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The Dividend Letter discontinued

Practical discussions about equity High-Yield Portfolios (HYP) for income
Forum rules
Tight HYP discussions only please - OT please discuss in strategies
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Re: The Dividend Letter discontinued

#198883

Postby BikeMad » February 4th, 2019, 5:25 pm

pyad wrote:
What I'm saying is that the sort of HYP that a newcomer might see described here is the image projected by a small minority because they are the vociferous ones.
Lootman wrote:

The flaw at the heart of that statement is evident. Since HYP has no material public life outside of TLF (and before that, TMF) it is highly unlikely that there would be any "newcomer" to HYP who discovered it via any other route. So like it or not, this is is main public forum for discussing and growing the strategy. So what we say here defines it more than any other consensual body or forum, and certainly more than any one individual.

This is not the first time that you have suggested that there is a vast universe "out there" of silent HYP adherents. Obviously they cannot be known if they do not speak, and this is the place for them to speak. So you are safe in claiming that this vast constituency exists and are all loyal to some other version of HYP, because by definition that cannot ever be either verified nor disproved.

You may not like it very much, but this location is now the mantle and vanguard of HYP thinking, taking it forward, improving and progressing it. You had a useful and possibly pivotal role at one point, but now you seem to take it personally every time someone else has a good idea about it. I don't think that ego should get in the way of discovery, nor should rigidity transplant the flexibility to learn and improve.

HYP is not a fixed proprietary product. It is an approach that continually evolves, else it dies.

Hear hear Lootman.

I have been a silent member of this board and also Motley Fool. I constructed my HYP following PYAD's original advice. It was very useful but nowadays I do very little to change my portfolio except top up and make small changes, usually following the excellent advice from TJH. So I think PYAD makes an unsupportable statement when he says the silent majority do nothing. Nobody can know that.

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Re: The Dividend Letter discontinued

#198904

Postby Wizard » February 4th, 2019, 6:59 pm

Lootman wrote:
pyad wrote:What I'm saying is that the sort of HYP that a newcomer might see described here is the image projected by a small minority because they are the vociferous ones.

The flaw at the heart of that statement is evident. Since HYP has no material public life outside of TLF (and before that, TMF) it is highly unlikely that there would be any "newcomer" to HYP who discovered it via any other route. So like it or not, this is is main public forum for discussing and growing the strategy. So what we say here defines it more than any other consensual body or forum, and certainly more than any one individual...

Well, that was not true, they could have discovered it through the Dividend Letter, but the body of builders and / or newcomers through that has become uneconomically small, hence the OP in this thread. However, I would also accept that the number of people who regularly contribute to this board is also pretty small, maybe twenty or so, therefore maybe an uneconomic number of Dividend Letter subscribers would still out number the regular posters here.

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Re: The Dividend Letter discontinued

#198926

Postby Lootman » February 4th, 2019, 8:28 pm

Wizard wrote:they could have discovered it through the Dividend Letter, but the body of builders and / or newcomers through that has become uneconomically small, hence the OP in this thread. However, I would also accept that the number of people who regularly contribute to this board is also pretty small, maybe twenty or so, therefore maybe an uneconomic number of Dividend Letter subscribers would still out number the regular posters here.

True although it's still possible, and I believe probable, that many of those TDL subscribers learned about it and HYP from TMF. Particularly from back when Bland was a TMF writer and could use his articles to parlay publicity. In fact TMF had (and still probably has - I never look at it now) a very aggressive bias towards dividend investing, that you really don't see with the US TMF. As such I suspect the number of "newcomers" to HYP is quite small and mostly relies on TLF publicity to stumble across it.

Either way, you're right that TLF commentators are being compared to an uneconomic and soon vanished number of tip-sheet subscribers, about whom nothing can be known. For my part I'd trust the commentators here (especially TJH whom you mentioned) over the kind of investor who thinks success comes from tip-sheets.

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Re: The Dividend Letter discontinued

#198936

Postby MDW1954 » February 4th, 2019, 9:25 pm

As a former (fairly prolific) and still twice-monthly TMF writer, let me throw in an additional data point that might lend a little support to what Pyad says. Let me add that I'm doing this simply to get the facts out there, and that I have no axe to grind either way.

I would further add that I am not in any way speaking for TMF, nor am I authorised to do so.

