Think income investing is a "boring" way to invest... or that
dividends don't matter? Think again!
As you'll see, income investing is one of the most
profitable ways to beat the market, and this course (along with my 5 rules) will
your guiding light. As a
special bonus, I'll also show you the best spots --
including names and ticker symbols -- to start your income search.
are the forgotten heroes that have made countless investors rich.
When people talk about the massive gains common stocks have racked up
over long holding periods, what they're really talking about is the
phenomenal juggernaut effect of dividends.
Look at the history of Coca-Cola. It went public in 1919 at $40 a share.
By 1998, a single $40 share was worth $250,000. But with its growing
dividends reinvested, that one share grew into many shares worth a stunning $6.7 million.
Trade Fad for Functional
I'm Carla Pasternak, and I've been an income
investor for decades. In fact, I write one of the
most popular income advisories on the market --
My hope is that this course will show you just how important dividends
are to your portfolio, and also give you the base you need to become a
successful income investor.
To start, I ask you to do one thing: Take a deep breath and relax.
It's time to forget about
the rocket scientists with their black boxes... the PhDs with their Greek
formulas... and the high priests of Efficient Market Theory.
The most important investment decision you'll ever make pivots on
something far more basic -- how you treat the overlooked stepchild of Wall
Street, the lowly dividend.
Although little respected and often ignored, more than 100 years of data
point to the inescapable conclusion that owning hum-drum dividend-paying
stocks... and then reinvesting those dividends... beats all other investment
approaches hands down. So if dividend-paying stocks make you yawn, it's
time to wake up and smell the cash.
Since 1926 dividends have contributed 40% of the total return
delivered by the S&P 500. But what's that in actual dollars?
Consider a recent study done by Miller/Howard Investments on the S&P
500. They found that if you invested $1 in the S&P in 1935, it would
have grown to $93.65 at the end of 2010. But if you took all the
dividends paid over that time and reinvested them, your $1 would have
turned into $1,740.30.
That's nothing to yawn about!
This course will give you everything you need to start investing for
income yourself. If you're already focused on income, you're in luck,
too. My course will give you the tips and tools I've discovered
over the years that will help you become an even more successful
investor. I'll even share some of my favorite picks for today's market.
But first, I want to show you exactly why I think dividends should be any
investor's best friend.
The Unreal Math Behind Income Stocks
Conventional wisdom says that if you take on more
risk you're repaid with more reward. Yet that's not always true. The
Nasdaq, known for its aggressive dividend-less technology stocks,
actually underperformed dividend-heavy utility stocks over the 30-year
run from 1971 to 2001. Even with the Nasdaq's spectacular run in the
1990s, utilities still came out on top -- while incurring about half the
volatility along the way.
The odds are so kind that it's hard not to come out ahead when you
invest this way. I am constantly amazed that more investors don't help
themselves to this delicious free lunch.
Maybe it's that the growth stories get the front page -- not the stodgy
dividend payers. But what's lost in the shuffle is that dividends are a sign
of financial strength, of a real business making real profits.
Years of Experience
Studying This Niche Market
I think that most investors ignore dividends because they think "they
don't really matter." Given that a lot of the most famous names on the
market either pay no dividends, or only pay 2-3%, that's
But what most people don't realize is that there is an entire niche of
the market -- which I call the "High-Yield Universe" -- that offers
tremendous yields. Payments of 7% annually are average in this niche...
yields of 10-12% aren't uncommon.
I've spent years following this
segment of the market, learning the ins and outs of its stocks, bonds...
and a few securities I doubt you've ever heard of... to bring them to
readers of my
High-Yield Investing newsletter.
The yields in this arena are spectacular. And their impact on a
portfolio is considerably greater than the 2-3% most "normal" stocks
pay. Take a look for yourself...
The Importance of Compounding
The dividend payments generated by a modest
investment might seem to be inconsequential. But if you up your yields,
it won't take long before they can begin to make a dramatic impact on
your portfolio -- especially if you reinvest your dividends.
When you reinvest dividends, your dividend payments can be used to purchase more shares, leading
to even larger dividend checks. These larger checks can then be used to
buy even more shares and so on. In time, even a small stake in such
stocks can grow into a tidy sum.
