股市小書生
價值投資
CIBC has not missed a regular dividend since its first dividend payment in 1868.
CIBC是加國五大行中市值最小的銀行，今天出季報， 盈利有大幅度增長，本年度第二次增加股東紅利。
我個人認為CIBC是過去二十年加國銀行中表現最差的，因為在二十年前， CIBC和加國皇家銀行是並列的加國銀行界老大，CIBC的管理層在過去二十年裏多次犯了非常明顯的重大投資錯誤，所以從老大的地位掉到了最後的位置。但是，長期而言，ＣＩＢＣ還是為股東提供了不錯的投資回報。
有網友在看了我的貼子後說，你的方法就是低買，長期持有，注重紅利。對此，我隻能很遺憾說，你忽略了所有重要的投資思想和投資邏輯。
Investment is most intelligent when it is most businesslike. －Benjamin Graham
I am a better investor because I am a businessman and a better businessman because I am an investor.－巴菲特
股市投資是將資金投入到一家上市企業的股權中，所以這家企業的長期經營和盈利能力是整個投資決策的思考起點。脫離了企業的商業價值的所有股市行為都是投機行為，不是投資行為，低買高賣，長期持有，注重紅利等等都隻有建立在對企業的商業價值的思考的基礎上才是投資行為，否則這些股市行為依然僅僅是投機行為，與投資沒有任何關係。
加國銀行的整體長期商業競爭優勢不是一個隨機現象，其背後必然有著合乎情理的商業邏輯，而且是不容易輕易改變的。深入的理解和思考加國銀行的長期商業競爭優勢是投資加國銀行的首要前提，而不是所謂的長期持有，紅利，低買等等極其膚淺的表象。隻有在確定了加國銀行的商業競爭優勢在未來依然可以長期存在，才可以建立投資加國銀行的戰略決定，然後才用具體的低買，長持，注重紅利等等的戰術手段來實現具體的投資過程。
對於普通工薪個人投資者，加國銀行的一個特點是我非常重視的，在一百多年的曆史中，還沒有任何一位長期的加國銀行投資者有過投資虧損。
巴菲特： #1: Don't lose money #2: Never forget rule No.1.
在加國銀行的百年曆史中，加國銀行從未有過虧損的長期股東。
Dividend history
CIBC has not missed a regular dividend since its first dividend payment in 1868.
The following table shows the common dividends paid after adjusting for a two-for-one stock split on March 27, 1997.
| Dates | Dividend per Share | |||
|---|---|---|---|---|
| Declared | Ex-Dividend | Record | Payment | Quarterly |
| 2016 | ||||
| December 1, 2016 | December 22, 2016 | December 28, 2016 | January 27, 2017 | $1.24 |
| August 25, 2016 | September 26, 2016 | September 28, 2016 | October 28, 2016 | $1.21 |
| May 26, 2016 | June 24, 2016 | June 28, 2016 | July 28, 2016 | $1.21 |
| February 25, 2016 | March 23, 2016 | March 28, 2016 | April 28, 2016 | $1.18 |
| 2015 | ||||
| December 3, 2015 | December 23, 2015 | December 29, 2015 | January 28, 2016 | $1.15 |
| August 27, 2015 | September 24, 2015 | September 28, 2015 | October 28, 2015 | $1.12 |
| May 28, 2015 | June 25, 2015 | June 29, 2015 | July 28, 2015 | $1.09 |
| February 26, 2015 | March 25, 2015 | March 27, 2015 | April 28, 2015 | $1.06 |
| 2014 | ||||
| December 4, 2014 | December 23, 2014 | December 29, 2014 | January 28, 2015 | $1.03 |
| August 28, 2014 | September 25, 2014 | September 29, 2014 | October 28, 2014 | $1.00 |
| May 29, 2014 | June 25, 2014 | June 27, 2014 | July 28, 2014 | $1.00 |
| February 27, 2014 | March 26, 2014 | March 28, 2014 | April 28, 2014 | $0.98 |
| 2013 | ||||
| December 5, 2013 | December 23, 2013 | December 27, 2013 | January 28, 2014 | $0.96 |
| August 29, 2013 | September 25, 2013 | September 27, 2013 | October 28, 2013 | $0.96 |
| May 30, 2013 | June 26, 2013 | June 28, 2013 | July 29, 2013 | $0.96 |
| February 28, 2013 | March 26, 2013 | March 28, 2013 | April 29, 2013 | $0.94 |
| 2012 | ||||
| December 6, 2012 | December 24, 2012 | December 28, 2012 | January 28, 2013 | $0.94 |
