Recent Buy

buyI had planned on my purchase of shares in Wal-Mart Stores, Inc. (WMT) – the first time I’ve added to that position in years – being the last transaction for the month of June.

And it would have been a fine way to end the month. Six stock purchases. More than $5,200 invested. I’d be more than happy to call that a month and wrap it up.

But it wasn’t to be.

The acquisition of Lorillard Inc. (LO) by Reynolds American, Inc. (RAI) was completed in mid-June and my 50 shares of LO were exchanged for 14 shares of RAI and more than $2,500 in cash. I decided to hold my RAI shares, but I’m not going to buy additional stock in the company right now. The stock doesn’t appear particularly cheap to me here, and, in addition, I’m actually pleased to see my overall tobacco exposure slightly reduced from a level that was higher than that which I was comfortable with. It should be noted, though, that my dividend income was reduced by $94.48 as a result of this.

So what would you expect me to do with $2,500? Buy a new suit? Fly to Vegas and put it all on red? Cash it out in singles, fill up the tub with dollar bills and take a bath?

Of course not!

But I did go on a shopping spree.

A stock shopping spree, that is. 

What better merchandise is there than stocks? What better store is there than the stock market?

So I put that cash to work across three different stocks, largely making up for the dividend income reduction noted above. This article will cover the first of the three stock purchases.

I purchased 5 shares of Apple Inc. (AAPL) on 6/15/15 for $126.70 per share.

Overview

Apple Inc. primarily designs, manufactures, and markets a variety of mobile communication and media devices, personal computers, and digital music players, in addition to selling related software, services, peripherals, networking solutions, and third-party digital content.

Some of their product offerings include the iPhone, iPad, Mac, iPod, Apple TV, and the Apple Watch. Their software solutions include the iOS, OS X operating systems, and the company offers cloud service via iCloud.

Net sales by operating segment were as follows for fiscal year 2014: Americas, 36%; Europe, 22%; Greater China, 16%; Retail, 12%; Japan, 8%; and Rest of Asia Pacific, 6%.

Net sales by product type for FY 2014 were: iPhone, 56%; iPad, 17%; Mac, 13%; iTunes, Software and Services, 10%; Accessories, 3%; and iPod, 1%.

Apple is currently the world’s largest publicly traded company by market capitalization.

Incredible Second Quarter

I mentioned when I initiated my position in AAPL back in April that I was going to look for an opportunity to add to it at some point in time. Well, this is that point in time.

What swayed me to add to it so quickly?

An incredible second quarter.

Let’s see: Revenue that had increased $12.4 billion YOY. EPS up 40.4% compared to Q2 2014. A record for sales of iPhone and Mac, as well as a record performance for the App Store. 71% YOY increase in revenue for the Greater China segment. A cash, cash equivalents, and marketable securities pile that has grown to over $190 billion

Wow.

They also increased the dividend by 10.6% and increased the total buyback authorization from the $90 billion announced last year to $140 billion. For perspective, that buyback authorization adds up to 20% of the current market cap of the company.

What that means is that Apple needs very little or really no core growth in the business at all to deliver solid EPS growth and dividend increases to shareholders. And that’s because the massive profit the firm generates is about to get cut into a lot less pieces. Add in the kind of growth they’re still posting and this stock could certainly surprise in regards to overall growth, especially with the company coming off of such a large base. Meanwhile, the Apple Watch hasn’t even been figured into this yet.

I admittedly waited far too long to initiate a position in Apple, but it just didn’t really fit my portfolio until somewhat recently. Sticking to my strategy means I’ll surely miss out on some winners here and there. But I’ll also weed out a lot of losers.

Nevertheless, I’m certainly happy to be along for this exciting ride.

Risks

AAPL is, of course, not without risks. I’ll highlight a few.

Primarily, the company faces intense competition across its entire spectrum of product lines, especially in the smartphone and tablet space. The iPhone is by far their most important product and accounts for the majority of revenue. As such, any competitive pressures here could harm the firm. This reliance on the iPhone is also concerning from a diversification standpoint.

In addition, Apple’s products are typically sold at a premium to their competitors. This leads to high margins, but it could hurt them in emerging markets where price is a major factor.

Meanwhile, the tech space changes quickly. If the company isn’t able to keep pace and offer the best tech with the best experience, it could harm their ability to not only sell products, but also the ability to continue selling at a premium.

Lastly, they face currency and geopolitical risks like any other international company.

Valuation

The stock’s P/E ratio is 15.71 right now. That’s actually quite a bit lower than the P/E ratio of 16.92 that the stock sported when I initiated my position due to the blockbuster Q2, so even though the stock is approximately the same price, it’s actually quite a bit cheaper now. The current P/E ratio is well below that of the market, though it is in line with AAPL’s five-year average. It’s perhaps a bit perplexing to see the stock at this level even though the company is still growing so quickly.

I valued shares using a two-stage dividend discount model analysis with a 10% discount rate. I used a dividend growth rate of 14% for the first ten years and a terminal dividend growth rate of 7%. I lowered the initial dividend growth rate from the 15% I used in April to 14% now to account for the most recent dividend raise that was a bit under 11%. The DDM analysis gives me a fair value of $131.48.

So even though I used a lower growth rate, I now get a higher value. That’s because the dividend is higher now. All in all, the stock is really worth much more now than it was in April. The company’s overall cash pile has grown by about $40 billion, profit is way up, the dividend is higher, and there are now less shares outstanding. It’s quite possible my valuation is even on the conservative side due to the modest payout ratio and strong buybacks that could allow for much higher overall dividend growth rate for the next couple decades (meaning my terminal rate might be quite conservative). But one has to weigh that potential against the inherent risks in tech, which is why I’m being conservative.

Conclusion

I’m certainly pleased to have had the opportunity to add to my position here. And even though I didn’t average down in price, I did average down in value. As always, price and value are not one and the same. And when buying stocks, I look at value, not price. Price only tells me how much money I need to exchange for equity. Value tells me what I’m actually getting and what that stock is worth.

I mentioned my desire to buy more AAPL when sharing my watch list for June, so I decided to use some of the cash from the LO acquisition to make that happen.

Apple has the capability to aggressively grow the dividend for the foreseeable future. The payout ratio is approximately the same now as it was back in April, even though the dividend was increased more than 10%. And that’s because EPS continues to climb. The company could increase the dividend annually at a rate well into the double digits for the next decade even without underlying EPS growth and the dividend would still be well covered. Of course, what’s more likely is that profit continues to climb, the dividend grows at an attractive rate, and the payout ratio remains comfortably low for years to come.

