Go to Jeff Salisbury LWGate Home Page.From: "Gene Ricci" <genr@swbell.net>
Subject: Re: [CANSLIM] Tax Free Dividends
Date: Mon, 14 Apr 2003 14:34:48 -0500
Previous Article (by Author): RE: [CANSLIM] Tax Free Dividends "Edward W. Gjertsen II"
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Ed, excellent stuff. I would like to see the entire article if I may =
(please send offline).
I think we face several issues with bond portfolios:
a) ongoing credit ratings of the companies
b) to harvest or not to harvest the profits gained through appreciation=20
c) maturities
I know I bought most of my bonds to protect capital ... never dreamed of =
the extent of their appreciation over the past couple of years. However =
(greedy) if I wait 'too' long and the interest rates start to rise, and =
some think that may happen in the second half of the year, the market =
value of my bonds may drop. My goal is to start harvesting the profits =
of these bonds and buy others with shorter maturities, wherever =
possible.
For those that are for income, I really don't care what their market =
value is as long as I won't have to redeem them prior to maturity.... =
and of course if the company remains solvent.
Gene
=20
----- Original Message -----=20
From: Edward W. Gjertsen II=20
To: canslim@lists.xmission.com=20
Sent: Monday, April 14, 2003 9:11 AM
Subject: RE: [CANSLIM] Tax Free Dividends
Here are comments from an article I authored:
President Bush has stirred up a maelstrom of debate. No, not whether =
or not the double taxation of dividends is fair, or which societal class =
will benefit most, but how much money will be sucked out of the bond =
market and reallocated into dividend paying stocks. If your financial =
advisor suggests to liquidate your bond portfolio to purchase dividend =
paying stocks to take advantage of tax-free income, gather all your =
assets and run for the exit.=20
The difference between a bond and a stock is much more than an =
interest rate or dividend yield. Interest is not a dividend and =
dividends are not interest. The IRS in their wisdom even categorizes =
these payments differently. While they both are reported on Schedule B =
in tax returns, bond investors generally receive a 1099-INT for interest =
payments where common stock holders receive a 1099-DIV for dividend =
payments.
A bond is a loan made by investors to a corporation, the U.S. =
Government, or a municipality in which that entity is obligated to pay =
interest at a stated rate and pay back principle at a stated time. =
Conversely, common stock provides ownership of a corporation. Dividends =
are a promise made by a corporate Board of Directors to pay shareholders =
a specific amount of money for each share of stock held. =20
For example, a 10-year Treasury bond may pay a current yield of 3.85%. =
A $100,000 purchase of the 10-year bond will create $3,850 of interest =
payment every year for 10 years. At the end of the 10-year period, the =
investor will receive back $100,000 of principle payment.
A common stock whose price is $40 and pays a dividend of $1.54 has a =
dividend yield of 3.85%. The dividend yield is calculated by dividing =
the dividend by the stock price. A $100,000 purchase would involve 2,500 =
shares and create $3,850 of dividends per year. At the end of a 10-year =
period, no one can know where the stock price will be.
This wherein lies the problem with the debate on just how much money =
will shift from bonds to dividend paying stocks. Bonds and stocks =
represent a completely different risk-reward scenario. While today many =
wish this were true, common stocks do not pay back principle at a stated =
time in the future. =20
The reallocation debate requires one to disregard an important risk; =
Market Risk. The one lesson most investors hopefully learned is that =
market risk is not to be ignored. Three consecutive years of declines, =
a dubious performance not seen in over 60 years, may provide an enticing =
argument to invest in dividend paying equities. Besides how much worse =
can the stock market get? With interest rates so low, why not take =
advantage of yield and possible growth. Popular pundits will discuss =
how the risk reward scenario should be in favor of equities. Don't be =
fooled. =20
One item I am confident of. Wall Street investment firms are very =
imaginative and resourceful. Should President Bush's proposed tax cut =
on dividends become law, look for these firms to create investment =
vehicles to generate badly needed underwriting fees. For the near =
future, don't be seduced to sell your bonds in anticipation of buying =
dividend paying stocks. Make sure recommended transactions will benefit =
you and not your broker's pocketbook or wallet.