For example, suppose an investor buys 1,000 shares of stock in XYZ Corp.
at a purchase price of $10 per share (for an initial investment of
$10,000). Next, let's assume that XYZ pays a steady annual dividend of
10%, and the shares rise at an 8% annual rate going forward.
The very first quarterly dividend check would be worth $250:
$10,000 x 10% = $1,000
$1,000/4 payments = $250
While that amount will certainly not go very
far on its own, it is enough to purchase 25 more shares at the initial
$10 per share price. Of course, those 25 shares would then generate
dividend payments of their own. As the chart below shows, this steady
compounding process can yield amazing results over the long haul.
30 years, the initial 1,000 share stake in XYZ would have grown to
17,449 shares! At the same time, assuming a conservative 8% compounded
annual growth rate, those shares would have soared from $10 to more than
$100. As a result, the beginning $10,000 investment would have swelled
to more than $1.7 million dollars, without ever adding another penny!
It's also worth pointing out that at the end of the 30-year period, the
portfolio would be generating annual dividend payments in excess
In other words, the investor's annual dividend income alone would amount
to more than 17 times his or her initial $10,000 outlay!
No wonder John D. Rockefeller once quipped that the only thing that gave
him pleasure was to see his dividend coming in.
But that sure is a nice story... if
only we all had 30 years to invest. What if you don't want to wait years and years
to grow your dividends?
You're in luck. Want regular income? You can simply select how much cash
you want to earn from your portfolio and let the market do the rest.
Say you want to earn an extra $15,000 per year from dividends to help
out with your bills. If your portfolio is $250,000, you simply need to
average a conservative 6% yield from your investments.
If you wanted to earn a little more, you simply need to raise the
average yield from your investments. I like to call it the simplest want
to get a raise!
Of course, that leaves just one question: Where can you find yields of
6%... 8%... or even 10% or more? I told you earlier about my expertise
in the "High-Yield Universe." In the sections that follow I'll teach you
more about a few of the sectors I found in this field that can shower
income investors with surprisingly high yields like these.
Wish You Could Own a Toll Bridge?
Here's the Next Best Thing
Where can I find the highest and
safest yields? It's usually one of the first questions
I'm asked by my subscribers.
My research consistently
points to one sector that, until a few years ago, was all but invisible
to the vast majority of investors. But thanks to their high yields, the word
is leaking out about master limited partnerships (MLPs).
Master limited partnerships couldn't have become the income powerhouse
they are today if it weren't for a company many of us loathe -- Enron.
The day before Thanksgiving in 1996, Rich Kinder
left his post at Enron. He was disappointed that Kenneth Lay had passed
him over for the CEO job. Soon after, an old college buddy, Bill Morgan,
approached Kinder with a business proposition.
Morgan had just bought some assets Enron had no use for: a couple of
small pipeline systems and a coal terminal. He needed someone like
Kinder to run the business. Kinder agreed, and the partnership was
christened Kinder Morgan Inc. in February 1997. Kinder doubled the
company's market capitalization to nearly half a billion dollars by
watching costs and shipping more volume through the pipelines. He did
all of that in just seven months. Today, Kinder Morgan Energy Partners
(NYSE: KMP) is a $23 billion business, operating more than 35,000 miles
of pipeline throughout the United States.
Master limited partnerships had already been around for decades, but it
took someone like Rich Kinder to transform this asset class from a
passive holding company into a dynamic investment vehicle. In the
mid-1990s, Kinder Morgan was one of only a handful of master limited
partnerships, which together totaled roughly $2 billion in market
value. Today, there are dozens of actively traded MLPs.
To understand why master limited partnerships have become so
popular, it helps to have a better understanding of what they are.
