax reform law was meant [...]

Widespread and Worse

By |2016-02-19T17:24:48-05:00February 19th, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

When Janet Yellen testified to Congress last week, she was as usual careful with her words. Alan Greenspan once called it “mumbling with incoherence” but there is very little left to rambling in Yellen’s predicament. Where Greenspan was once the “maestro” and Bernanke the “hero” Yellen is stuck holding the bag, and I think she knows it. In truth, there [...]

The Weekly Snapshot

By |2015-12-13T12:07:44-05:00December 13th, 2015|Alhambra Research, Bonds, Commodities, Markets, Stocks|

Top News Headlines Kinder Morgan, Freeport McMoran, Anglo-American cut dividends Climate deal reached in Paris. Not legally enforceable, all voluntary, no one cares. Dow, Dupont agree to merge, divest and keep Wall Street employed. Junk bond fund halts redemptions. Economic News China loosens Yuan peg to the dollar. Oil hits new lows. Jobless claims hit 5 month high. Retail sales [...]

It All Went So Quickly

By |2015-04-22T15:52:41-04:00April 22nd, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

It seems a very long way from here, but it was only December 23rd when the economy was taken as “booming.” That was the day that excited economists under direct confirmation, allegedly, that this time was different. The Commerce Department had reported Q3 GDP up to 5%, raising estimates for business investment and consumer spending. The recovery had arrived, at [...]

Unextrapolating Bubble Expectations

By |2015-04-13T17:08:53-04:00April 13th, 2015|Bonds, Economy, Markets, Stocks|

No inflection is ever expected in the real economy since everything is always extrapolated in straight lines by orthodox economists using econometrics. Similar interpretations are being used in stocks, and not just in the “earnings recession” that is already declared “unexpected.” In terms of share prices, there is little doubt about what is holding up the S&P 500 and larger [...]

A Eurodollar Impression On the Corporate Side of the Bubble Economy

By |2015-03-23T16:23:55-04:00March 23rd, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

Right along with the growing recognition that there is a systemic problem with labor utilization, and thus wages and earned income serious lag and cap true economic advance, there is at least the coincidence of financial factors that would offer a correlation if not full causation. It may be just that, coincidence, but even that should more than suggest a [...]

Where’s the Butterfly?

By |2013-05-22T10:26:46-04:00May 22nd, 2013|Economy, Federal Reserve/Monetary Policy, Markets|

A healthy caterpillar will always turn into a butterfly, a beautiful, stunning representation of a natural system in good balance with sustainable proportions. Likewise, a healthy Caterpillar is a sign of a stable and healthy economic system, whether defined by region or the entire globe. If we look at Caterpillar’s dealer sales figures, it gives us a hard and pure [...]

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