Pyad's HYP articles were freely available, and could be read by anyone, free of charge. Such articles, like any others on the site, were advertised in the daily e-mail compendium that went out until circa 2011/12, although Pyad's own articles stopped when Pyad parted company with the site following a disagreement of some kind with the then-editor. (I used to know the details, but can't remember now.)

The point is this: TMF always used to say that the proportion of overall site readers who used the discussion boards was tiny. Less than 1% or so, I think.

So potentially, there could be a lot of HYPers out there who never appeared on the Fool's discussion boards, and who know nothing of TLF. Their only input would be Pyad's articles.

Today, they'd be ten years or so out of touch (I can't remember exactly when Pyad stopped writing for TMF), but they might still be following the faith!

MDW1954

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Re: The Dividend Letter discontinued

#198944

Postby monabri » February 4th, 2019, 10:21 pm

There is one other possibility about the silent majority....they may no longer be around! :(

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Re: The Dividend Letter discontinued

#198946

Postby Grumpsimus » February 4th, 2019, 10:32 pm

Lootman wrote:This is not the first time that you have suggested that there is a vast universe "out there" of silent HYP adherents. Obviously they cannot be known if they do not speak, and this is the place for them to speak. So you are safe in claiming that this vast constituency exists and are all loyal to some other version of HYP, because by definition that cannot ever be either verified nor disproved.

You may not like it very much, but this location is now the mantle and vanguard of HYP thinking, taking it forward, improving and progressing it. You had a useful and possibly pivotal role at one point, but now you seem to take it personally every time someone else has a good idea about it. I don't think that ego should get in the way of discovery, nor should rigidity transplant the flexibility to learn and improve.


I am one one of silent HYP followers. I have been running a HYP since 2007 and in fact now run two HYPs, very much along the original PYAD guidelines. It has done very well and now provides an income (tax free as it is in an ISA) larger than my company pension. I do look at this board from time to time, but much of it provides little illumination. Indeed some posters appear to have little idea what an HYP is, or appear to have forgoten it. My pet hate is those who seek add any share they happen to own into their HYP regardless of its merits as a HYP share. This wooly thinking which can only confuse themselves and other people.

The part of the above quote which interests me is the idea that this board is in the vanguard of HYP thinking, taking it forward, improving and progressing it. Somehow I seem to have missed all these improvements, could someone enlighten as to what they are?

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Re: The Dividend Letter discontinued

#198952

Postby monabri » February 4th, 2019, 11:09 pm

Grumpsimus wrote:
The part of the above quote which interests me is the idea that this board is in the vanguard of HYP thinking, taking it forward, improving and progressing it. Somehow I seem to have missed all these improvements, could someone enlighten as to what they are?


Well, some things that have been discussed ( and sometimes acted upon) over and above the original "checks"

Monitoring shorting levels ( I wish I knew about shorting before buying Carillion)
Looking at Free cash flow (per share) - trend improving?, is there a threat to the dividend?
Avoidance of certain sectors based on experience ("support services" where margins are low...one slip and bye bye divi and capital)

Of course, there is more info available to aid selection of a share/top up (specifically "Morningstar"and Dividend Data, the latter reports current yield, yield history and dividend growth rates)....was this readily available in year 2000?

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Re: The Dividend Letter discontinued

#198955

Postby Wizard » February 4th, 2019, 11:36 pm

Grumpsimus wrote:
Lootman wrote:This is not the first time that you have suggested that there is a vast universe "out there" of silent HYP adherents. Obviously they cannot be known if they do not speak, and this is the place for them to speak. So you are safe in claiming that this vast constituency exists and are all loyal to some other version of HYP, because by definition that cannot ever be either verified nor disproved.

You may not like it very much, but this location is now the mantle and vanguard of HYP thinking, taking it forward, improving and progressing it. You had a useful and possibly pivotal role at one point, but now you seem to take it personally every time someone else has a good idea about it. I don't think that ego should get in the way of discovery, nor should rigidity transplant the flexibility to learn and improve.


I am one one of silent HYP followers. I have been running a HYP since 2007 and in fact now run two HYPs, very much along the original PYAD guidelines. It has done very well and now provides an income (tax free as it is in an ISA) larger than my company pension. I do look at this board from time to time, but much of it provides little illumination. Indeed some posters appear to have little idea what an HYP is, or appear to have forgoten it. My pet hate is those who seek add any share they happen to own into their HYP regardless of its merits as a HYP share. This wooly thinking which can only confuse themselves and other people.

