After meeting monthly strategy report deadlines since 1978, I have decided it’s time to switch gears. The name Intelligence Report will survive, but with no contribution from Richard C. Young. Instead, I am transitioning aggressively to full-time research on behalf of private clients of our family investment management firm, Richard C. Young & Co. Ltd. In this expanded venture, I will completely shift away from common stock mutual funds. I will concentrate laser like on “Dividends Around the World” from domestic and foreign common stocks with track records of increasing dividends … [Read more...]
Dividends Then and Now Are the Answer
I learned from Ben Graham nearly six decades ago that there's no better way to assess an investment than the cold hard cash it returns to you in the form of dividends or interest. In September of 2012 I wrote: While at Babson College, I studied Ben Graham’s Security Analysis. I still return to it regularly. In Chapter 35, Ben Graham writes, “For the vast majority of common stocks, the dividend record and prospects have always been the most important factor controlling investment quality and value…. In the majority of cases, the price of common stocks has been influenced more markedly by the … [Read more...]
My Battle-Hardened Stock Market Strategy for the Worst of Times
In September of 2014, I explained to readers my battle-hardened strategy for dealing with the worst of times in the stock market. My strategy was inspired by Ben Graham, and I have used it throughout my 55-year career in investing. Here’s how it goes: Ben Graham’s The Intelligent Investor was first published in 1949. I came in a little late in the game with my 1973 edition, which I have in front of me as I write. It is important to me that you and all of our management clients are able to sleep well, even during the periodic stock market busts that we all have to ride through from time to … [Read more...]
Retirees Still Cannot Afford a Walloping
With securities markets in a heightened state of volatility, it’s a great time to ask yourself how exposed your portfolio is to risk. Most investors, if asked, would be able to provide little detail about the risks to their portfolio. If you find yourself unable to answer, that’s ok. It’s Not Too Late, Yet Now is the time to begin assessing the risk in your investment portfolio. If your holdings are not balanced to help you achieve your goals, you should begin shifting them as soon as possible, because, as I wrote in April 2017, retirees cannot afford a walloping. Retirees Cannot Afford a … [Read more...]
Most Investors Fail to Learn This One Thing
Through more than half a century of guiding investors in their efforts, the greatest failure I have seen is an inability to learn from history. Repeatedly market participants set unrealistic goals, use overly complex strategies in an attempt to achieve those goals, and inevitably fail. In February of 2013 I explained this phenomenon, writing: The Needy Investor Most investors, I’m sorry to say, are greedy, lack perspective and even a modicum of patience, and simply will not embrace the ultimate power of compound interest. I have found that too many investors fail to learn from history and … [Read more...]
My Answers to Two of the Most Common Investment Questions
During my 55 years in the investment business, two of the questions I have received most often while talking clients and customers, are “Should I get out of the market?” and “How should I weight my portfolio?” The answer to the first question is easy, no. Stay invested. Jumping in and out of markets will only make you miss days you’ll wish you hadn’t. The answer to the second question is straightforward but might take more discipline on the part of the investor to implement. It is balance. You should always aim for a portfolio that works to counterbalance risk. Here’s how I explained … [Read more...]
The Fourth—and Most Dangerous—Investment Super Cycle of My Career
I have now been working in the investment industry for 55 years, and over that time I have lived through four stock market super cycles, including the present, and most dangerous one. I explained the four cycles in March 2011, writing: Stock Market Super cycles I assure you, I do not plan to get gored on the next angry charge. Here is exactly how to look at things. Read and re-read what I am going to tell you here, and remember this stuff for the rest of your life. Since I got into the investment business, there have been three completed big cycles swings in the stock market. Cycle number … [Read more...]
Four Questions You Should Ask Before Investing in Stocks
Investing wisely demands due diligence. While there are certainly thousands of variables affecting any investment decision, narrowing down your focus with some broad questions can help you get started. In August of 2003, I encouraged investors to start with these four questions. I wrote: Ask These Four Questions As I’ve written, the first four questions I ask about a company concern dividend increases, share decreases, debt reductions, and cash accumulations. Many managements decry each of my benchmarks, pleading that the reinvestment of cash is best for shareholders long-term; that actual … [Read more...]
The Simple, Elegant Power of the Retirement Compounders
Long time readers have surely heard about my Retirement Compounders® portfolio (as well as the Dynamic Maximizers®). I don’t publicize the securities included in these strategies anymore, but they are both still integral parts of my family run investment counsel’s planning toolkit. Here’s what I wrote about the simple elegance of the Retirement Compounders® strategy in December of 2010: Durability, Ease of Use, and Reliability I t was minus 5 centigrade on December first, my 72nd birthday, as we departed Kabul, Afghanistan to be joined by Special Forces ODA 594 in the 2001 hunt for bin … [Read more...]
Don’t Be a Bettor, Be a Planner
In April of 2011, I wrote: My job is to help you separate fact from fiction and lay out a game plan for you and your family that will ensure your personal and financial security in the unstable and unsettling times that lie ahead. The broad battle plan that I’ll cover over the next few months will include the complete scope of the energy consumption/investment/personal security issue. Here is what separates what you read from me from most others: (A) I have no financial axe to grind and no ulterior motive. (B) I am not looking to make any new friends or curry favor. I am not, not … [Read more...]
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