Together With

“The income tax has made more liars out of the American people than golf has.”

— Will Rogers


Michael Mauboussin published a deep dive on valuation multiples, covering what they miss, why they differ, and their link to fundamentals.

Fidelity believes the potential outperformance for the Chinese equity market in the quarters ahead could reward investors who overweight emerging-market equities.

Facts & Figures

U.K. engineering group Arup lost HK$200 million ($25 million) after fraudsters used a digitally cloned version of a senior manager to order financial transfers during a video conference. Link

The top 20 PINs (out of 10k) constitute 27% of all PIN numbers. Link

Between 2000 and 2014, clothing production doubled and consumers began buying 60% more clothes while wearing them for half as long as they once did. Link

“In March, the People’s Bank of China added to its gold reserves for a 17th straight month. Last year, the bank bought more gold than any other central bank in the world, adding more to its reserves than it had in nearly 50 years.” Link

Campbell Harvey & Claude Erb’s recent paper shows a high real price of gold is associated with low or negative real rates of return over the next 10 years. Link

Investor optimism remains for short- and long-term stock returns. Link

Note: This chart and the three charts that follow show results from the Vanguard Investor Expectations Survey between February 2017 to April 2024 of a random sample of approximately 2,000 Vanguard personal and 401(k) investors. Source: Vanguard, as of May 2024

Analysts at Goldman Sachs project that total S&P 500 repurchases will reach $925 billion this year and $1.075 trillion in 2025, which would mark annual growth rates of 13% and 16%, respectively. Link

On the same note, first quarter earnings have seen a rise in both dividend and share buyback announcements. Link

European companies are leaning heavily into net buybacks recently.


Healthy, thriving businesses often have something in common: lots of cash flow.

Many investors love companies that return this cash flow to shareholders through dividend payments. But dividends aren't the only way management can use its cash to create value for shareholders.

Smart managers can often buy back stock or pay off debt. These two options, along with dividends, create the trio known as shareholder yield.

So how does the Cambria Shareholder Yield ETF (SYLD) work?

  • SYLD selects the top 100 companies each calendar quarter based on dividends and buybacks.

  • The fund will also screen for value and quality factors, including low financial leverage, in order to avoid value traps.

  • SYLD will then equally weight each one of the selected companies in the portfolio to maximize diversification.

Explore a different approach to yield investing with the Cambria Shareholder Yield ETF, SYLD.

Distributed by ALPS Distributors, Inc. Investing involves risk, including possible loss of capital. To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expense before investing. This and other information can be found in the Fund's full or summary prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at www.cambriafunds.com. Read the prospectus carefully before investing or sending money.


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What Else Is Happening

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