The part of the above quote which interests me is the idea that this board is in the vanguard of HYP thinking, taking it forward, improving and progressing it. Somehow I seem to have missed all these improvements, could someone enlighten as to what they are?

I think one of the key points for me is that time has allowed peop,e to see one examp,e of a long term no tinker HYP, in PYAD's HYP1. Now as PYAD tells us it is delivering the income and has actually performed well on capital, but for many the imbalance that has come about is simply too much risk and therefore people have looked at approaches to rebalancing. This is not necessarily a improvement, dependi g on your view point, but does give a wider range of options for managing a portfolio.

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Re: The Dividend Letter discontinued

#198956

Postby Lootman » February 4th, 2019, 11:43 pm

MDW1954 wrote:The point is this: TMF always used to say that the proportion of overall site readers who used the discussion boards was tiny. Less than 1% or so, I think.

So potentially, there could be a lot of HYPers out there who never appeared on the Fool's discussion boards, and who know nothing of TLF. Their only input would be Pyad's articles.

Today, they'd be ten years or so out of touch (I can't remember exactly when Pyad stopped writing for TMF), but they might still be following the faith!

Well yes, there "might" be a lurking silent majority of pure HYP'ers out there. The problem is that if they are silent then there is no way for us to know if they exist or, even if they do, what they really think or whether they really are a "majority".

Likewise if 99% of TMF readers never wrote then we can't know what they think. It's rather like trying to assess claims that most people who don't vote secretly support Labour, or Remain, or Scottish independence or . .

A claim that this silent majority exists can no more be proven than a claim that there are unicorns.

monabri wrote:
Grumpsimus wrote:The part of the above quote which interests me is the idea that this board is in the vanguard of HYP thinking, taking it forward, improving and progressing it. Somehow I seem to have missed all these improvements, could someone enlighten as to what they are?

Well, some things that have been discussed ( and sometimes acted upon) over and above the original "checks"

Monitoring shorting levels ( I wish I knew about shorting before buying Carillion)
Looking at Free cash flow (per share) - trend improving?, is there a threat to the dividend?
Avoidance of certain sectors based on experience ("support services" where margins are low...one slip and bye bye divi and capital)

Of course, there is more info available to aid selection of a share/top up (specifically "Morningstar"and Dividend Data, the latter reports current yield, yield history and dividend growth rates)....was this readily available in year 2000?

I would add a few more HYP improvements that I have appreciated, and I suspect that most people here have their own list:

1) TJH's impeccable record keeping, which really gives credibility to the improvements that he has suggested, such as re-balancing.
2) Investigations and experiences that show the value of using mid-cap shares or foreign shares, where appropriate. to improve diversity and reduce risk. This led, for instance, to using the FTSE-350 rather than the FTSE-100, which is very skewed.
3) The value of analysing the various HY accidents that have happened over the last dozen years or so, and the resultant scepticism about pursuing a very high yield without reasonableness checks. Plus the concept that some sectors are serial disappointers e.g. finance, retail and support services
4) Real-world evidence that the paradoxical approach of pursuing more moderate yields can achieve better levels of dividend cover, safety and growth, which in turn can deliver more income longer-term than a "jam today" approach.
5) The idea that capital really does matter, because you can never really know if the income might become inadequate, and then you need capital drawdown to eat.

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Re: The Dividend Letter discontinued

#198977

Postby TUK020 » February 5th, 2019, 7:19 am

Lootman wrote:
monabri wrote:
Grumpsimus wrote:The part of the above quote which interests me is the idea that this board is in the vanguard of HYP thinking, taking it forward, improving and progressing it. Somehow I seem to have missed all these improvements, could someone enlighten as to what they are?

Well, some things that have been discussed ( and sometimes acted upon) over and above the original "checks"

Monitoring shorting levels ( I wish I knew about shorting before buying Carillion)
Looking at Free cash flow (per share) - trend improving?, is there a threat to the dividend?
Avoidance of certain sectors based on experience ("support services" where margins are low...one slip and bye bye divi and capital)

Of course, there is more info available to aid selection of a share/top up (specifically "Morningstar"and Dividend Data, the latter reports current yield, yield history and dividend growth rates)....was this readily available in year 2000?

