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Richard's Remarks


The dividend yield on the D-J Industrial Average is now a micro 2.18%. This is one of the lowest Dow dividend yields in history. Equity yields are historically above bond yields, since there is more risk in holding equities. If the dividend yield on the Dow is to rise, either the Dow must increase its total dividends (highly unlikely), or the Dow must decline.


I just finished reading the latest issue of Barron's. Most of the articles were bullish and optimistic. However, I noted an interesting piece in the section on advisories under the heading, "Listen to the Smart Money." The piece was from an advisory by Sy Harding. I include the Harding piece below.


In spite of investors being right so far this time with their complacency and confidence, as measured by the VIX (the "Fear Index"), put/call ratios, Investors Intelligence Sentiment Index, record margin debt, and so on, we believe ... Log in or subscribe to continue reading.

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