MARC HASENFUSS: Here’s to hope, and to my pals who stuck it out
AVI showed no signs of being cowed by current trading conditions when it stuck firmly to its generous dividend policy of paying out 80% of earnings to shareholders
Like my dividends ... probably much more than the next investor. I get huge satisfaction from seeing my distributions drop through — albeit these days with 20% lopped off in dividend tax (and a growing fear, noting Sars’ collections shortfall, that this dastardly tax may again increase in the not-too-distant-future).My ploy — on paper — is to collect distributions, and then mobilise these cash flows into more adventurous (nondividend paying) positions. In reality, I tend to just buy more high yielding stock.I might also add how envious I am of my friends who stuck it out at consumer brands conglomerate AVI — which showed no signs of being cowed by current trading conditions when it stuck firmly to its generous dividend policy of paying out 80% of earnings to shareholders.One cannot but be impressed by unflappable AVI CEO Simon Crutchley’s efforts to balance market share and margin considerations as well as grasp operational nettles like fishing subsidiary I&J and shoe business Gree...
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