An MLP is a publicly traded limited partnership. Shares of ownership
are referred to as units rather than shares. MLPs generally operate
the pipelines and infrastructure used to transport petroleum and
natural gas around the United States. Unlike a corporation, a master
limited partnership is considered to be the aggregate of its
partners rather than a separate entity. The most distinguishing
characteristic of MLPs, however, is that they combine the tax
advantages of a partnership with the liquidity of a publicly traded
MLPs allow for "pass-through" income. This means that they're not
subject to corporate income taxes. The result is that more cash is
available for distributions than would be available if the company
Why have MLPs gained in popularity so quickly? It may have something
to do with their enticing yields. Or maybe it's their exceptional
track record for raising dividends an average of 8-9% a year for
the past ten years that has endeared them to income investors. Their
solid gains during the past decade haven't hurt their popularity,
Master limited partnerships have steadily churned out double-digit
gains, even despite volatile commodity prices. In fact, this group of about five dozen securities,
represented by the benchmark Alerian MLP Index, returned an
average of 19% per year from 1999 through 2009. And the best news
of all is you can still find attractively priced MLPs with rich
Safety and Growth -- A Rare Mix
MLPs are required to pay out
most of their cash flow to shareholders. As a result, the group carries
an average yield of about 7% -- more than three times the puny
yield offered by the average stock in the S&P 500 Index.
But their healthy yields aren't even their main attraction. Rather, it's
the rare mix of safety and growth that make MLPs a must-have asset class
for your income portfolio.
Most MLPs process and ship oil and gas, so it's only natural to think
they would be affected by commodity prices. But the reality is far
different -- their cash flows depend primarily on product volumes, not
commodity prices. As a result, they offer some of the most stable
distributions around. People need energy, regardless of its costs.
MLPs that own interstate pipelines enjoy even safer
revenue from government-regulated rates. The rates they can charge may
vary depending on where their pipelines are located, but one thing is
for sure -- their rates are not pegged to commodity prices.
But with most of the profits going to shareholders, what will drive this
sector's growth in the months and years ahead? Most MLPs make money by
delivering natural gas and petroleum products to the market. The more
pipelines, gathering systems, tanks, barges or royalty interests they
own, the more cash flow they can generate.
Their key to growth is buying or building the infrastructure that will
ramp up their product capacity. And this group has been doing just that.
MLPs are spending billions on major projects to increase the nation's
ability to move energy where it is needed.
Furthermore, U.S. energy demand is expected to grow a steady +1%
annually for the next 20 years, just as it has during the past 20 years.
As a result, energy MLPs should continue to see plenty of demand for
their services and provide investors a growing income stream for years
Years ago I became interested Magellan Midstream Partners (NYSE: MMP). This
partnership operates one of the largest pipeline systems in the U.S. for
refined petroleum products and ammonia. Its pipeline network is
connected to 40% of U.S. refining capacity.
Since the company's inception in 2001, MMP has never reduced the
distribution and has raised the payment by an average of 15% per year.
Today, it yields about 5%, offering a nice stream of income for
But it's just one of the MLPs I like.
In fact, I'm so fond of MLPs that I have an entire section of one
High-Yield Investing portfolios dedicated to the asset class.
But sorry... I have to reserve those ideas only for my paid subscribers.
Be a Landlord... Without the Hassle
I'll admit it, I love MLPs.
The income... the stability... what's not to like? But I also understand
that no one should invest solely in one asset class.
That's why I also want to tell you about real estate investment trusts,
or REITs. No doubt you've heard about them. Maybe you've shied away
because their fat dividends seemed too good to be true in a down housing
market. Or maybe you already hold some REITs in your portfolio but want
to identify which ones will provide the best long-term returns.
For those that are unfamiliar, REITs are dividend-paying securities that
invest in real estate. Most own land or buildings and make their money
by renting these spaces to individuals or businesses. Some REITs also
earn interest on real estate securities, such as mortgage bonds. Others
earn their keep by simply funding various real estate ventures.
Most investors buy REITs for their rich dividends. The average
diversified property REIT offers an annual dividend yield of
That's money in your pocket.
Even better, the cash usually keeps coming in
regardless of whether a particular REIT's share price goes up or down.
That's because to preserve their unique tax advantage, REITs are
required by law to pay out 90% of their income as dividends to
shareholders. In return, REITs are not subject to corporate income tax.
On the downside, since REITs don't pay income taxes, their dividends are
usually fully taxable. In other words, the dividends you receive will be
taxed as ordinary income, up to 35%. Most REIT dividends don't qualify
for the reduced 15% dividend tax rate.