Ed Gjertsen II
ed@macktracks.com
Confidentiality Notice: This e-mail message, including any =
attachments, is for the sole use of the intended recipient(s) and may =
contain confidential and privileged information. Any unauthorized =
review, use, disclosure or distribution is prohibited. If you are not =
the intended recipient, please contact the sender by reply e-mail and =
destroy all copies of the original message.
-----Original Message-----
From: owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Ted Kozek
Sent: Thursday, April 10, 2003 9:40 PM
To: canslim@lists.xmission.com
Subject: [CANSLIM] Tax Free Dividends
Would someone like to comment on the effect tax free dividends will =
have on corporate, treasury any municipal bond rates
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<DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>Ed, excellent stuff. I would like to see the entire article if =
I may=20
(please send offline).</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>I think we face several issues with bond=20
portfolios:</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>a) ongoing credit ratings of the companies</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>b) to harvest or not to harvest the profits gained through =
appreciation=20
</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>c) maturities</FONT></SPAN></DIV>
<DIV><FONT face=3D"Comic Sans MS"><SPAN class=3D583333814-03042003><FONT =
color=3D#0000ff size=3D2></FONT></SPAN><SPAN =
class=3D583333814-03042003><FONT=20
color=3D#0000ff size=3D2></FONT></SPAN></FONT> </DIV>
<DIV><FONT face=3D"Comic Sans MS"><SPAN class=3D583333814-03042003><FONT =
color=3D#0000ff size=3D2>I know I bought most of my bonds to=20
protect capital ... never dreamed of the extent of their =
appreciation=20
over the past couple of years. However (greedy) if I wait 'too' long and =
the=20
</FONT></SPAN><SPAN class=3D583333814-03042003><FONT color=3D#0000ff =
size=3D2>interest=20
rates start to rise, and some think that may happen in the second half =
of the=20
year, the market value of my bonds may drop. My goal is to =
start=20
harvesting the profits of these bonds and buy others with shorter =
maturities,=20
wherever possible.</FONT></SPAN></FONT></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT=20
face=3D"Comic Sans MS"></FONT></SPAN> </DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>For those that are for income, I really don't care what their =
market=20
value is as long as I won't have to redeem them prior to maturity.... =
and of=20
course if the company remains solvent.</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3D"Comic Sans MS" =
color=3D#0000ff=20
size=3D2>Gene</FONT></SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D583333814-03042003> </SPAN></DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D583333814-03042003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Ded@macktracks.com href=3D"mailto:ed@macktracks.com">Edward =
W. Gjertsen=20
II</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Monday, April 14, 2003 =
9:11=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> RE: [CANSLIM] Tax Free =
Dividends</DIV>
<DIV><BR></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue">Here are comments from an =
article I=20
authored:</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">President Bush has stirred up a maelstrom of =
debate. No, not whether or not the double taxation of dividends =
is fair,=20
or which societal class will benefit most, but how much money will be =
sucked=20
out of the bond market and reallocated into dividend paying =
stocks. If=20
your financial advisor suggests to liquidate your bond portfolio to =
purchase=20
dividend paying stocks to take advantage of tax-free income, gather =
all your=20
assets and run for the exit. </SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">The difference between a bond and a stock is =
much more=20
than an interest rate or dividend yield. Interest is not a =
dividend and=20
dividends are not interest. The IRS in their wisdom even =
categorizes=20
these payments differently. While they both are reported on Schedule B =
in tax=20
returns, bond investors generally receive a 1099-INT for interest =
payments=20
where common stock holders receive a 1099-DIV for dividend=20
payments.</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">A bond is a loan made by investors to a =
corporation,=20
the U.S. Government, or a municipality in which that entity is =
obligated to=20
pay interest at a stated rate and pay back principle at a stated =
time. =20
Conversely, common stock provides ownership of a corporation. =
Dividends=20
