Where Have All the Dividends Gone?
30 Years of Lower Dividend Yields
Buybacks Now Exceed Dividends
Are Buybacks Smart?
Valuations Are Particularly Rich
Many Buybacks Have Not Been Accretive Recently
Buybacks Drove the S&P 500 Index's Higher Total Payout Ratio
At Miller/Howard Investments
Past and Future Dividends Are Highly Correlated....
Capital Intensity Has Fallen
Expanding Free Cash Flow Margins
Market Has Favored High Free Cash Flow Margins
Our view at Miller/Howard
Magnificent 7 Have Driven 10 Years of S&P 500 Index Returns
Magnificent 7 Are Expensive
Magnificent 7 Becoming More Capital Intensive
Magnificent 7 Becoming More Capital Intensive
Magnificent 7 Skew the Picture
We view the commitment to regular dividends
Current Characteristics Are Unusual
Current Characteristics Are Unusual
Dividend Stocks Historically Outperform
DISCLOSURE
DEFINITIONS