There’s a possibility that Apple is undervalued right now, perhaps significantly so. It depends in large part on how well the Apple Watch sells, whether or not international growth and sales remain strong, how exactly Apple uses that massive and growing cash pile, and, most importantly, the sales of the current iteration and future versions of the iPhone. But if Carl Icahn is to be believed, the stock is worth $240 right now.

I used another free trade in my Scottrade account for this transaction, which allowed me to buy this stock without paying a commission fee.

This purchase adds $10.40 to my annual dividend income, based on the current $0.52 quarterly dividend.

I’m going to include current valuation opinions from other analysts below, which I use to concentrate my reasonable valuation estimate:

Morningstar rates AAPL as a 3/5 star valuation, with a fair value estimate of $140.00.

S&P Capital IQ rates AAPL as a 3/5 star “hold”, with a fair value calculation of $166.60.

I’ll update my Freedom Fund in early July to reflect this recent purchase.

Full Disclosure: Long WMT, RAI, and AAPL.

What are your thoughts on AAPL? Do you think their Q2 was a blockbuster? 

Thanks for reading.

Photo Credit: Stuart Miles/FreeDigitalPhotos.net

Note: Affiliate link included. 

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96 Comments

  1. “Cash it out in singles, fill up the tub with dollar bills and take a bath”…hahah that paints quite a picture!

    Congrats on teh purchase, Jason. The tech stocks are looking attractive in these overheated markets. Some attractive valuations and cant go wrong with the grand-daddy of all tech companies – Apple. I will be looking for some addition too in July.

    Your money has been working hard for you lately. Keep up the great work!
    R2R

  2. Woooo! You’re really revving up the buys recently DM. Happy to see your writing is working out so well and allows you to keep the snow coming to build up your snowballing dividends 🙂 Im liking the WMT and APPL buys. Personally I would like to diversify my portfolio out of reits/financials/energy, but will be holding off on that till i can start a USD account. Eventually want some WMT’s of my own!

  3. R2R,

    Ha! Hope I didn’t ruin your day with that image. 🙂

    Apple continues to surprise. Who thought a company worth more than $700 billion could continue to grow this fast. Throws some of what we thought we knew out the window. It’ll be interesting to see how that continues over the next decade and beyond. The Apple Watch could just add to what’s already a pretty compelling story. Very little organic growth is necessary to provide solid returns here, but the growth rate is outstanding anyway. Not sure if Carl’s prediction is quite right, but Apple does seem like a solid value here.

    Thanks for stopping by!

    Cheers.

  4. DW,

    Yeah, the Canadian market is a bit limited for you guys up there in terms of sectors and what not. But it’s great that you have such easy access to the US market, which allows for a lot more opportunity and diversification. Have fun building out the portfolio!

    Take care.

  5. Mantra,

    Nice working adding the cash to Apple, could be a great long term dividend stock. Excited to see what sharebuy backs and dividend increases they’ll have in store for 2016. Congrats on moving the money. I’m sure you remember I sold LO and then moved it to PM. Nice job DM!

    Lanny

  6. Lanny,

    Thanks!

    I’m excited, too. Those buybacks will add a significant tailwind to EPS growth, so it’ll be interesting to see how that commingles with the Apple Watch sales and international growth. Pretty exciting stuff.

    Nice move there with PM. I’ve long been fully invested there, but I would have done the same thing if I wasn’t so heavily exposed.

    Let’s keep it rolling! 🙂

    Best regards.

  7. Man youve definitely been on a buying spree. Apple still looks like a great dg potential. They definitely have brand loyalty amognst their rabid followers and I dont foresee that changing anytime soon barring a huge screwup. I made a purchase myself today. Itd been a while since my last one. Always feels good to make some progress. Keep up the good work.

  8. DM,
    APPL is still the biggest holding in my portfolio and I still like it. Ya know, Icahn spoke up again yesterday saying that he sold Netflix and thinks AAPL is similarly undervalued as NFLX was a while back. I know price appreciation isn’t the name of the game for a lot of us, but it never hurts!

    Looking forward to seeing how the watch performs. More importantly, I’m anxious to learn what the next iteration of the Apple TV will be, and what they has in store with content. I think that is the biggest opportunity in the near future. It could be a programmable, much like the iPhones and iPads, which would make it a new gaming device. Plus a subscription TV service. We’ll see.
    -RBD

  9. JC,

    I’m really fortunate to stay so busy right now. Not sure if it’ll continue on like this or not, but I’m happy to accelerate when I can. 🙂

    That’s awesome you were able to make a buy today. Feels great to add to the portfolio and pile up the dividend income. Keep it up!

    Best wishes.

  10. RBD,

    We’ll see if Icahn is right about that. I only hope it takes off after I’m done accumulating shares. For now, I hope it stays at this price or even lower. 🙂

    Apple TV seems exciting, though I’m less enthusiastic about that space due to the heavy competition and uncertainty regarding how it fits in with the ecosystem. I like to see Apple enter a new market only if they can revolutionize it. Putting something out there that is anything less than fantastic harms the brand, in my view. They have the tools to revolutionize that industry and any other they might want to enter, and that could be exciting in that regard. But even the status quo offers a lot to like. Anything else is just icing on a really delicious cake. Can’t wait to see where the company’s at in five years. Those buybacks alone are going to boost EPS (and likely the dividend) in a big way. A little additional market share here, some additional international growth there, and a few new products along the way could put Apple in an amazing spot. Glad to be along for the ride! 🙂

    Cheers.

  11. So, the question remains — what did you do with the other $1900 or so? I’m guessing we have a few more recent buys to go….

  12. Chadnudj,

    Indeed. A few more articles to come. 🙂

    You can also follow me on Twitter. I generally tweet what I’m doing live.

    Take care!

  13. A good purchase, Jason. Apple certainly looks in rude health generally and seems set to continue its rapid growth in the future. I must admit, I had not realised it was trading at such a comparatively low PE ratio. It does sound rather surprising. A perfect time, therefore, to build up a holding!

    I agree though, like any tech company it really depends on how well they can keep plugging into the trends of the moment. So far, they seem more than able to do so. But things change rapidly in that particular industry in contrast to the likes of P&G, etc!

    I look forward to seeing where else you plonk the remaining funds!

