Comment, question or quotation of the day

16-07-2019 : Quote of the day

“The idea that at all costs, the CEO's compensation should be linked to the share price, so that he will give his best for the company, is obscene.”           Jean-Cyril Spinetta

16-07-2019 : Imperial Brands will pay fewer dividends than expected and invest more in future products

  The twelfth largest dividend payer in the United Kingdom, cigarette manufacturer Imperial Brands (Winston, Gauloise) has just announced that its dividend will no longer increase by 10% per year as it has been doing since  11 years now in order to be able to finance additional investments in its e-cigarette division, which seems to have a brighter future than traditional cigarettes. The stock market price did not collapse, it rose on the day of the announcement and rose by more than 3% over the week. A new illustration that investors are first and foremost looking for value-creating investments, rather than just dividends. Have a nice day.  


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The Letter

Number 120 of April 2019

News : Finance: green, sustainable and responsible? (2/2)

Statistics : French government bond yields since . . . 1752

Research : Spectacular deleveraging

Q&A : Can a growth rate to perpetuity be negative?

COMMENTS : Comments posted on Facebook