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Jan 23, 2024
The Ownership Dividend
The Coming Paradigm Shift in the U.S. Stock Market
Summary
We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S.; once the dominant investment style, it is now a boutique approach. That is about to change.
Daniel Peris' book The Ownership Dividend: The Coming Paradigm Shift in the U.S. Stock Market (Routledge, 2024) explains how and why 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. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead.
This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors.
Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His "History and Investing" blog and "Keep Calm & Carry On Investing" podcast are here.
John Emrich has worked for decades in corporate finance, investment management, and corporate strategy. He is an independent director on 9 mutual fund boards. Mr. Emrich has a podcast about the investment advisory industry called Kick the Dogma. Email: john@ktdpod.com. LinkedIn.
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John Emrich
John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.
