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Found courtesy of AboveAverageOdds, we wanted to share this excellent resource: A full compilation of the Warren Buffett Partnership letters from 1957 to 1970. All of the individual letters are combined into one cohesive. Berkshire – Past, Present and Future In the Beginning On May 6, 1964, Berkshire Hathaway, then run by a man named Seabury Stanton, sent a letter to its shareholders offering to buy 225,000 shares of its stock for $11.375 per. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Free Download Buffettology by Mary Buffett Ebook PDF by Mary Buffett. Sure Dividend. Updated August 1. I think you’ll agree with me that high dividend stocks can be excellent investments for those looking for both: Current income. Bond- beating total returns. But it can be difficult to find high quality, high dividend stocks. It isn’t much good finding high yielding stocks when they cut their dividends shortly thereafter. That’s where Warren Buffett comes in. We're back with the latest iteration of our recommended reading list series. This time around we feature the favorite reads of none other than the Oracle of Omaha himself, Warren Buffett. Over time, he has recommended various. CNBC Transcript: Warren Buffett on Russian Roulette, Tax Breaks for Corporate Jets, and America's Bright Future. Get The Full Warren Buffett Series in PDF. Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. Click here to download the 4 tools now. Most investors know Warren Buffett looks for quality, but few know the degree to which he invests in dividend stocks. Warren Buffett’s portfolio is invested in dividend stocks. His top 4 holdings have an average dividend yield of 3. Many of his dividend stocks have paid rising dividends over decades. Warren Buffett prefers to invest in shareholder friendly businesses with long track records of success. It happens that dividend stocks with long histories of dividend increases match what Warren Buffett looks for in a stock investment. This article examines Warren Buffett’s top 2. The Bank of New York Mellon (BK)Dividend Yield: 1. Price- to- Earnings Ratio: 1. Years of Steady or Rising Dividends: 7. Percent of Warren Buffett’s Portfolio: 1. Year Earnings- Per- Share Growth Rate: 3. Bank of New York Mellon is a global financial services business with operations in 3. Bancorp (USB)Dividend Yield: 2. Price- to- Earnings Ratio: 1. Years of Steady or Rising Dividends: 7. Percent of Warren Buffett’s Portfolio: 2. Year Book- Value- Per- Share Growth Rate: 8. It is easy to see why Warren Buffett has invested billions of Berkshire Hathaway’s portfolio into U. S. Bancorp is the banking industry leader in return on assets, return on equity, and efficiency ratio. Note: The financial metric . Bancorp’s industry leading status in these important metrics for fiscal 2. U. S. Bancorp is more than highly profitable. It is also very shareholder friendly. The company targets a dividend payout ratio of 3. At current price levels, this comes to a shareholder yield of around 5. The company has also managed to grow assets at about 7. With a shareholder yield of ~5. U. S. Bancorp currently trades at a price- to- earnings ratio of just 1. Banks have traditionally traded at price- to- earnings ratios below those of the overall market due to risk of bank failure and strong competition. U. S. Bancorp has found a way to be more profitable than its peers. In addition, the company remained profitable throughout the Great Recession of 2. At its current price- to- earnings ratio, U. S. Bancorp appears to be somewhat undervalued. The company makes an excellent choice for investors looking for exposure to the United States banking industry. Return to the Table of Contents#1. M& T Bank Corporation (MTB)Dividend Yield: 2. Price- to- Earnings Ratio: 1. Years of Steady or Rising Dividends: 2. Percent of Warren Buffett’s Portfolio: 0. Year Book- Value- Per- Share Growth Rate: 5. M& T Bank Corporation is a bank holding company with ~8. East Coast. M& T Bank is one of the few banks that did not cut its dividend payments during the Great Recession of 2. M& T Bank Corporation has grown to become one of the 1. United States. M& T Bank Corporation maintains higher than industry average returns- on- equity and returns- on assets. Additionally, the company is highly regarded for its conservative nature. M& T Bank Corporation does not over extend itself by writing risky loans. The company’s conservative nature has produced phenomenal results for long- term shareholders. The company has produced 1. Rising interest rates are a catalyst for M& T Bank Corporation. Rising rates favor the company as they lead to a greater spread on interest earned from deposits versus interest paid. Shares of M& T Bank Corporation currently trade for a price- to- earnings ratio of 1. The company appears to be trading around fair value at current prices. The company’s future looks bright and it trades at a reasonable valuation multiple. Additionally, M& T Bank Corporation has a dividend yield of 2. S& P 5. 00’s dividend yield. The company’s combination of stable growth, fair valuation, and solid dividend yield should appeal to dividend growth investors looking for exposure in the banking sector. Return to the Table of Contents#1. Johnson & Johnson (JNJ)Dividend Yield: 2. Price- to- Earnings Ratio: 2. Years of Steady or Rising Dividends: 5. Percent of Warren Buffett’s Portfolio: 0. Year Earnings- Per- Share Growth Rate: 5. The image below shows the 1. Johnson & Johnson (JNJ) and the S& P 5. SPY): Source: Data from Yahoo! Finance$1. 