A must attend event for anyone interested in portfolio management, we were truly honoured to have someone of the stature of Daniel Peris visit us from Pittsburgh for the European launch of his new book, The Ownership Dividend. Daniel is not only a savvy and highly regarded investor, he is also an historian who started out his career as a Kremlinologist, studying the nuanced actions of the Soviet Union leadership for insights during the darkest days of the Cold War.
Nowadays he’s focused on investment theory, and in his book suggests that all might be about to change for investors. Dividend-focused stock investing has been receding in popularity for more than three decades in the United States: once the dominant investment style, it is now a boutique approach. The Ownership Dividend explains how the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift—notably the 40-year drop in interest rates and the rise of buybacks-are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world.