I would add a few more HYP improvements that I have appreciated, and I suspect that most people here have their own list:

1) TJH's impeccable record keeping, which really gives credibility to the improvements that he has suggested, such as re-balancing.
2) Investigations and experiences that show the value of using mid-cap shares or foreign shares, where appropriate. to improve diversity and reduce risk. This led, for instance, to using the FTSE-350 rather than the FTSE-100, which is very skewed.
3) The value of analysing the various HY accidents that have happened over the last dozen years or so, and the resultant scepticism about pursuing a very high yield without reasonableness checks. Plus the concept that some sectors are serial disappointers e.g. finance, retail and support services
4) Real-world evidence that the paradoxical approach of pursuing more moderate yields can achieve better levels of dividend cover, safety and growth, which in turn can deliver more income longer-term than a "jam today" approach.
5) The idea that capital really does matter, because you can never really know if the income might become inadequate, and then you need capital drawdown to eat.


The original Purist Bland Annuity Replacement strategy was done with a 'one shot' investment. There has been a lot of work on building a portfolio, rebalancing with new investment (see the excellent HYPTUSS software, courtesy of contributors to this board).
There is also a lot of work that has been done about reducing risk by extending diversification with Investment Trusts & ETFs to get exposure to overseas markets

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Re: The Dividend Letter discontinued

#198980

Postby kempiejon » February 5th, 2019, 7:31 am

I see the guidelines say
HYP Practical
For the HYP Practical board we define an HYP as a portfolio comprised exclusively of ordinary shares. If selected, such shares should have a dividend yield above the average for the FTSE100 index and be drawn from the constituents of the FTSE 350 index. At its simplest, it will have at least 15 holdings, none of which should be from the same sector. A long term buy and hold (LTBH) of these shares is envisaged.

Investment Trusts or open ended funds should not be included, although REITs are acceptable...
and
High Yield Share & Strategies - General
The High Yield Share Strategies board is intended for wide-ranging discussions of ways to obtain high yields from equities. Securities such as preference shares, PIBs, Investment Trusts, ETFs, etc. can be considered. However there are dedicated boards for Investment and Unit Trusts, Gilts and Bonds, and Investment Strategies where some discussions may be better carried out if they relate solely to those securities. In some cases, cross-posting may help others find a discussion of interest, if a mix of types of securities is involved.

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Re: The Dividend Letter discontinued

#199028

Postby MDW1954 » February 5th, 2019, 11:01 am

Lootman wrote:
MDW1954 wrote:The point is this: TMF always used to say that the proportion of overall site readers who used the discussion boards was tiny. Less than 1% or so, I think.

So potentially, there could be a lot of HYPers out there who never appeared on the Fool's discussion boards, and who know nothing of TLF. Their only input would be Pyad's articles.

Today, they'd be ten years or so out of touch (I can't remember exactly when Pyad stopped writing for TMF), but they might still be following the faith!

Well yes, there "might" be a lurking silent majority of pure HYP'ers out there. The problem is that if they are silent then there is no way for us to know if they exist or, even if they do, what they really think or whether they really are a "majority".

Likewise if 99% of TMF readers never wrote then we can't know what they think. It's rather like trying to assess claims that most people who don't vote secretly support Labour, or Remain, or Scottish independence or . .

A claim that this silent majority exists can no more be proven than a claim that there are unicorns.



Just to be clear, I wasn't saying that such a silent majority DID exist. I was saying that it might.

And of course, you are correct: it cannot be proven, either way.

MDW1954

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Re: The Dividend Letter discontinued

#199073

Postby vrdiver » February 5th, 2019, 2:34 pm

pyad wrote:Today I did dick with my HYP


Made me laugh...

Perhaps this could be added to the board guidelines: "please post this message to let us know you are out there".

On a more serious note, I started my HYP having read pyad's Value Investor articles (another TMF tip-sheet that folded due to economies of scale). It was his musings and accessibility to investment ideas that gave me the impetus to move my pension to a SIPP and look after it myself, with the results that from being 40 and having no hope of retiring early, I quit the rat race at 50, thanks to my HYP dividend stream.

HYP has evolved (if you want to call it that) as most of us try to figure out how to avoid the various stock market land mines (RBS, LLoyds, Carillion etc. anybody?) but I don't think anybody has proven a specific strategy to be better than a simple buy-and-hold, only pointed out specific circumstances where it has not worked out well with hindsight, rather than the elusive foresight we all crave.

VRD

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Re: The Dividend Letter discontinued

#199076

Postby bluedonkey » February 5th, 2019, 2:49 pm

Talk of "evolve or die" prompts me to recall that most evolution is randomly sideways.