  14. Glad to have you as a fellow shareholder, I own 75 shares of this fantastic company myself. Only wish I had held on to more when I originally bought it back at $38 way back before the iphone. Sold it at a profit, but man what it would have been worth today.

  15. Nice pick up Jason on the Apple. I have been waiting for a pull back to add to my position of 50 shares. Apple has growth, buy back, and a dividend too. what’s not to like about Apple stock. Looking forward to hearing about more buys. keep us updated.

    Cheers

  16. I am always surprised how Apple is able to increase their revenue over and over again. Everytime I think it is impossible they come up with another quarter of records.

    But like with some other stocks that one is not for me. In case of investing you always have to go with your guts, and my guts don’t feel good with Apple at all.

    I wish you good luck with that investment! Keep on rocking 😉

  17. I just noticed your tweet on MCD. I don’t think McDonalds is going anywhere anytime soon. Even though I try to watch what I eat, I do enjoy McDonalds(once in a while).

  18. TDD,

    The fundamentals are incredible. From profitability to the balance sheet to the growth. Just a lot to like. If this were a stock in any other industry, I think a lot of people would be all over it. Of course, then the valuation would be much higher.

    But you’re absolutely right. The winds of tech change direction quickly. Apple has done incredibly well there, but you never know. I try to mitigate that concern by spreading a few small bets across some of the highest-quality tech companies that generate a ton of FCF and then also value them conservatively. So far, so good.

    Thanks for stopping by!

    Best regards.

  19. DD,

    Can’t change the past. And that taught you a great lesson about sticking with great companies. Unless the business starts to actually fail, it’s probably just to let that investment ride and collect the income in the meanwhile.

    But you had the prescience and courage to invest early there, which is a skill that not many have. I’m sure you’ll do well if you keep sticking to the high-quality stuff. 🙂

    Cheers!

  20. Michael,

    Glad to be a fellow shareholder. And I’m with you. Not much to dislike here with Apple. It checks off everything I look for. Wish the yield was higher, but it’s nitpicking. Apple should do well for a long time to come yet. The growth rate considering the base they’re coming off of is really incredible. It’s unprecedented.

    Appreciate the support!

    Best wishes.

  21. BM,

    Absolutely. If you don’t feel good about Apple, then it makes sense to stay away. There are so many great stocks out there. Makes no sense to invest in something if it doesn’t fit your portfolio. 🙂

    Thanks for dropping in!

    Cheers.

  22. Joel,

    I don’t go to MCD all that often. I used to go there for coffee here and there when I had the car, but it’s now quite far away. I was in the area yesterday, so it made sense to stop in, patronize the company I own a piece of, and get some writing done.

    But it’s funny that MCD is hurting and a company like Chipotle is doing well, especially in regards to health concerns. I just made a virtual chicken burrito over on their site and added a side of chips with guac… a total of 2,060 calories. That’s almost four Big Macs. I’ve been reading some articles in Fortune lately that highlight some of Big Food’s concerns and management from companies ranging from Pepsi to Hershey admit they’ve become flummoxed by consumers’ views on health. I think I’ll put together a compilation on that soon. But I’ll quote Nooyi:

    “If it is non-GMO, natural, or organic, but high in sodium and high in sugar and fat, it’s okay.” – in response to her confusion over what consumers view as healthy.

    Interesting stuff!

    Take care.

  23. Jason,

    Outstanding!! Your dividends income will see a bump for sure.

    Is this a monthly record for you in terms of amount invested?

    As for me, I am very light in tech companies. So, I will research this sector a bit more. AAPL, MSFT are good candidates.

    D4S

  24. Question: are you in cash at all? Or do you feel that any cash needs to be immediately (or almost immediately) deployed? You talk about loving stocks when they go on sale, but in the event of a market correction, when presumably lots of good stocks will be on sale, wouldn’t it be better to be able to buy A LOT of them, vs. having to pick and nibble as new funds come in and hope that the stocks stay on sale long enough for you to really dig into them? I just don’t understand the urgency of buying 7 shares of WMT because that happens to be the exact amount of cash you have available vs. sitting on some cash and waiting for the market to pull back, or at least for your quality companies to pull back. Sure, maybe it never happens, but buy buying that 7 shares of WMT you added a whopping $14 or so to your ANNUAL income, and I don’t know that it’s worth it. Plus, if you are fully deployed and the market drops 20%, you are going to be in a lot bigger world of pain than if you are sitting on 10-20% cash, which you could then use to dollar-cost average way down and pick up some amazing deals. I guess my point is that 5 shares here, 7 shares here, 4 shares there… they indicate a philosophy that any cash should be spent immediately, no matter how few shares or how minor the overall impact on the annual dividend payout, and I question the wisdom of that philosophy.

  25. D4S,

    I think this is a new monthly record both in terms of capital invested and total transactions, which is really great. I looked through my records and I invested more than $7k a few years ago after HGIC was bought out, but I invested much less fresh capital than when you net it out.

    AAPL and MSFT both offer a lot to like. I prefer MSFT’s diversification, but AAPL is really killing it. Very, very different companies, however.

    Cheers!

  26. DD,

    I stopped by. That’s fantastic. I hope you see as much success with it as I have. It’s uniquely and richly rewarding in a lot of ways. It’s also a lot of work, though, which is why I think I’ve seen so many blogs come and go over the years. Have fun with it! 🙂

    Cheers.

  27. Mike,

    You can find the answers you’re looking for in the content. These articles will probably get you to where you need to be:

    https://www.dividendmantra.com/2014/11/cash-flow-is-cash-but-better/

    https://www.dividendmantra.com/2015/06/waiting-for-a-correction-when-many-stocks-have-already-corrected/

    As far as questioning the wisdom… I’d offer you a refund, but I charged you nothing. You’re free to check out the rest of the internet if what I do doesn’t jive with what you believe in. It’s a big world out there. 🙂

    Cheers!

  28. Not a better way to spend extra money than putting it to work for you! I like AAPL as well and I should since I am a shareholder. I considered buying more stock, but there are other sectors I’m focusing on. I might come back to it though for a revisit. Thanks for sharing!

  29. HMB,

    Glad to be a fellow shareholder alongside you. Wish I would have jumped on this train a little earlier on, but I’m on now. Let’s hope AAPL continues to do what they do, because it’s definitely working! 🙂

    Thanks for dropping by.

    Best regards.

  30. Nice purchase DM. Fellow shareholder of AAPL and glad to see you add more of this stock. Though I would like to add more AAPL, it is already one of the largest in my portfolio and don’t want to increase it further. But of course, if the stock drops reasonably, I would definitely consider adding more.

