Go to Jeff Salisbury LWGate Home Page.From: "Edward W. Gjertsen II" <ed@macktracks.com>
Subject: RE: [CANSLIM] Tax Free Dividends
Date: Mon, 14 Apr 2003 10:37:28 -0500
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Come on now Tom, things are improving. I believe E-File has been a
terrific improvement.
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
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recipient, please contact the sender by reply e-mail and destroy all
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- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley
Sent: Monday, April 14, 2003 9:18 AM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Tax Free Dividends
Ed, the only point on which I might disagree is using "IRS" and "wisdom"
in the same sentence, seems like an oxymoron to me.
"IRS in their wisdom"
- ----- Original Message -----
From: Edward W. Gjertsen II <mailto:ed@macktracks.com>
To: canslim@lists.xmission.com
Sent: Monday, April 14, 2003 10:11 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.
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.
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.
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.
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
<mailto:ed@macktracks.com> 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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<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>Come on now Tom, things are =
improving. I
believe E-File has been a terrific improvement.</span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'> </span></font></p>
<div>
<div>
<p class=3DMsoAutoSig><font size=3D3 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:12.0pt;color:blue'><img width=3D64 height=3D46
src=3D"cid:image001.gif@01C30271.D7BCCAE0"></span></font></p>
<p class=3DMsoNormal><font size=3D3 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:12.0pt;color:blue'> </span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>Ed Gjertsen II</span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'><a =
href=3D"mailto:ed@macktracks.com">ed@macktracks.com</a></span></font></p>=
<p class=3DMsoNormal><font size=3D3 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:12.0pt;color:blue'> </span></font></p>
<p class=3DMsoNormal><font size=3D3 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:12.0pt;color:blue'> </span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'>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.</span></font></p>
</div>
</div>
<p class=3DMsoNormal><font size=3D2 color=3Dblue face=3D"Times New =
Roman"><span
style=3D'font-size:10.0pt;color:blue'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>-----Original =
Message-----<br>
<b><span style=3D'font-weight:bold'>From:</span></b>
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com] <b><span
style=3D'font-weight:bold'>On Behalf Of </span></b>Tom Worley<br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> Monday, April 14, =
2003 9:18
AM<br>
<b><span style=3D'font-weight:bold'>To:</span></b> =
canslim@lists.xmission.com<br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> Re: [CANSLIM] =
Tax Free
Dividends</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3DArial><span
style=3D'font-size:12.0pt;font-family:Arial'>Ed, the only point on which =
I might
disagree is using "IRS" and "wisdom" in the same =
sentence,
seems like an oxymoron to me.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>"IRS in their =
wisdom"</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>----- Original Message =
- ----- </span></font></p>
<div style=3D'font-color:black'>
<p class=3DMsoNormal =
style=3D'margin-left:.5in;background:#E4E4E4'><b><font size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>From:</span=
></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> <a
href=3D"mailto:ed@macktracks.com" title=3D"ed@macktracks.com">Edward W. =
Gjertsen II</a>
</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>To:</span><=
/font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> <a
href=3D"mailto:canslim@lists.xmission.com" =
title=3D"canslim@lists.xmission.com">canslim@lists.xmission.com</a>
</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>Sent:</span=
></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> Monday,
April 14, 2003 10:11 AM</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>Subject:</s=
pan></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> RE:
[CANSLIM] Tax Free Dividends</span></font></p>
</div>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dblue
face=3D"Times New Roman"><span =
style=3D'font-size:10.0pt;color:blue'>Here are
comments from an article I authored:</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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. </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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. =
</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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. </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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. </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>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.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<div>
<div>
<p class=3DMsoAutoSig style=3D'margin-left:.5in'><font size=3D3 =
color=3Dblue
face=3D"Times New Roman"><span =
style=3D'font-size:12.0pt;color:blue'><img border=3D0
width=3D64 height=3D46 =
src=3D"cid:image002.gif@01C30271.D7BCCAE0"></span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dblue
face=3D"Times New Roman"><span style=3D'font-size:10.0pt;color:blue'>Ed =
Gjertsen II</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dblue
face=3D"Times New Roman"><span style=3D'font-size:10.0pt;color:blue'><a
href=3D"mailto:ed@macktracks.com"><font size=3D3><span =
style=3D'font-size:12.0pt'>ed@macktracks.com</span></font></a></span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dblue
face=3D"Times New Roman"><span =
style=3D'font-size:10.0pt;color:blue'>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.</span></font></p>
</div>
</div>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>-----Original =
Message-----<br>
<b><span style=3D'font-weight:bold'>From:</span></b>
owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com] <b><span
style=3D'font-weight:bold'>On Behalf Of </span></b>Ted Kozek<br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> Thursday, April 10, =
2003
9:40 PM<br>
<b><span style=3D'font-weight:bold'>To:</span></b> =
canslim@lists.xmission.com<br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> [CANSLIM] Tax =
Free
Dividends</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'>Would someone like to comment on the effect =
tax free
dividends will have on corporate, treasury any municipal bond =
rates</span></font></p>
</div>
</div>
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