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Re: The Dividend Letter discontinued

#199079

Postby Grumpsimus » February 5th, 2019, 2:59 pm

monabri wrote:Well, some things that have been discussed ( and sometimes acted upon) over and above the original "checks"

Monitoring shorting levels ( I wish I knew about shorting before buying Carillion)
Looking at Free cash flow (per share) - trend improving?, is there a threat to the dividend?
Avoidance of certain sectors based on experience ("support services" where margins are low...one slip and bye bye divi and capital)

Of course, there is more info available to aid selection of a share/top up (specifically "Morningstar"and Dividend Data, the latter reports current yield, yield history and dividend growth rates)....was this readily available in year 2000?


I don't consider these to be really improvements to HYP, but rather improvements to how to select shares. This could always have been done, how much research you did was always down to you, including the infamous 'smell test'.

You are certainly right about information being more readily available now. It was always possible to find most the information, but it sometimes be costly, difficult and time consuming.
Last edited by tjh290633 on February 5th, 2019, 6:19 pm, edited 1 time in total.
Reason: Tags corrected - TJH

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Re: The Dividend Letter discontinued

#199082

Postby Grumpsimus » February 5th, 2019, 3:17 pm

TUK020 wrote:
The original Purist Bland Annuity Replacement strategy was done with a 'one shot' investment. There has been a lot of work on building a portfolio, rebalancing with new investment (see the excellent HYPTUSS software, courtesy of contributors to this board).
There is also a lot of work that has been done about reducing risk by extending diversification with Investment Trusts & ETFs to get exposure to overseas markets


I am sure PYAD can speak for himself, but the original HYP1 was never intended to be an Annuity Replacement Strategy. Its aim was to produce a growing stream of income which beat inflation. It was a demo strategy with a lump sum of £75000 invested over a period. We are fortunate that PYAD has kept it going, so we can see that it has worked well in the long term.

Investment Trusts and EFTs have no place in a HYP, please see the guidelines at the top of this board. If you wish to invest in these fine, but please regard them as a separate Investment Trust/EFT Portfolio.

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Re: The Dividend Letter discontinued

#199083

Postby Lootman » February 5th, 2019, 3:19 pm

Grumpsimus wrote:You are certainly right about information being more readily available now. It was always possible to find most the information, but it sometimes be costly, difficult and time consuming.

Tipsheets are something of a throwback to pre-internet days, when such letters were sent out through the post, typically over a week-end. You opened it up on Monday, looked at the ideas and then if you fancied one, put in an order by phone, hoping that your tipsheet had arrived earlier than most of the others.

In fact I recall a study of tipsheets which showed, perhaps not surprisingly, that most of them don't add any value. And even with those which do, the effect is very short-lived. In other words a share will get a temporary bounce if recommended by a tipsheet with a decent following. But then it would fall back. Only the early adopters would benefit from that bounce i.e. those whose post arrives early or those who knew in advance what was being recommended. Perhaps the main beneficiary of tipsheets were those who wrote them. But then if they were good at predicting markets successes, why aren't they rich instead of peddling tips?

And if tipsheets didn't work back then in the pre-internet days, it's hard to see the relevance of them today. There is everything you could conceivably wish to know out there at the click of a mouse, and more share recommendations than you can shake a stick at, and all for free.

Whether all that free data helps or confuses is perhaps another matter. The seemingly endless growth of passive funds and ETFs may indicate that there is now information overload. The probability of any small investor knowing something material that nobody else knows can seem remote. And of course the professionals get that information before you do, even if it is only a few seconds or minutes before you. A lot can happen between the mailing out of a tipsheet and Monday morning's market open.

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Re: The Dividend Letter discontinued

#199092

Postby Grumpsimus » February 5th, 2019, 4:10 pm

Lootman wrote:
Well, some things that have been discussed ( and sometimes acted upon) over and above the original "checks"

Monitoring shorting levels ( I wish I knew about shorting before buying Carillion)
Looking at Free cash flow (per share) - trend improving?, is there a threat to the dividend?
Avoidance of certain sectors based on experience ("support services" where margins are low...one slip and bye bye divi and capital)

Of course, there is more info available to aid selection of a share/top up (specifically "Morningstar"and Dividend Data, the latter reports current yield, yield history and dividend growth rates)....was this readily available in year 2000?