  31. DGJ,

    Thanks so much. Glad to be with you on this one, that’s for sure. 🙂

    I hear you there. I don’t personally plan on making AAPL a very large position due to my lingering concerns about tech in general and their size specifically, so I wouldn’t be interested in adding here if I were you, either.

    Best wishes!

  32. I don’t love AAPL. Don’t get me wrong though, I don’t think it is a bad investment by any means. I have just always been more of a MSFT guy. Apple’s fundamentals are great, and obviously it is a wildly successful and profitable company. I still wonder if they will ever produce a “wow-product” without Steve Jobs. From what I have read, the Apple Watch has been a bit of a dud. I own a small amount of AAPL in my Loyal3 account, but MSFT is one of the largest holdings in my overall portfolio.

  33. Having said all that, my son is 8 years old, he has his own iPod, every morning he wants to play with my iPad while eating breakfast, and has already asked when he will get his first iPhone.

    Obviously the brand is ingrained into society……………………

  34. BCS,

    Appreciate your (your sons?) business over there! 🙂

    That’s funny you mention the Watch has been a dud. What I’ve come across (both independently and through the company) has been overwhelmingly positive:

    http://appleinsider.com/articles/15/06/24/apple-on-pace-to-sell-53m-iphones-in-june-quarter-apple-watch-demand-sustaining-healthy-levels

    But time will tell. Either way, AAPL won’t live or die by the Watch (the iPhone is still by far the most important product). However, I wouldn’t underestimate the power of the brand culture and ecosystem. I’d be surprised if the Watch doesn’t sell well, keeping in mind that it’s a complementary product.

    As far as MSFT goes, I love that business as well. I don’t compare it to AAPL, though, because it’s really quite different. They make money in very different, but also very attractive and efficient, ways.

    Thanks for sharing.

    Best regards!

  35. Jason,

    A little off topic, but something important I heard yesterday at work is to keep accounts up to date. It has to be beyond receiving dividends too. the process is called escheatment that I have been reading up on and figuring out to avoid the headache of the state taking my money.

  36. SWAN,

    I’ve heard of that, but it appears to me that an owner would have to be oblivious for something like that to happen. You’d have to have incorrect information on your account and leave it basically in an abandoned state for years on end. If I end up in a situation to where I can basically “ignore” hundreds of thousands of dollars for years on end, I’ll consider myself in a pretty amazing spot. But what’s really going to happen is that the accounts will switch from active asset accumulation to collecting dividend income through checks/wires in less than a decade.

    Hope everything is alright over there if you’re going through something like that. Make sure you keep your information updated.

    Cheers!

  37. DM,

    I haven’t had any issues with it yet. Someone told me their sister had $55K worth of Disney they had for years in stock certificates taken away even though filed 1099 and everything. Got me more interested in making sure I know the rules and to try and help others.

  38. DM,

    You have been on a buying spree, so, I’m this month 🙂 and racing towards FI. I’ve put a capital of more than $10K this month to kick start this race.

    Regards,
    RTR

  39. RTR,

    Nice work!

    That’s the way to get off the line in a hurry. Keep up that pace and you’ll be sprinting your way there. 🙂

    Thanks for stopping in.

    Take care!

  40. Mike,
    I’m not steppin’ over DM’s toes here. I just don’t want you to take his advice and go elsewhere!! I’ve been there with the same types of questions—not with cynicism, but with the same honesty in questioning this strategy. So, Mike: The answer really isn’t about timing (ah, just tried to find an article I read today, but it’s already gone—debunking holding cash to deploy in market dips—there’s always something on sale—always, like right now it’s transports, REITS, utes…). There are too many articles you can read up on in regard to DCA or even buying small amounts of shares at great value/yield. Short answer: it matters if you are buying when a stock in undervalued or fair valued. It doesn’t matter if you buy 5 or 5000 shares of a good company. What matters is buying valued, hopefully banged up, great companies at a fair price with whatever you can afford (and taking into account trading fees! But one can get around that or set a percentage they can tolerate). Yield is yield. That’s what we’re looking for here. If a crash occurs—great! We buy more at that time when we have new cash. We all have a budget and dividend schedule–we all live within our means. We all work to invest. We don’t dislike a company with great fundamentals because others have tossed them to the curb. We love them even more. We aren’t looking at the stock market overall or any specific stock, we are looking for clearance items in a market of stocks. We deploy cash when we have it, on a stock within a sector that is banged up and shows tremendous value. Stockpiling cash is silly. You want your ARMY of dollars fighting and working hard for you right out of the gate. Those dollars do nothing for you when sitting on the bench. Fear is your worst enemy in DGI. Research cures that. Rid yourself of it and enjoy the dividends. Keep coming back to Dividend Mantra’s site and read these articles. This dude is the real thing and you will turn around and learn a ton. I did.

    Great purchase on AAPL DM. AAPL is my #1 position (from times past), I’ve been a holder for years and still amaze myself when I look at my own cost basis. I adore every adult toy they make. I’m a cult addict of this company and will buy anything they sell. That’s loyalty. That’s quality. This has been nothing but a winner for me. I hope the same for you.

  41. divy,

    Appreciate the support there. I’ve learned over time to spot the difference between critical cynicism and honest curiosity. Mike (this was his first comment here) seems to ooze the former and, frankly, I no longer have the time or interest to go back and forth with people. Nobody is going to convince me of doing it any differently and vice versa. So the pragmatic side of me sees no point in belaboring the point. I’ve also learned over time that every minute spent with a critic is one less I can spend inspiring someone. So the opportunity cost isn’t worth it for me.

    Anyway, I’ve spent more time than I wanted to with that…

    But I hear you on AAPL. I’m still using my iPhone 3G from seven years ago, so I can attest to the quality. Their ecosystem, customer loyalty, and innovation is really second to none. It’s amazing that a $700+ billion company continues to grow at such a rate, but that’s AAPL. They’re really one of a kind. It won’t be a large position for me due to a number of factors, but I could see myself at least doubling it at some point here.

    Glad to be a fellow shareholder. Let’s hope they continue rocking! 🙂

    Best regards.