| August 30, 2012 | September 26, 2012 | September 28, 2012 | October 29, 2012 | $0.94 |
| May 31, 2012 | June 26, 2012 | June 28, 2012 | July 27, 2012 | $0.90 |
| March 8, 2012 | March 26, 2012 | March 28, 2012 | April 27, 2012 | $0.90 |
| 2011 | ||||
| December 1, 2011 | December 22, 2011 | December 28, 2011 | January 27, 2012 | $0.90 |
| August 31, 2011 | September 26, 2011 | September 28, 2011 | October 28, 2011 | $0.90 |
| May 26, 2011 | June 24, 2011 | June 28, 2011 | July 28, 2011 | $0.87 |
| February 24, 2011 | March 24, 2011 | March 28, 2011 | April 28, 2011 | $0.87 |
| 2010 | ||||
| December 2, 2010 | December 23, 2010 | December 29, 2010 | January 28, 2011 | $0.870 |
| August 25, 2010 | September 24, 2010 | September 28, 2010 | October 28, 2010 | $0.870 |
| May 27, 2010 | June 24, 2010 | June 28, 2010 | July 28, 2010 | $0.870 |
| February 25, 2010 | March 25, 2010 | March 29, 2010 | April 28, 2010 | $0.870 |
| 2009 | ||||
| December 3, 2009 | December 23, 2009 | December 29, 2009 | January 28, 2010 | $0.870 |
| August 26, 2009 | September 24, 2009 | September 28, 2009 | October 28, 2009 | $0.870 |
| May 28, 2009 | June 25, 2009 | June 29, 2009 | July 28, 2009 | $0.870 |
| February 26, 2009 | March 25, 2009 | March 27, 2009 | April 28, 2009 | $0.870 |
| 2008 | ||||
| December 4, 2008 | December 23, 2008 | December 29, 2008 | January 28, 2009 | $0.870 |
| August 27, 2008 | September 25, 2008 | September 29, 2008 | October 28, 2008 | $0.870 |
| May 29, 2008 | June 25, 2008 | June 27, 2008 | July 28, 2008 | $0.870 |
| February 28, 2008 | March 26, 2008 | March 28, 2008 | April 28, 2008 | $0.870 |
| 2007 | ||||
| December 6, 2007 | December 24, 2007 | December 28, 2007 | January 28, 2008 | $0.870 |
| August 30, 2007 | September 26, 2007 | September 28, 2007 | October 29, 2007 | $0.870 |
| May 31, 2007 | June 26, 2007 | June 28, 2007 | July 27, 2007 | $0.770 |
| March 1, 2007 | March 26, 2007 | March 28, 2007 | April 27, 2007 | $0.770 |
| 2006 | ||||
| December 7, 2006 | December 22, 2006 | December 28, 2006 | January 29, 2007 | $0.700 |
| August 31, 2006 | September 26, 2006 | September 28, 2006 | October 27, 2006 | $0.700 |
| June 1, 2006 | June 26, 2006 | June 28, 2006 | July 28, 2006 | $0.700 |
| March 2, 2006 | March 24, 2006 | March 28, 2006 | April 28, 2006 | $0.680 |
| 2005 | ||||
| December 1, 2005 | December 22, 2005 | December 28, 2005 | January 27, 2006 | $0.680 |
| August 24, 2005 | September 26, 2005 | September 28, 2005 | October 28, 2005 | $0.680 |
| May 25, 2005 | June 24, 2005 | June 28, 2005 | July 28, 2005 | $0.680 |
| February 24, 2005 | March 23, 2005 | March 28, 2005 | April 28, 2005 | $0.650 |
| 2004 | ||||
| December 2, 2004 | December 24, 2004 | December 29, 2004 | January 28, 2005 | $0.650 |
