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Research

  • Copeland White Paper I - Dividends & Tax Rates

    June 30, 2012 - As it stands today, barring a political compromise, the highest tax rate payable on dividends will jump from 15.0% to 43.4% for the 2013 tax year. That sets up two important questions for investors in dividend-oriented strategies. First, how will the securities of dividend payers and dividend growers perform relative to the market as investors are forced to share a larger portion of their income with the government? And second, will companies opt to put their cashflows to alternative uses, such as stock buybacks or M&A, rather than grow their dividends?

 

Copeland Review - Investment Commentary

  • Punch-Out!! - Q2 2017

    A financial time capsule from 1999 would surely contain a slew of misguided admonishments regarding the technology bubble. The capsule would probably include advertisements for day-trading from home, claims that value investing was dead, and a push to “fire your broker and open an online account!” Another might read: “Don’t worry about justifying valuations, just buy large cap tech stocks and prepare to retire.” Depending upon how closely one had heeded them at the time, one would either laugh or cringe.

    We find similarities to that thinking today. You can’t pick up a financial publication without finding articles calling for the death of active money management. Exchange Traded Funds (ETFs) in countless flavors suiting every supposed need could be today’s equivalent. The prevailing plan is to buy the cheapest or smartest beta exposure and prepare to retire.

    What happens though when stock markets ultimately decline, and investors take a “punch in the mouth?” 

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