But even after the extra taxes, the yields most REITs pay are far higher
than the taxable equivalent yield you'll get from most other common
stocks. And savvy investors can avoid these extra taxes entirely by
holding REITs in a tax-advantaged account like a Roth IRA.
Put Tangible Value Behind Your Dividends
Owning shares in a REIT is an economical way to
purchase real estate. And as we all know, real estate has "real" value
that investors can touch, feel and understand. This tangible value
combined with the limited supply of high-quality real estate make REITs
one of the most established income investments around.
REITs give people interested in real estate an economical and
risk-reduced way to invest in it. Without REITs, an investor would have
to invest large sums of money (often borrowed) to be able to buy
properties. The investor would have to personally guarantee the loans
and would be liable for whatever happened to the property. With a REIT,
the only risk is the amount invested.
Most people buy REITs for their rich dividend yields. But investors who
focus exclusively on a stock's yield could be making a huge mistake.
That's because corporate dividend payments are by no means guaranteed.
Even though a company might be paying a healthy 10% dividend yield now,
it might not be able to sustain such a rich payout if its business model
Investors who buy a REIT based on its high dividend yield, without
gauging its earnings prospects, could be setting themselves up for a
similar disappointment. The most profitable stocks are those that
generate the greatest total return: That is, dividends and share price
appreciation. If total returns are what you're after, then looking
exclusively at yield would be a foolish, short-sighted strategy.
REITs with long track records of steady dividend and share price growth
are your best bet. But even if you can find a REIT with a reasonable
price and a good dividend, one additional factor is paramount, and
that's property type. It's important to know what exactly the REIT owns.
Everyone knows the old line about the three things
that matter most in real estate: Location, location and location. But
when choosing a REIT, there are a few more items for investors to
consider. To get a feel for the income stream from which your dividend
payouts are drawn, you should always pay close attention to the type of
property each REIT owns.
Many REITs specialize in a property type, such as offices, apartments,
warehouses, regional malls, shopping centers, hotels or healthcare
centers. Others, like Duke Realty
(NYSE: DRE), own a mix of retail, industrial, and office property. A few
others invest in specialty properties, such as Entertainment Properties
(NYSE: EPR), which owns movie theatres.
Each real estate sector is affected by different economic factors. If
the job market is booming, for instance, then office REITs could be
attractive because more people are working and more space is needed to
accommodate them. If consumer spending is on the decline, then a
shopping center REIT like Regency Centers (NYSE: REG) might find itself
headed for challenging times as retailers feel the pinch.
Property type can also tell you how predictable a stock's income stream
might be. Thanks to the fact that they often require tenants to sign
10-year leases, mall REITs usually generate more predictable income than
apartment REITs, which tend to lease for shorter periods of time.
Larger, diversified or geographically dispersed REITs are less exposed
to regional weakness and major economic cycles. These REITs tend to be
more stable over the long haul. A company such as Equity Residential
(NYSE: EQR) owns apartments in various markets across the United States
and is less sensitive to various local economic conditions. On the other
hand, smaller, more specialized REITs often provide the greatest growth
potential. A niche-player like SL Green Realty (NYSE: SLG), which owns
offices solely in and around New York City, is positioned for success if
that particular market does well.
The SAFE Income Security Overlooked
by Most Investors
If you ask the average investor about a good income security, they might mention some
stocks in the Dow 30 that pay yields of 3-4%.
I don't even blink at stocks paying 3%. And I've also found that some of
the best income securities aren't common stocks at all.
There's an old saying that if you want a stable
friendship, get a horse. Well, perhaps an investing version of that
saying would be if you want a stable stock, buy a preferred one. In
uncertain economic times it's often wise to hedge your bets with stable
investments. Preferred stocks (and their closely related cousins
exchange-traded bonds), a somewhat overlooked asset class, might
be that safe investment you're looking for.
In the most basic sense, a preferred stock is a fixed-income vehicle
that offers a set dividend. Preferred shares represent ownership in a
company, similar to common stocks. However, they do not have voting
rights. In return, preferred investors have a claim before common
shareholders for a company's assets should it go bankrupt.
This precedence and safety, combined with a set dividend (usually
ranging from 6-10%) that doesn't fluctuate means preferreds are
dramatically less volatile than common shares. In fact, they resemble
bonds more than stocks!
