加國銀行股TD分紅曆史回顧 ZT

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五月30日是加國TD銀行的紅利分發日，我所管理的投資組合可以收到相當於加國普通工作水平一個月的薪水，
按照紅利複利再投入15%長期年均資本回報率，五年後我可以收到二個月的薪水，10年後5個月，20 年後相當
與一年半左右的薪水，30年後，一次紅利相當於加國平均工資水平5年以上工資收入。

根據巴菲特的話，複利機器可以歸納為三條標準：

1、很高的資本收益。原則上高於平均水平，ROE經驗法則上應該在15%以上，最好達到20%以上。按照芒格的標準，長期平均達到18%以上就很理想了。

2、可以利用大量資本實現高額收益。有些企業盡管資本收益很高，但無法容納大量資本，使之實現高收益，也不算典型的複利機器。

3、能夠持續實現高收益。即可以利滾利，例如1.2、1.44、1.728……實現滾雪球般的複利累進效應。一般而言，具有寬闊的護城河（即持久競爭優勢）、在任何經濟環境下都能夠持續穩定增長的企業，才能持續實現高的資本收益。除了行業特質外，也有的企業的複利增長企業經營能力方麵起到重要作用，如格力電器。

一句話總結：能夠利用大量資本持久創造高額資本收益的企業才是複利機器。


關於複利的互動問題：

你手裏有一張足夠大的紙，這張紙厚0.1毫米，也就是說10000張紙加在一起1米高。但是如果把它折疊52次，有多高？

答案：

有多高？一個冰箱，一層樓，一棟摩天大樓那麽高？都差得很遠。沒有人有這樣的想象力，是2.25萬億公裏，超過了地球和太陽之間距離1.5萬億公裏的50%。而如果僅僅將52張白紙各折疊一次放在一起，隻不過10.4毫米。

這就是複利的威力。複利揭示了財富增殖的秘密。決定複利成長的三個因子是資本金、增長率和時間。

所以，無論是企業家還是投資家，有一個重要的使命，就是除非很有必要，盡可能不要中斷複利的進程。
 

Stock Split Information

May 31, 19671	Stock Split	5-for-1 Stock Split
December 19, 19752	Stock Split	2-for-1 Stock Split
July 28, 19833	Stock Split	3-for-1 Stock Split
July 31, 19894	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split
July 31, 19995	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split
January 31, 20146	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split

¹ The payable date for this stock split was May 31, 1967.
² The record and payable date for this stock split was December 19, 1975.
³ The record date for this stock split was July 28, 1983. This split was done on a "call-in" basis.
⁴ The record date for this stock dividend was July 10, 1989, the payable date was July 31, 1989.
⁵ The record date for this stock dividend was July 8, 1999, the payable date was July 31, 1999.
⁶ The record date for this stock dividend will be January 23, 2014, the payable date will be January 31, 2014.

Disclaimer re: Stock Split Information: The information presented immediately above is from sources considered reliable. However, given the passage of time, we are not able to warrant or guarantee the accuracy or completeness of the information, and under no circumstances will we be liable for any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information.

Valuation Day Price

For Canadian income tax purposes, TD's common stock was quoted at $30.00 per share on Valuation Day, December 22, 1971. After adjustments for the two-for-one stock split in December 1975 and the three-for-one stock split in July 1983, this is now equivalent to $5.00 per share.

There is no adjustment for the one-for-one stock dividend in July 1989, the one-for-one stock dividend in July 1999, and the one-for-one stock dividend in January 2014. For Canadian capital gains tax purposes all the stock dividend shares are considered to be acquired after 1971. The number of stock dividend shares received should therefore be added to the post-1971 pool of shares. Because the stock dividend shares have a nil cost, no amount is added to the cost base of the post-1971 pool. The stock dividend does not alter the number or adjusted cost base of any pre-1972 pool of shares held.

Information as of February 26, 2015