are a promise made by a corporate Board of Directors to pay =
shareholders a=20
specific amount of money for each share of stock held. =20
</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">For example, a 10-year Treasury bond may pay =
a current=20
yield of 3.85%. A $100,000 purchase of the 10-year bond will =
create=20
$3,850 of interest payment every year for 10 years. At the end =
of the=20
10-year period, the investor will receive back $100,000 of principle=20
payment.</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">A common stock whose price is $40 and pays a =
dividend=20
of $1.54 has a dividend yield of 3.85%. The dividend yield is =
calculated=20
by dividing the dividend by the stock price. A $100,000 purchase would =
involve=20
2,500 shares and create $3,850 of dividends per year. At the end =
of a=20
10-year period, no one can know where the stock price will=20
be.</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">This wherein lies the problem with the =
debate on just=20
how much money will shift from bonds to dividend paying stocks. =
Bonds=20
and stocks represent a completely different risk-reward =
scenario. While=20
today many wish this were true, common stocks do not pay back =
principle at a=20
stated time in the future. </SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">The reallocation debate requires one to =
disregard an=20
important risk; Market Risk. The one lesson most investors =
hopefully=20
learned is that market risk is not to be ignored. Three =
consecutive=20
years of declines, a dubious performance not seen in over 60 years, =
may=20
provide an enticing argument to invest in dividend paying equities. =
Besides=20
how much worse can the stock market get? With interest rates so =
low, why=20
not take advantage of yield and possible growth. Popular pundits =
will=20
discuss how the risk reward scenario should be in favor of =
equities. =20
Don=92t be fooled. </SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt">One item I am confident of. Wall =
Street=20
investment firms are very imaginative and resourceful. Should =
President=20
Bush=92s proposed tax cut on dividends become law, look for these =
firms to=20
create investment vehicles to generate badly needed underwriting fees. =
For the=20
near future, don=92t be seduced to sell your bonds in anticipation of =
buying=20
dividend paying stocks. Make sure recommended transactions will =
benefit=20
you and not your broker=92s pocketbook or wallet.</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue"></SPAN></FONT> </P>
<DIV>
<DIV>
<P class=3DMsoAutoSig><FONT face=3D"Times New Roman" color=3Dblue =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; COLOR: blue"><IMG height=3D46=20
src=3D"cid:058401c302bc$e95f4cf0$6401a8c0@desktop" =
width=3D64></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue">Ed Gjertsen =
II</SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue"><A =
href=3D"mailto:ed@macktracks.com"><FONT=20
size=3D3><SPAN=20
style=3D"FONT-SIZE: =
12pt">ed@macktracks.com</SPAN></FONT></A></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue">Confidentiality Notice: This =
e-mail=20
message, including any attachments, is for the sole use of the =
intended=20
recipient(s) and may contain confidential and privileged =
information. =20
Any unauthorized review, use, disclosure or distribution is =
prohibited. =20
If you are not the intended recipient, please contact the sender by =
reply=20
e-mail and destroy all copies of the original=20
message.</SPAN></FONT></P></DIV></DIV>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" color=3Dblue =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: blue"></SPAN></FONT> </P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DTahoma =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">-----Original=20
Message-----<BR><B><SPAN style=3D"FONT-WEIGHT: bold">From:</SPAN></B>=20
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com]=20
<B><SPAN style=3D"FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Ted=20
Kozek<BR><B><SPAN style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> =
Thursday, April=20
10, 2003 9:40 PM<BR><B><SPAN style=3D"FONT-WEIGHT: =
bold">To:</SPAN></B>=20
canslim@lists.xmission.com<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> [CANSLIM] Tax Free=20
Dividends</SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt"></SPAN></FONT> </P>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">Would someone like to comment =
on the=20
effect tax free dividends will have on corporate, treasury any =
municipal bond=20
rates</SPAN></FONT></P></DIV></DIV></BLOCKQUOTE></BODY></HTML>
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