  42. Hi DM,

    I´m looking for my first USA stock, I´m very interested on the REITS, I saw you have O and OHI, but not HCP, Did you study this stock and for any reason you didn´t choose it: I´m seeing that the P/E ratio of this HCP is low that the other 2 stocks you have in your portfolio. Could you give me your opinion about this stock

    Regards from Spain

    Sergio

  43. What a month! Great picks as always. I really like walmart at the current prices and pull back but I also cant argue with Apple with the free cash flow they have I expect good things in the future. Plus they trade a a very good multiple.

    Congrats and keep it up!

  44. Jason is on fire! Just did some calculations. If everything works out 2017 you will reach 1000 average dividend a month and at the end of 2020 you should reach 20.000 dividends a year. We all should thank the people who are working at those great companies every day for us 🙂

  45. Jason,
    Great discussion on everything from all angles! Agree or disagree that is ok. I can not find any information or data on how the Apple Watch is doing? None of my Apple friends are really excited about the watch. Apple is not releasing any sales data on the iWatch, that I can find. One would think that if the Watch is flying out of the stores, it would be front page news? Yes, I agree the iPhone is a home run. Steven Jobs had excellent ideas for devices that people wanted. The big question for Apple’s future is can Tim Cook deliver the same exciting ideas and goods that the people want and or willing to purchase? I guess that is what makes picking stocks an art and not a science?
    History is always 20/20, therefore time will tell if decisions made today or the correct ones?
    Jason, please continue to enjoy those wonderful dividends!

  46. Jason!

    I am a devoted reader of your blog, subscribed to the news, bought the e-book as well, pushed the button several times after having read your articles. I do very well have so much sympathy for you!!!!

    Nevertheless, I tend to feel that you and divy are very … mmmhhh …. harsh. Mike asked something what many of us feel/felt: Cash or no Cash right now/in general.

    Answer:

    I already complimented you on this wonderful “Cash Flow is better than Cash” article; it is IMHO eyeopening!

    Having said that I understand Mike´s problem, it is a fundamental question and deserves attention.

    Otherwise, you are “preaching to the choir” only, which is boring.

    I mean: really critical entries are very, very rare here! I felt Mike´s entry was constructive because so many out there have the same feelings (even me – on weak days, so I do have to reread your “Cash Flow is better than Cash!”)

  47. I received almost the exact same share/cash exchange you did, though I decided to spend that plus some on more Chevron since it’s sitting below $100 at the moment. Happy hunting!

  48. Glad to see an increase in your Apple position, here. Carl Icahn agrees with your timing, as he said Wednesday that Apple currently represents the compelling position that Netflix garnered back when NFLX was under $60/share.

    Apple is my largest holding–due mostly to capital gains. It’s rare that you uncover a company with such a strong downside case. The cash pile, the relatively (in the tech space) strong dividend, and buyback keep a high floor under a stock with a discount-to-market P/E.

    I don’t worry too much about Apple’s products being usurped by some competitor. The ecosystem, and the “embeddedness” of Apple into more of our daily lives (phone, computer, music storage, cloud storage, TV, payments) makes any individual product very sticky. And this is before we talk much about Beacons or Watch.

    Good investing!

    Eric

  49. “So what would you expect me to do with $2,500? Buy a new suit? Fly to Vegas and put it all on red? Cash it out in singles, fill up the tub with dollar bills and take a bath?”

    I loved that statement! Never say never. This could actually happen for you one day, swimming in all the that dividend income! 🙂

  50. Hi Jason!

    Nice buy with AAPL here, although I still remember what happened to Nokia. They were once the kings of the mobile phone industry but not anymore. iPhone came and Nokia’s phones were old after that. There is a risk that something similar could happen to Apple with the rapidly chainging tech industry. Then again it might not and Apple could very well continue to rule the industry. If only I had a crystal ball 🙂

    Off topic question: I read from your book that the most reliable source for financial data is the companys investor relations pages. I read DIS annual report 2014 and there was data for revenue and EPS for five years. So my question is what’s the best way to get 10 year financial data? Should I gather it from two annual reports like year 2014 for the most recent and year 2009 for older?

    Also question about comparing free cash flow to the dividend: What’s the best way to do that? Do I have to check the cash flow statement and then multiply the dividend by shares outstanding to get the amount of money the dividends are?

    Sorry for troubling you with my questions but I’d like to get better at analyzing companies and I’ve still got a lot to learn. Before this I have mostly been using sites like gurufocus for the financial information. Thanks in advance!

  51. Sensim,

    Thanks!

    We’ll see how it goes here. You’d think a company of this size would be done growing, but they continue to surprise. 🙂

    Hope you’re having a great month over there as well.

    Cheers.

  52. Nice buy Jason. I am a huge fan of Apple products and Apple stock. I have been in and out of this stock several times over the past few years. i always made money on my sales, but had I held my value would be much higher. I have been selling puts hoping for a temporary dip but the stock just keeps climbing. Perhaps it is time for me to pick some up.

  53. Sergio,

    HCP appears to be a fine company as well, but I prefer OHI due to the higher yield, better growth, and more attractive valuation (last I looked).

    HCP is larger than OHI, and OHI is more concentrated. In addition, HCP has been having issues with its largest tenant, which adds uncertainty.

    Pros and cons to both investments, but, all in all, I prefer OHI due to the reasons listed above. A higher yield and better growth profile will obviously lead to significantly better total returns. For perspective, OHI’s annualized total return over the last decade has been a bit under 18%. HCP has returned under 9%.

    HCP has fallen harder than OHI over the last month or so and pushed the yield up near OHI now. But when I bought OHI recently and early last year it had a much higher yield.

    Hope that helps!

    Take care.

  54. Patrick,

    Thank you. 🙂

    Doing my best to mix it up across multiple industries and stick to the strong value plays. The cheaper a stock is, the less it has to do right to provide solid returns. And, of course, you’re provided a higher yield which can potentially compound at a greater rate for the life of your investment.

    Appreciate you stopping by. Best of luck with your recent investments as well!

    Cheers.

  55. Killepitsch,

    Thanks for running the numbers for me. That’s right about what I’m figuring as well. It’ll depend a lot on cash flow and everything, but I think that’s pretty realistic. I was originally shooting for $18,000 in 2020, but I’m slightly ahead of pace now. And that gap will grow wider as I’m able to reinvest that larger base of income. Very exciting stuff.

    Of course, I could also see myself no longer accumulating assets once the expenses are exceeded. The margin of safety should widen over time through the organic dividend growth itself. We’ll see! 🙂

    Appreciate the support. Hope you’re having a great 2015 as well. And let’s hope these wonderful businesses continue doing what makes them so wonderful!