| August 25, 2004 | September 24, 2004 | September 28, 2004 | October 28, 2004 | $0.600 |
| May 26, 2004 | June 24, 2004 | June 28, 2004 | July 28, 2004 | $0.600 |
| February 26, 2004 | March 25, 2004 | March 29, 2004 | April 28, 2004 | $0.500 |
| 2003 | ||||
| November 26, 2003 | December 23, 2003 | December 29, 2003 | January 28, 2004 | $0.500 |
| September 4, 2003 | September 25, 2003 | September 29, 2003 | October 28, 2003 | $0.410 |
| June 5, 2003 | June 25, 2003 | June 27, 2003 | July 28, 2003 | $0.410 |
| February 27, 2003 | March 26, 2003 | March 28, 2003 | April 28, 2003 | $0.410 |
| 2002 | ||||
| December 5, 2002 | December 24, 2002 | December 27, 2002 | January 28, 2003 | $0.410 |
| September 5, 2002 | September 25, 2002 | September 27, 2002 | October 28, 2002 | $0.410 |
| June 6, 2002 | June 26, 2002 | June 28, 2002 | July 29, 2002 | $0.410 |
| February 28, 2002 | March 26, 2002 | March 28, 2002 | April 29, 2002 | $0.410 |
| 2001 | ||||
| December 7, 2001 | December 24, 2001 | December 28, 2001 | January 28, 2002 | $0.370 |
| September 6, 2001 | September 26, 2001 | September 28, 2001 | October 29, 2001 | $0.370 |
| June 7, 2001 | June 26, 2001 | June 28, 2001 | July 27, 2001 | $0.370 |
| March 1, 2001 | March 26, 2001 | March 28, 2001 | April 27, 2001 | $0.370 |
| 2000 | ||||
| December 7, 2000 | December 22, 2000 | December 28, 2000 | January 29, 2001 | $0.330 |
| September 7, 2000 | September 26, 2000 | September 28, 2000 | October 27, 2000 | $0.330 |
| June 1, 2000 | June 26, 2000 | June 28, 2000 | July 28, 2000 | $0.330 |
| March 2, 2000 | March 24, 2000 | March 28, 2000 | April 28, 2000 | $0.330 |
| 1999 | ||||
| December 2, 1999 | December 23, 1999 | December 29, 1999 | January 28, 2000 | $0.300 |
| September 2, 1999 | September 24, 1999 | September 28, 1999 | October 28, 1999 | $0.300 |
| June 3, 1999 | June 24, 1999 | June 28, 1999 | July 28, 1999 | $0.300 |
| March 4, 1999 | March 25, 1999 | March 29, 1999 | April 28, 1999 | $0.300 |
| 1998 | ||||
| December 3, 1998 | December 23, 1998 | December 29, 1998 | January 28, 1999 | $0.300 |
| September 3, 1998 | September 24, 1998 | September 28, 1998 | October 28, 1998 | $0.300 |
| June 4, 1998 | June 25, 1998 | June 29, 1998 | July 28, 1998 | $0.300 |
| March 3, 1998 | March 25, 1998 | March 27, 1998 | April 28, 1998 | $0.300 |
| 1997 | ||||
| December 4, 1997 | December 23, 1997 | December 29, 1997 | January 28, 1998 | $0.300 |
| September 4, 1997 | September 25, 1997 | September 29, 1997 | October 28, 1997 | $0.300 |
| June 5, 1997 | June 25, 1997 | June 27, 1997 | July 28, 1997 | $0.250 |
| March 6, 1997 | March 25, 1997 | March 27, 1997 | April 28, 1997 | $0.250 |
The Bank declared its initial dividend at the rate of 3% per annum on
July 1, 1833.
Payments have been made continuously since.