However, when comparing the advantages of preferred stocks to bonds,
preferreds have an upper hand due to liquidity. Investors essentially
get the best features of both stocks and bonds -- preferreds are as
simple to buy as common stocks since they trade on major exchanges, yet
offer the stability commonly found in bonds.
What About The Yields?
The other main difference between preferred and
common shares relates to dividends. Although dividends paid on common
stock are not guaranteed and can fluctuate from quarter to quarter,
preferred shareholders are usually guaranteed a fixed dividend paid on a
regular basis. In addition, many preferred stocks pay monthly income,
and almost all pay at least quarterly.
Like bonds, preferred shares are rated by credit agencies such as
Standard & Poor's and Moody's. An investment-grade credit rating of
"BBB-" or higher from Standard & Poor's or "Baa3" or higher from Moody's
gives you some assurance that your income is secure, and there's little
chance of the company defaulting on the payments.
To check out the tax treatment or credit rating on a preferred share
issue, you can ask your broker or visit a free online site like
QuantumOnline.com before you make a purchase decision. Remember -- these
credit ratings are helpful, but not foolproof. Some preferred stock
issues may be equally secure as others, but have no credit rating.
You also can measure the company's ability to cover payments by looking
at its earnings, cash flow, and cash reserves on the latest financial
statements available on the firm's website or on free financial sites
such as Yahoo! Finance.
Preferred stock dividends come as either "cumulative" or
"non-cumulative." With non-cumulative shares, if a company suspends
dividend payments, they won't be paid later. In contrast, cumulative
shares mean that if the dividends aren't paid, they accumulate from year
to year until payment. Say the company faces a cash crunch and has to
suspend all of its dividends. If they are cumulative, the firm can't pay
dividends to the common shareholders until it has first paid all the
dividends that it missed to preferred shareholders.
Preferred stocks can also be convertible. That means the shareholder has
the option to convert a company's preferred shares into common shares at
a preset conversion rate. For instance, shares of Capstead Mortgage
Preferred B Series (NYSE: CMO-PB) are convertible into common shares of
Capstead Mortgage (NYSE: CMO) at a rate of roughly 0.60 common shares
for each preferred share.
With most preferreds, the issuer has the option to buy back the shares
from you on or any time after a pre-set call date. If the company
decides to do that, they would pay you the issue price in cash for each
share you own.
Call dates can be tricky. If you purchase the shares for $26 each and
they're called a year later for $25 each, total returns could suffer.
But when the call date is a few years out, this risk factor is low. As
well, companies don't call their preferreds very often since they have
to come up with the cash to do so.
Some preferred shares may also have a maturity date. When the shares
mature, the company gives you back the cash value of the shares when
issued. Maturity dates give you some downside protection, since no
matter how low the price goes while you're holding them, at maturity you
will get back the issue price (unless the company goes bankrupt or
Taxes also play a role in what type of preferred stocks an investor should
choose. Preferred shares usually fall into two camps -- either
"traditional" preferred or the more common "trust" preferreds.
Traditional preferreds are considered equity, and the dividends qualify
for the lower 15% dividend tax rate. Uncle Sam takes a bigger tax bite
out of the more common "trust" preferreds, which are considered debt.
Payouts on those are taxed as ordinary income -- up to a 35% rate.
The tax advantage of traditional preferreds is useful if you hold your
investments in a taxable brokerage account. Otherwise, payments on trust
preferreds are somewhat more secure.
While bank stocks have experienced a roller-coaster ride, one of my
favorite preferreds is the Wells Fargo 8.625% Enhanced Trust
Preferred (NYSE: WCO). While the name is a mouthful, it doesn't take
much to say the dividends are rock-solid.
In the middle of the financial crisis, Wells Fargo's common shares had
their payments slashed from $0.34 per quarter to a nickel. However, the
payments on the preferreds never wavered, throwing off $0.54 every
quarter. That's because these payments are required, unless
the bank goes bankrupt.
The preferreds can sometimes rise above their $25 par value, but
investors who can enter at lower prices should do well, even if the
shares are called.