    Best regards.

  56. Jason,

    Ahhh now I see, LO was responsible! Still nice addition, I have AAPL myself and I like where they are headed. They might have buybacks coming before dividends, but that is a great long run strategy I think. Excellent move, how much have you gotten out of this June in terms of forward dividends?

    -Gremlin

  57. Nut501,

    “History is always 20/20, therefore time will tell if decisions made today or the correct ones?”

    That’s exactly it. Backtesting and all that is purely academic. And that’s why I love showing this journey in real-time. The victories and mistakes will prove themselves out in time.

    I’ll read articles on the internet and witness people arguing back and forth over stocks and what not, but there can be no winner or loser there. Only time will tell if a decision is right or not. And when we’re talking about high-quality stocks, for the most part, we’re talking about degrees of right. Is returning 9% rather than 10% or achieving dividend growth of 10% rather than 15% wrong? I don’t think so. But we don’t know which companies will perform better than others, so we diversify and hedge our bets.

    I don’t know whether Apple or Johnson & Johnson or Coca-Cola will provide better returns over the next decade. What I do know is that all will likely continue to do quite well and make me wealthier while sending me increasing dividend income along the way. And you could do a lot worse than that. 🙂

    As far as the Watch goes, everything I’m running across is overwhelmingly positive. But we’ll see how the next couple quarters look. We’ll have to keep in mind that it’s a complementary product, however.

    Cheers!

  58. Thorsten,

    Appreciate the support very much there. I cherish my readership, as I hope you know.

    But I think you’d really have to run your own blog for four years and deal with critical people over and over again to really have the perspective I have. At some point, after arguing back and forth with people through comments and emails for a few years, you lose your appetite for it all. And, again, every minute I spend with someone who wants to challenge the strategy is one less minute I can spend with someone who’s taken the time to actually read through it, understands it, and wants guidance.

    I write some of the articles I do (like the ones I hyperlinked above) so that I don’t have to repeat myself over and over again. Mike obviously knows what I’m doing here and still questions the wisdom. That’s his right. But it’s also my right to leave the content to speak for itself and spend time with those who get it, agree with it, and want to mutually support each other toward our individual aspirations.

    As far as preaching to the choir being boring, I’ve heard that before. Some people find a group of like-minded people all rooting each other on as boring. I don’t. I think it’s wonderful what a lot of us are doing here. We’ve got thousands of people changing their lives for the better every single day and becoming more free every single day. I think that’s far from boring. In my opinion, it’s incredible and part of what makes this blog really special. I like to keep this a drama-free zone with maximum inspiration. Soap operas have drama, if that’s what you’re looking for.

    Again, I appreciate the support. And I answered Mike the best I could. There’s no reason for me to post a lengthy comment answering what I’ve already answered before through rather lengthy articles. I see no reason to repeat myself ad infinitum in comments when I’m doing the same thing through articles. And keep in mind that I answer hundreds of comments and dozens of emails daily. So my commitment to readers has never been stronger.

    Cheers!

  59. Adam,

    Nice job spending that cash on CVX rather than down at the local mall. Your wallet will thank you over and over again (about four times a year!). 🙂

    Have a great weekend.

    Take care!

  60. Eric,

    “I don’t worry too much about Apple’s products being usurped by some competitor. The ecosystem, and the “embeddedness” of Apple into more of our daily lives (phone, computer, music storage, cloud storage, TV, payments) makes any individual product very sticky.”

    Couldn’t agree more. The ecosystem, customer loyalty, and overall product experience is really unlike anything else out there, in my view. I think that’ll allow Apple to stay dominant for a long time to come. And, like I mentioned above, there needs to be very little revenue growth to provide for solid returns and dividend growth when you’re generating that kind of FCF and buying back so much stock. Exciting times. 🙂

    Thanks for adding that!

    Best regards.

  61. Sampo,

    There’s always risk of obsolescence, but that risk is dramatically increased when we’re talking about a company like Apple. That’s why I prefer to keep the tech plays as rather small positions and then my overall tech exposure small relative to the entire portfolio. I love the fundamentals and cash flow that some of these blue-chip tech companies sport, but I’m also mindful of the risks.

    As far as your question goes, you can pull 10-year data quite easily. You pull two annual reports. The most recent fiscal year and then nine fiscal years prior. So you’d pull FY 2014 and FY 2005, for instance. For most companies, I find Morningstar to be about 95% accurate. So they’ll do fine most often as a replacement if you don’t want to pull the 10-Ks. The accuracy declines significantly, however, when dealing with REITS, MLPs, etc.

    The FCF payout ratio is typically quite easy to find. The actual cash spent on the total dividend payout (accounting for all shares) is found on the cash flow statement. Using DIS, for instance, you can see on their 2014 annual report that they spent just over $1.5 billion on dividends (page 67). That compares to over $6.4 billion in FCF.

    No trouble with the questions. Happy to help. I hope that moves you in the right direction. But I will say that I use Morningtar almost exclusively when I want to quickly run through numbers. Again, they work pretty great for everything but REITs and similar structures.

    Best wishes.

  62. Ah my favorite stock when I was an options trader and still my favorite stock as a dividend growth investor. AAPL stock knows but one direction – UP! Congrats on the purchase!

    Ken

  63. DD,

    I wish I had a time machine so I could go back to about mid-2003 and buy about $50,000 worth of Apple stock. I’d be financially independent and then some right now. But my mistakes have taught me a lot about appreciation and hard work. So I very much appreciate my meager 10 shares of AAPL. 🙂

    AAPL continues to surprise, though. I bet very few people thought they could continue to grow like this at their size. I mean that last quarter was phenomenal. I’d take that kind of growth on a $1 billion company. So it’s really incredible when you see that Apple’s doing it. Not sure how long they can keep that up, but they don’t need to post blockbuster numbers like that to provide a compelling investment case. We’ll see.

    Thanks for stopping by!

    Best regards.

  64. Gremlin,

    Yeah, the LO cash funded this purchase and the two subsequent buys. I’d be just as happy still being a LO shareholder, but I’m also happy to see my tobacco exposure reduced somewhat. LO has been a great investment for me, as have all the tobacco investments. Still a very profitable industry.

    My forward annual dividend income increased a little over $140 after it’s all said and done. And that’s after accounting for the fact that I lost a net of ~$19/year with the stocks I bought from the LO money. I didn’t purposely chase yield at all with that money or any other capital this month, so there was a slight reduction compared to what I’d have had if LO stayed in the portfolio.

