為什麽要優先選擇TD， RY，而不是BNS

網友提問為什麽要優先選擇TD， RY，而不是BNS？

The Bank declared its initial dividend at the rate of 3% per annum on July 1, 1833. Payments have been made continuously since.

今天ＢＮＳ季報業績良好，加季度分紅。BNS的紅利曆史是很長的，超過了一百年，是加國曆史最長的藍籌股之一。

BNS的網站數據：

2015 季度紅利是68分，現在2018是82分。
1998 季度紅利是25分。

TD的網站數據：

2015 季度紅利是51分，現在2018是67分。
1998 季度紅利是8分。

 

TD的紅利增長率明顯要高出BNS，因為TD的PAYOUT的百分比是加國所有銀行中最低的，所以TD的盈利增長率同樣高出BNS， ＲＹ的情況大致接近於ＴＤ。

11% 年增長是個相當不錯的業績，在１９９７年５萬年薪是極普通的工薪收入水平，如果能夠有１１％的年均增長，現在是４０萬年薪，是加國ＴＯＰ１－２％的工薪收入水平。

長期投資優先選擇ＴＤ，ＲＹ，是對芒格的投資思想實際運用。

Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result. 

So the trick is getting into better businesses. And that involves all of these advantages of scale that you could consider momentum effects.  - 芒格

ＴＤ，ＲＹ的市場估值長期高出ＢＮＳ１０－２０％，這也完全符合了芒格的觀點，這裏多出１０－２０　％的價格是值得的。

在現實中，大多數的普通投資者會優先選擇ＢＮＳ，　因為市場估值低和業務上的Diversification。

 

[取經的徒弟]

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