Sizemore Capital Management examines whether the long anticipated shift from bonds into stocks has truly begun, arguing dividend paying equities remain more attractive than low yielding bonds. It also explores Europe’s political risks, shareholder friendly companies, and why disciplined dividend and buyback strategies may outperform over time.
Is the Great Rotation Starting?
Sizemore Capital
Charles Sizemore
Research
8 Pages
Key Takeaways
Bond Yield Challenge: Treasury yields stood near 1.9% for 10 year bonds and 3.1% for 30 year bonds, making dividend stocks appear relatively more attractive.
Dividend Discipline: Dividend Achievers must increase payouts for at least 10 consecutive years, while Buyback Achievers must repurchase 5% or more of shares over 12 months.
Energy Growth Potential: Williams Companies targeted 20% annual dividend growth through 2015 while offering roughly a 4% dividend yield at the time.
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