    Icahn is a big fan of the buybacks because he thinks the stock is ridiculously undervalued here. It’s tough to say, though. I think it’s at least modestly undervalued. But if they keep this pace up for even just a couple more years, the stock is wildly undervalued. Depends, though, on how some of that cash is used. Continues to build up.

    Cheers!

  65. Ken,

    Apple’s a unique company, isn’t it? They’re in unprecedented territory, so it’ll be very interesting to see how it goes here. Excited to be along for the ride, regardless.

    Thanks for the support. Hope you have a great weekend over there!

    Cheers.

  66. Thanks for your consideration answering me. I will follow studying the 2 companies on Monday. It’s posible I will buy both

    Regards

    Sergio

  67. Why would you stop? From reading your site I got the feeling you enjoy what you do today, especially after you quit your job at the car dealer.
    Having a lot of free time is fantastic but having an occupation which you actually like is also fulfilling.
    You made some experiences when your old friends startet to realise how much money you saved you will make simular experiences when you quit working at all. A lot of people can’t understand the decision and from my own experience it gets boring after a while. But I can recommend voluntary work, if you help other and can make a difference in their lives that can give yourself a lot of satisfaction.
    But for now keep it going!

  68. Killepitsch,

    I enjoy it immensely… for now. But I also get burned out on things after a while. And blogging/writing is a lot of work. In addition, it’s a big world out there and there are a lot of other lifetimes to pursue:

    https://www.dividendmantra.com/2015/06/live-more-than-one-lifetime/

    Money/work isn’t the be-all, end-all for me. Maybe I hang it up in a few years and travel around for a decade. Maybe I move on to coaching/speaking for a few years. Or maybe none of those things. But every day I become more free and more opportunities open up. I’m careful not to extrapolate what I’m doing now way out into the future. The future is thus very exciting. 🙂

    Cheers!

  69. I have been always hesitant to pull the trigger on Apple as I felt that I missed the big growth but guess what? They are still growing crazy like there is no tomorrow. Good job purchasing a solid company.

  70. Still a couple more trading days left in June. Squeeze out one more buy? Bottom line is that every buy you made this month is a solid long term play and you are already realizing a return via potential dividend income. Congrats on a hot month. The summer of buying has begun!

  71. $2,500 extra in your pocket? Most people would buy a MacBook or Apple Watch. Jason buys a piece of whole damn company.

    Love it!

    I just picked up some shares of RTN since the stock’s fell below $100 for the first time since the fall.

  72. BSR,

    I know exactly what you mean there. I always questioned how long that train could keep running. But when you look at the economics of it, the train can keep rolling for a long time to come just based on past momentum. Revenue growth could stop completely from here and they’d still be able to generate exactly what I’m looking for, assuming they don’t contract. But with the way they keep growing, there’s still incredible long-term upside. 🙂

    Cheers!

  73. DH,

    Yeah, the summer is supposed to be quiet. Sell in May and go away… I prefer buy in May and stay. 🙂

    Let’s keep it rolling!

    Take care.

  74. Phil,

    Ha! I wish I would have come up with that myself. 🙂

    Glad to be a fellow shareholder with you there on RTN. Wish I would have loaded up more on some of the defense contractors back in the day before they went on that huge run.

    Have a great weekend!

    Best regards.

  75. Wow! You’re on fire Jason! 🙂 I’m still awaiting an 8000$ transfer to go on a shopping spree too! It takes forever for a financial institution to transfer your funds to another financial institution… it’s funny because when I want to give them cash it doesn’t take more than a business day and it’s taken away from my account but when I want to take it out it takes them 6-8 weeks… Oh well!

    And for Apple… I don’t know why but somehow I’m a bit reluctant to add this stock to my portfolio. I just hate all of their products… When they started selling the Ipod for several hundreds you could get the same mp3 player for 20$. A less cool one but it was playing music and able to hold tons of it. I know that most people think their products are cool but I don’t. I think they are way too pricey for what they offer… which is the same that any other companies out there are able to offer for a lot less. I’ve been wondering for years about why people don’t see it. I guess it’s the group effect. Cool people have an Iphone so if I want to be cool I must have an Iphone too…

    My wife has an Iphone and the battery don’t last. She’s always looking out for a wall plug to charge it. It’s annoying. She always has stockage capacity problems too and… ahh whatever… lol

    I just don’t like their products but I know everybody loves them. I don’t like cigarette either yet I own Philipp Morris stocks. Maybe I should reconsider…

    You analysis gives me foods for thoughts.

    Cheers

  76. Allan,

    That’s a shame the funds take so long to transfer up there. My Scottrade transfers (even on thousands of dollars) take about fifteen seconds. TradeKing seems to take considerably longer. Generally around thirty minutes or so. But I wouldn’t be very happy with weeks at a time.

    I’ve had the opposite experience with Apple products as well. Now, I don’t use a ton of their products. But I had an iPod back in the day that was great. I hooked up an FM transmitter and jammed all day to thousands of songs in my car. And my iPhone 3G from 2008 is still going strong. I’ve dropped it probably a dozen times and it just keeps on ticking. It’s practically unbreakable.

    There’s certainly a premium there (which you see in the margins), but they offer a unique user experience/ecosystem for that money. They wouldn’t sell so many products if they sucked. 🙂

    But the stock isn’t for everyone. In my view, the biggest drawback is the low yield. I’ve done well in terms of total returns with a number of low-yielding stocks over the years, but it takes time for that dividend growth to catch up to stocks yielding 3%+ right out of the gate. Being 33 years old, I have decades to work that out, though.

    Thanks for dropping by. Have a great weekend!

    Take care.

  77. Excellent Jason. I’ve been waiting for you to add more to your position. It doesn’t need to be repeated but Apple is really unlike any other company out there. Like other readers, it is by far my largest position as well. China’s numbers and growth are mind blowing, especially considering they only have a small handful of stores compared to the USA’s few hundred. Two independent analysts I follow are Horace Diedu (asymco.com) and Benedict Evens (http://ben-evans.com) there work is phenomenal. I suggest browsing some articles on their blogs if you have some time. Great buy Jason.

  78. Cj,

    I haven’t heard of the analysts, but I’ll have to check them out. Thanks for sharing! 🙂

    It’s indeed really crazy that Apple is still growing like this. Definitely unlike anything we’ve ever seen before. If they can even keep this up for just a few more years, the stock is absolutely undervalued right now. But it’s more likely that they’ve got years and years of growth – even if it’s more modest – ahead of them, which means that the dividend will continue to grow for a long time to come. Very exciting stuff for such a large company.