But that's not all. You see, I also like exchange-traded bonds. They're
basically bonds that trade like stock on the NYSE, making them easy to
buy and sell. With their liquidity and safety, these bonds are very
similar to preferred stocks. The U.S. Cellular 7.5% Senior Notes (NYSE:
UZV) are of particular interest with their $0.469 per share quarterly
dividends adding up to a hefty 7.5% annual yield.
Truth be told, I think preferreds and exchange-traded bonds are the best spots for income
investors. That's why I've identified about eight for inclusion
High-Yield Investing portfolios. Together, this group of
holdings yields about 8.0% -- making them a subscriber favorite.
The 5 Rules Every Income Investor Has to Know
You've seen the impact dividends can make on
your portfolio. You've also learned the details of three of my favorite
hunting grounds for high yields.
But it could be the tips I'm about to
share with you that prove to be the most profitable.
Through decades of my own research and experience, I've selected five of
my top income investing tips. These tools help guide my portfolio
High-Yield Investing, which more than 25,000 subscribers
rely on to fund their retirement,
build their portfolio, or simply earn
a steady stream of income to help with bills.
Think of these as a gift from me to you to help you become a more
accomplished income investor.
1. Look off the beaten path: I
mentioned earlier how many investors think of the 2-3% yields thrown off
by common stocks when it comes to income investing.
The truth is that there is an entire niche of the
market that caters to income investors by throwing off 6%...8%... even
10% yields or more.
But you won't find these yields by focusing on
common stocks. You have to look into the special classes of securities
built for income investors. My years of researching the income field
have uncovered even the most rare of these assets, including securities
like STRIDES, ELKS, and even exchange-traded bonds. This is where you'll
uncover truly mouth-watering yields.
Dividend safety is key: For us income investors, nothing should be
held in higher esteem than the safety of our dividends. After all,
what's the use of a high dividend if it's only going to be cut a few
That's why I always dive into dividend safety before profiling a stock
High-Yield Investing readers. As well, an amazing thing
happens when you follow my first tip and look off the beaten path for
Common stocks are under no obligation to pay a dividend; they can cut
their payments at any time if they please. But I've found a few
securities -- such as the preferred stocks mentioned earlier -- that
can't change or reduce their payments. A number of other little-known
securities have the same restrictions, all but guaranteeing you'll be
paid a stream of income you can count on.
3. Use market downturns to find higher yields: Most investors
look at a market downturn as a bad thing, and in fact, I would rather
the market rise than fall. But I also appreciate the opportunities that
appear in a downturn.
You see, a stock's
yield is a function of its price. If a stock pays $1 per share and
trades at $20, its yield is 5%. If the same stock dips to $10 per
share, the yield has risen to 10%.
That's one reason why I bought heavily during the recent market downturn
-- the yields became too high to ignore! The result is that my
portfolios are heavily positive, while I locked in
unnaturally high yields for my subscribers.
4. Don't be afraid to take a loss: Subscribers always ask me
about when to sell their holdings. And for good reason -- when you sell
is just as important as when you buy.
I'm personally never afraid to take a loss. Many
investors continue holding losing stocks and hope for a rebound, only
to watch them sink further. I've seen this countless times, so I'm
always sure to look at the reasons a holding is falling and if I should
If the stock in general is falling
with the market, I may not be worried. However, if a change in the
company's operations mean it could see rocky times ahead, I don't want a
part of it.
Taxes matter: When is a lower yield more attractive than a higher
yield that's just as safe? When the lower yield is taxed at a lower
rate. Municipal bonds and municipal bond funds are typically tax-free.
With most common stocks, you pay a 15% tax rate. Some other income
sources are taxed at your regular income rate.
The different tax rates can make a big difference.
Consider this: An investor in the top
federal tax bracket is invested in a municipal bond that pays 6%.
Because the income from this bond is tax-free, the taxable-equivalent
yield is actually 9.2%! In other words, if the same investment were in a
fully taxable security, our investor would have to earn 9.2% to have the
same income after taxes.
Pay special attention to how an investment is taxed before
putting in a dime. I always cover taxes in the picks I make for
High-Yield Investing. In fact, my subscribers have to come expect it
-- if I forget to mention the tax status, they let me know loud and
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I know you're serious about using dividend-payers to make your portfolio
work for you.
That's why I'd like to extend a special offer to have you join
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