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Shareholder Yield:  A Better Approach to Dividend Investing (English Edition) de [Faber, Mebane]
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Shareholder Yield: A Better Approach to Dividend Investing (English Edition) Versión Kindle

3.0 de un máximo de 5 estrellas 1 opinión de cliente

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Longitud: 58 páginas Word Wise: Activado Tipografía mejorada: Activado
Volteo de página: Activado Idioma: Inglés

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Descripción del producto

Descripción del producto

Shareholder Yield: A Better Approach to Dividend Investing shows step-by-step how to find returns in a low yield world. Investors have flocked to dividend stocks in search of yield; however, fewer companies are paying out less in dividends due to legal, tax, and structural changes in the US markets. Dividend payments are only one use of a company’s free cash flow; other uses of cash include: share repurchases, debt paydown, reinvestment in the business, and mergers and acquisitions.

Consequently, investors in the 21st century must look to all of the direct and indirect ways in which companies distribute their cash to shareholders, a metric commonly referred to as “Shareholder Yield”. In this book, we analyze portfolios based on the various cash flow metrics and find that portfolios of companies with high shareholder yields outperform both broad market indices and high dividend yield portfolios by a substantial margin.

With all of the uncertainty in the markets today, Shareholder Yield helps the reader answer one of the most often asked question in investing today - "Where do I find yield"?

Detalles del producto

  • Formato: Versión Kindle
  • Tamaño del archivo: 3303 KB
  • Longitud de impresión: 58
  • Editor: The Idea Farm; Edición: 1 (12 de mayo de 2013)
  • Vendido por: Amazon Media EU S.à r.l.
  • Idioma: Inglés
  • Texto a voz: Activado
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  • Word Wise: Activado
  • Lector con pantalla: Compatibles
  • Tipografía mejorada: Activado
  • Valoración media de los clientes: 3.0 de un máximo de 5 estrellas 1 opinión de cliente
  • Clasificación en los más vendidos de Amazon: n.° 126.594 de Pago en Tienda Kindle (Ver el Top 100 de pago en Tienda Kindle)
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Formato: Versión Kindle Compra verificada
Realmente no soy muy seguidor de la estrategia de inversión por dividendo, pero creo que es importante aprender distintas estrategias, aunque no se vayan a emplear directamente, siempre aportan conocimientos y pueden ayudar a invertir mejor.

En general el libro está bien, quizás un poco técnico, pero interesante para quien ya tenga ciertos conocimientos o experiencia en inversiones.
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Opiniones de clientes más útiles en (beta) (Puede incluir opiniones del Programa de Recompensas de Opiniones Iniciales) 4.0 de un máximo de 5 estrellas 125 opiniones
23 de 24 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas Recommended 30 de mayo de 2013
Por Manoj Padki - Publicado en
Formato: Versión Kindle Compra verificada
This is a review of Shareholder Yield: A Better Approach to Dividend Investing by Mebane Faber, a well-written book packed with information, more of a White Paper really, which took me less than an hour to finish.

It starts with a hilarious poem about the six wise men from Indostan, each of whom perceives one aspect of the elephant & mistakes it for the whole. (A very minor quibble: the story comes from the Jain tradition, not Hindu or Buddhist.)

The main conclusion of the book is that a portfolio consisting of stocks screened for high "Shareholder Yield" outperforms the markets (has a positive Alpha, in industry parlance) - without taking on additional risk (at least as measured by standard deviation of returns). Shareholder Yield is defined as the sum of three factors: dividend yield, net share buybacks (buybacks minus new stock issuance) and net debt pay-down. The author systematically walks us through each of these three factors and presents evidence that each factor individually adds Alpha to the portfolio. And to top it off, he presents evidence that combining the three factors outperforms each of the three individual factors.

The introduction quotes Warren Buffett that the main financial job of a CEO is allocating capital. That is the whole idea behind this book as well, from the perspective of an investor looking to outperform the market. The three aforementioned factors are the levers that a CEO has to return value to the shareholder by way of allocating capital.

The data presented are only from 1982 to 2012, a relatively short time-period for measuring the success of an investment strategy. This is mainly because a key law was changed in 1982, which led to share buybacks becoming more and more popular tools for capital allocators.

Overall the book is highly recommended for a short and concise presentation of a focused investment strategy.
6 de 6 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas Fresh way to look at investing 21 de mayo de 2013
Por Shep Buckman - Publicado en
Formato: Versión Kindle Compra verificada
Meb Faber is definitely continuing his fresh views on ways to invest. The Ivy Portfolio changed my views on long-term investing and this book has also made me see things in a new light. I'd always known that dividends make up the majority of returns over time, but it was interesting to see how this can be improved upon by adding share buybacks and other metrics. Definitely worth a read as shareholder yield is a subject gaining momentum on Wall Street as an "up and coming" strategy.
4.0 de un máximo de 5 estrellas A (relatively) new way to view market returns 11 de junio de 2014
Por James G. Nance - Publicado en
Formato: Versión Kindle Compra verificada
Personally, I reserve 5-star ratings for writings by Benjamin Graham, Warren Buffett, Morgan Housel (of Motley Fool), James Montier, Michael Mauboussin, Seth Klarman and the like. Obviously, I have a long term bias and "shareholder yield" is definitely a long term approach. In that regard, Mr. Faber's research seems very solid and I think this book warrants serious consideration.

Mr. Faber is very clear about the data he used, the time frames and comparisons of various markets. There is always a problem with backtesting (e.g., curve fitting, no out of sample data for confirmation, etc.), but if the researcher is careful in his approach this is a valid way to find out if something could have worked in the past. Mr. Faber makes a very good case that "shareholder yield" is a better long-term approach than dividend reinvestment or simple buying and holding long term. He also makes a good case that it's something that will probably work in the future.

In the e-book he also provides links to original published studies he used as a jumping off point for his own research. Read them.

I believe "Shareholder Yield would be an excellent addition to any investor's library--far better and more important than 90% of the books I've read on the subject. However, please remember that he's an investment advisor and runs several funds that invest the shareholder yield way. He obviously has a strong belief in the results of his research.
3 de 3 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas Excellent and clear explanation of a relatively recent way of valuing individual stocks. 26 de abril de 2014
Por Bruce B. Lawrence - Publicado en
Formato: Tapa blanda Compra verificada
I try to read everything Meb Faber writes. He is a tireless researcher of asset allocation strategies and extremely generous at sharing his findings. Shareholder yield is a way of modifying dividend strategies to include the tendency of companies to buy back their own shares instead of or in addition to paying dividends. Faber demonstrates how useful it is to use this measure for evaluation of stock performance. My only complaint is I wish the book was bigger and could go much further. But the price is almost nothing and cheap at that price.
5.0 de un máximo de 5 estrellas Great little book 25 de mayo de 2017
Por Rich - Publicado en
Formato: Versión Kindle Compra verificada
I highly recommend Meb Faber's books. He takes a very real-world approach in discussing possible investment portfolios and clearly has a value-oriented bias, which I share.
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