    Have a great weekend, fellow shareholder. 🙂

    Cheers.

  79. Im glad you highlight something here very well.Free cash flow.Even mature companies with amazing free cash flow can stand still but deliver for shareholders.If the free cash flow means they can buy back 3% a year in stock and inflation is 2% they can increase the dividend at 5% a year for the same real cash cost.

    Although Apple isnt a boring company it does show other boring,mature companies can still be worth holding and great investments.

    Might even be an article for you sometime talking about free cash flow,and how important that is for dividends.

  80. I think you’re right. In any other industry it would be much more highly prized. People are–understandably–a little bit more cautious with tech stocks. It does seem unfair with regards Apple at present. However, things can change quite rapidly which will, I think, keep people a little cautious!

  81. Whatever you do, don’t buy a Mac. Once you own one you won’t know how you lived without it and you will be doomed to an eternity of Apple’s death grip. But if you do, I found refurbished from Apple to be pretty much 99.95% of new for much less, so go that route. Yep, I’m in the death grip. Couldn’t imagine not having a retina Macbook… hopefully in the long run it works out cheaper than a crappy laptop! lol.

  82. Awesome buy here! I picked up a handful of shares around $120 and it hasn’t moved much since then, but the potential dividend growth is outstanding! Funny story I was first introduced to trading stocks when I was in Iraq and I got back to the states in March 2009 right at the bottom of the last crash. I funded a brokerage account with $25,000 and I was going to put all of it in AAPL. If I remember correctly the shares were trading a hair under $100 at the time… Instead I bought a vehicle cash that’s now worth roughly $10,000. I know there is no way to have known the growth potential of AAPL but I can’t help but regret my decision.

    Oh well, lessons learned I suppose! At least now I have been shown the light! I started from zero at the beginning of May and I now have a forward 12 month dividend income of $80.24 with one more buy left in June. I’ve had my eye on O and T, which both have a pretty solid dividend growth and yield, and O pays monthly with quarterly raises so I am leaning towards that. I’d like to see it dip to around $40 but it looks like a pretty fair buy around $45 as well!

    Can’t wait to see your June updates to your portfolio and income! Your blog was my inspiration to start DGI so keep up the awesome work Jason!

    Best wishes,
    Steven

  83. John,

    Exactly. It really comes down to how a company uses its FCF. You’ll find a number of companies out there – TRV, CB, IBM – that generate little or no revenue growth over a decade but still increase their respective dividends substantially and generally provide for attractive total returns. The only issue with the latter can be P/E ratio compression. If earnings are rising but the ratio compresses, then total returns might be poor. But since growth of income is what most of us are really after, we’re in pretty good shape.

    But that’s a good idea for an article. It’ll be nice to show how lack of real revenue growth isn’t particularly necessary on a regular basis if a company is generating significant FCF that they’re utilizing responsibly. Buybacks and inflation alone can account for rather attractive dividend growth, as you point out.

    Thanks for highlighting that!

    Best regards.

  84. Stephen,

    Ha! I’ve heard similar warnings before. User experience aside, I’d just look at it as how many years I can get out of one. I think $100/year is a reasonable cost for a laptop. I spent around $500 for my last Toshiba and it lasted about five years. I spent $400 (plus tax) on my HP laptop earlier this year, so I’m hoping to get at least four years out of it. But if you can get a refurbished MacBook for $400 or $500 and get four or five years out of it, you’re in pretty good shape there in regards to getting a premium product at a good value.

    Maybe I’ll have to look at one for my next laptop. I’ve just always been a Windows guy, which is funny because I love my old iPhone.

    Cheers!

  85. Steven,

    Hey, you learned a great lesson there. I wouldn’t regret it. I used to regret similar mistakes, and mine have been even bigger. But we wouldn’t be who we are without our experiences, for better or worse. And you’ve now seen the light, which is bright and beautiful. You’re in a great spot now. 🙂

    Appreciate the kind words and support very much. I truly do my best to inspire and motivate. There is so much potential out there for so many of us. I truly believe that financial freedom is attainable for most of us living in a first world country, but we have to really want it and be willing to do what’s necessary to achieve it. Stick with the plan and you’ll be truly amazed at what’s possible.

    Cheers!

  86. When AAPL was $700, it was believed to be over-priced by many and then it split 7 to 1 and it went down. I thought now Ahh moment is coming to purchase but then it started shooting and my little BB gun could not fire 🙂 You made a good purchase that I’ve been thinking since a while to make! Apple is a becoming a whale that everyone will have to contend with.

  87. PIM,

    Apple is definitely a whale. Much larger than any other company currently in existence or any company that’s ever been in existence. I never would have thought they could continue to grow at this rate, but we’ll see how long they can keep it up. Meanwhile, that substantial cash flow will be able to provide solid returns and dividend growth for years and years to come. 🙂

    Thanks for dropping by!

    Cheers.

  88. Hi Dm,

    wow what a ‘spending’ spree you have there. It seems you had a great month of june. I think I might have some nice buying opportunities this week since Greece jumped of the cliff and we still have to see if they have a parachute or not. Ah well I hope stock prices come down a lot because of this, my bb guns are ready to fire:)

    Cheers,
    G

  89. Geblin,

    I’ve been incredibly fortunate to be able to invest much more than usual over the last month. And I think July will be stellar as well. Keeping my fingers crossed on that. 🙂

    Let’s see how the market goes next week. I’m hopeful for a rather significant pullback. But I’ve been hearing about X or Y bringing down the market for years now and so far nothing. Hopefully, this time is different.

    Cheers!

  90. What a great quarter that was just reported and AAPL gets no love. I’m in it for the long term, happy to see it in the red but WOW! Atleast apple can keep buying back on the cheap

  91. Cj,

    Last quarter was a blowout and the stock barely moved. That’s why you can’t time or predict the market. 🙂

    But I hope it drops like a rock. Better for the buybacks.

    Cheers!

  92. I jumped on the Apple bandwagon with 1.23 shares after the recent drop. Hoping that the dividend continues to increase going forward, even though it’s a small position. It will add up over time.

  93. Chris,

    Nice! Every position has to start somewhere. And 1.23 shares is better than 0. 🙂

    Glad to have you on board as a fellow shareholder!

    Take care.

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