0. 0 invested in Johnson & Johnson on 1/2. SPY (both include reinvested dividends). What’s even more impressive about the company’s performance over the last decade is its standard deviation. The company is an exceptionally low risk investment. Compare Johnson & Johnson’s stock price standard deviation to that of the S& P 5. S& P 5. 00 standard deviation of 2. Johnson & Johnson standard deviation of 1. Johnson & Johnson is not new to success. The company has paid increasing dividends for 5. Johnson & Johnson’s long dividend history makes it 1 of 1. Dividend Kings. Dividend Kings are stocks with 5. That is twice the minimum amount needed to be a Dividend Aristocrat. A company cannot grow its dividends for 5 decades without a strong and durable competitive advantage. Johnson & Johnson’s has 3 broad competitive advantages that differentiate it from its competitors: Size/scale competitive advantage. Research & development competitive advantage. Brand competitive advantage. Johnson & Johnson’s size/scale competitive advantage is a result of it being the largest player in the health care industry. The company’s long history gives it excellent connections with suppliers and governments around the world. The company can keep input costs low by buying in far larger quantities than competitors can. The company’s large size gives it a bigger research and development budget that its peers. Johnson & Johnson’s research and development spending by year is shown below: $9 billion in 2. This spending has produced tangible results. Johnson & Johnson generates about 2. The company’s pharmaceutical portfolio in particular is benefiting from large research and development spending. Johnson & Johnson commands premium pricing through its well- known brands. The company supports its consumer brands and pharmaceuticals with large advertising spending. The company spends around $2. Johnson & Johnson is currently trading for a forward price- to- earnings ratio of 1. The company is cheaper than the S& P 5. Johnson & Johnson will not deliver rapid growth for shareholders. Earnings- per- share have grown at just 5. With that said, the company does have a solid dividend yield of ~2. Return to the Table of Contents#1. The Kraft Heinz Company (KHC)Dividend Yield: 2. Price- to- Earnings Ratio: 2. P/E ratio)Years of Steady or Rising Dividends: 4. Kraft, Mondelez, and Philip Morris)Percent of Warren Buffett’s Portfolio: 2. Year Earnings- Per- Share Growth Rate: N/A due to recent merger. Warren Buffett has decided to drastically increase his ownership in Kraft Foods. He teamed up with 3. G Capital to merge Kraft with Heinz. The merger between Kraft and Heinz gives Berkshire Hathaway and 3. G control of 5. 1% of the new company. Kraft shareholders own the remaining 4. Kraft- Heinz company. The merger builds on the success of 3. G Capital. 3. G Capital has generated excellent returns by purchasing and aggressively expanding United States brands. G Capital’s prior success stories include Budweiser (BUD) and Burger King. G Capital’s methodology pairs well with Warren Buffett’s. Together they make an ideal team for purchasing and expanding high quality brands in slow changing industries. Shareholders will benefit from synergies in the recently formed company. The management expertise of 3. G Capital and Warren Buffett is a bonus. Kraft’s dividend payments are continuing following the merger. The company’s regular share repurchases are scheduled to be suspended for 2 years following the merger. Kraft Heinz has 8 brands that generate $1 billion or more a year in sales. The combined company has sales of $2. The bulk of these sales come from North America. This makes Kraft- Heinz the 3rd largest food and beverage corporation in North America based on sales. Only Pepsi. Co (PEP) and Nestle are larger. Kraft Heinz will generate growth going forward by leveraging its well- known brands. The company is also working to expand internationally. In addition, Kraft Heinz is realizing significant cost savings by implementing zero- based- budgeting and continuing to realize cost reductions from the merger. Return to the Table of Contents#1. Wal- Mart (WMT)Dividend Yield: 2. Price- to- Earnings Ratio: 1. Years of Steady or Rising Dividends: 4. Percent of Warren Buffett’s Portfolio: 2. Year Earnings- Per- Share Growth Rate: 7. Wal- Mart generates revenues of $4. UPS and Fed Ex combined make around $6 billion a year, for comparison. Online retail will continue to drive growth for United Parcel Service going forward. Online retail is expected to grow about 4x as fast as global GDP over the next several years. The image below from UPS’ investor presentation shows this growth: The company has more tailwinds besides e- commerce growth. In total, the company is expecting 6% to 1. United Parcel Service is a shareholder friendly business. The company has several decades of rising dividends. The company appears to be somewhat overvalued at current prices. The company is focusing on what it does best. Suncor has paid steady or increasing dividends (in Canadian Dollars) for 2. Suncor Energy’s investing thesis is simple. The company is one of North America’s lowest cost oil producers. The company’s operations are global. It has a large market share in: United States. Brazil. Russia. India. China. Europe. Deere & Company is realizing a temporary downturn in its business. The company is cyclical and deponent on grain prices.
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