I would add a few more HYP improvements that I have appreciated, and I suspect that most people here have their own list:

1) TJH's impeccable record keeping, which really gives credibility to the improvements that he has suggested, such as re-balancing.
2) Investigations and experiences that show the value of using mid-cap shares or foreign shares, where appropriate. to improve diversity and reduce risk. This led, for instance, to using the FTSE-350 rather than the FTSE-100, which is very skewed.
3) The value of analysing the various HY accidents that have happened over the last dozen years or so, and the resultant scepticism about pursuing a very high yield without reasonableness checks. Plus the concept that some sectors are serial disappointers e.g. finance, retail and support services
4) Real-world evidence that the paradoxical approach of pursuing more moderate yields can achieve better levels of dividend cover, safety and growth, which in turn can deliver more income longer-term than a "jam today" approach.
5) The idea that capital really does matter, because you can never really know if the income might become inadequate, and then you need capital drawdown to eat.[/quote]

Lootman, I get the impression that you really do not like HYP very much and you really wish to pursue a Capital growth strategy. This is fine if this is what you want to do, but why post on the HYP board?

Foreign Shares outside the guidelines for the practical board. Moderate yields can achieve better levels of dividend cover, safety and growth? Capital really does matter? These do not appear to improvements to HYP, but rather a wish to pursue an entirely different strategy.

HYPs objective is growing income and it should be judged on this alone.

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Re: The Dividend Letter discontinued

#199100

Postby Lootman » February 5th, 2019, 4:39 pm

Grumpsimus wrote:Lootman, I get the impression that you really do not like HYP very much and you really wish to pursue a Capital growth strategy. This is fine if this is what you want to do, but why post on the HYP board?

Dividend investing has been one of my investing strategies since before the acronym HYP was invented. I have that in common with TJH, Lunversal and others here. There are some specific elements of HYP that I had adopted before then as well, including the equal-weighting of purchases and a focus on diversification. There are other elements of HYP, like the emphasis on not endlessly messing with a portfolio, which make sense for any investment strategy. Indeed the so-called concept of "strategic ignorance" is little more than a restatement of the efficient market hypothesis. Other elements of HYP can be seen as derivative and in fact there is no one single component of HYP that is original. Rather it is the permutation of styles and tactics which defines it.

So it's not true that I don't like HYP. I see value in it. But I don't mindlessly stick to the precepts where experience shows that is a negative. And I certainly do not regard it as something that is fixed for all time, as if it is some kind of timeless imperative that can never be improved upon. And that was really the thrust of what I have been saying about this alleged "silent majority" who it was claimed act differently from the community here.

If you believe that HYP was an improvement on what dividend investors did in the past, then why would you not also believe that there would be further improvements based on its adoption by experienced and knowledgeable investors here?

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Re: The Dividend Letter discontinued

#199145

Postby CryptoPlankton » February 5th, 2019, 7:58 pm

Lootman wrote:
Grumpsimus wrote:Lootman, I get the impression that you really do not like HYP very much and you really wish to pursue a Capital growth strategy. This is fine if this is what you want to do, but why post on the HYP board?

Dividend investing has been one of my investing strategies since before the acronym HYP was invented. I have that in common with TJH, Lunversal and others here. There are some specific elements of HYP that I had adopted before then as well, including the equal-weighting of purchases and a focus on diversification. There are other elements of HYP, like the emphasis on not endlessly messing with a portfolio, which make sense for any investment strategy. Indeed the so-called concept of "strategic ignorance" is little more than a restatement of the efficient market hypothesis. Other elements of HYP can be seen as derivative and in fact there is no one single component of HYP that is original. Rather it is the permutation of styles and tactics which defines it.

So it's not true that I don't like HYP. I see value in it. But I don't mindlessly stick to the precepts where experience shows that is a negative. And I certainly do not regard it as something that is fixed for all time, as if it is some kind of timeless imperative that can never be improved upon. And that was really the thrust of what I have been saying about this alleged "silent majority" who it was claimed act differently from the community here.

If you believe that HYP was an improvement on what dividend investors did in the past, then why would you not also believe that there would be further improvements based on its adoption by experienced and knowledgeable investors here?

Good grief, talk about a stuck record! So PYAD made some dosh by formalising and marketing a simple method of dividend investing. Maybe it wasn't a particularly groundbreaking new idea. So what? He saw an opportunity and took it - good luck to him. In the process, he has introduced the idea to many people who have either followed his method or adapted it however they see fit - and all of us here are quite capable of deciding how much credit to give him (or not) with regard to our own investments. I can see how some people may feel a little resentful, but this relentless and repetitive criticism has become more than a little tiresome...


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