Trying not to experience an emotion is like trying to pull a rollercoaster backwards as it heads down the hill. It takes a lot of effort, which ultimately backfires and we feel worse. Instead, simply jump on board and ride it out. The intensity of the emotions will quickly pass and then you can think logically. The goal, however, is not to take feelings out of the decision-making process. It is simply to keep them from taking over and losing emotional self-control.
Disney slips on concerns over ESPN. Pepsi serves up a dividend increase. Panera serves up an earnings surprise. Tesla revs up on future guidance. And TripAdvisor takes flight. Our analysts discuss those stories and share some stocks on their radar. Plus, Wharton professor Adam Grant offers up some original insight from his book, Originals: How Non-Conformists Move the World.
LinkedIn plummets on weak first quarter guidance. Alphabet surpasses Apple in the race to a trillion dollar market cap. GoPro reports some not so sporty earnings. And Conoco Phillips cuts its dividend. Our analysts discuss those stories and share some stocks on their radar. Plus, ESPN analyst Andrew Brandt talks about the business of football.
That brings us to a new paper in the journal Nature Climate Change by political scientists Matto Mildenberger (UC-Santa Barbara), Erick Lachapelle (University of Montreal), Kathryn Harrison (University of British Columbia), and Isabelle Stadelmann-Steffen (University of Bern). They do something novel: look at public opinion in the places where carbon fee-and-dividend policies have been implemented.
That last line squarely identifies something that Democrats have long been loath to accept. In a sense, carbon refunds are the latest expression of a long-time technocratic dream: that a policy can be so sensible, such a net benefit for so many people, that it will transcend politics. It will argue for itself and its logic will be irrefutable.
One response to this critique that has grown increasingly popular in recent years is the notion of refunding the tax revenue \\u2014 giving the money back to voters. Various ways to do this have been proposed, the simplest being an equal dividend to each taxpayer. Some proposals have all the tax revenue refunded; some have a limited portion refunded.
The idea is that the tax would discourage carbon-intensive activities, while the dividend would mute political opposition. In most of the proposed schemes, the lower half of the income scale comes out ahead \\u2014 dividends are larger than tax burdens \\u2014 and in some cases, up to 80 percent of taxpayers come out ahead. A refunded carbon tax is basically large-scale wealth redistribution from the biggest fossil fuel users to middle- and working-class citizens.
This kind of \\u201Cfee and dividend\\u201D framework is endorsed by the Climate Leadership Council (centrist/bipartisan elites), the Citizens\\u2019 Climate Lobby (left-leaning grassroots campaigners), and one-time presidential candidate Andrew Yang, though they differ on important details.
The logic of the policy is compelling to proponents \\u2014 and to many people who first hear about it \\u2014 and they feel deeply confident that it will compel the public too. The evidence, however, is mixed.
There are numerous studies showing that, in a polling or focus-group setting, the inclusion of refunds increases public support for a hypothetical carbon tax \\u2014 see here and here, among others. But that kind of polling has not translated into victories in, for example, Washington state, where a fee-and-dividend policy lost badly in a public referendum in 2016.
The entire [carbon refund] logic requires that large parts of the public understand that they make more money from their cheque than they are paying in taxes. But this is not what we see in Canada. And it's no surprise. As long as one group of actors spends its time sensationalizing and dramatizing the costs of carbon taxes, then many people will think they are not being made whole. Why should we expect \\u2014 in an American society where even basic facts are politicized and vast portions of the public accept outright misinformation \\u2014 that carbon taxes will be immune to this What matters is not the actual material reality of people's circumstances, but their perceptions of those circumstances. (my emphasis)
The overall size of the RDX matches the needs of today's urban commuter. Key functional points for the RDX include a low hood line that improves forward visibility. A high eye point for the driver and front passenger further improve outward visibility and add to a sense of confidence and control. Unique \"skin-mount\" exterior mirrors have specially designed compact housings that improve the A-pillar area visibility, providing good outward visibility for busy urban intersections. And finally, excellent angles of incidence (28.0-degree approach angle, 22.2-degree departure angle) pay dividends with steep driveways or off-road driving.
Of course, director approval of buybacks does not occur in a vacuum; share buybacks are not the only extraordinary transaction legally requiring board approval. That is, under most state corporation laws and corporation governing documents, directors must also approve dividends, major acquisitions, mergers and the sale or liquidation of the company. And these transactional approvals occur in the broader context of corporate capital allocation.
I suggested 13 ideas and the average return of the 13 ideas over the period is 9.8% in price terms. The actual total return will be much, much higher as it features a gaggle of high-income, dividend payers such as Riverstone Credit and BioPharma. I would estimate that the total return is probably well above 12.5%.
Last week I caught up with an old colleague, Mark Mahaffey, who after a successful career as a trader set up the Hinde capital Gold Fund with Ben Davies. He\\u2019s now publishing an excellent investment newsletter, also on SubStack, which is focused on UK equities and dividend investing. In this 25-minute episode, we also discuss why he thinks a permanent portfolio - gold, cash, bonds, and equities in equal measure - is still his favourite portfolio idea.
Last week the fund sales desk at Liberum put out a useful short note consisting of a screen of alternative listed funds that tick various boxes, namely a decent discount, a high dividend yield (over 7%) with dividend cover above 90% (I\\u2019d prefer 100%). In the resulting table below I\\u2019ve also added whether the fund highlighted is on my own preferred list - most of which are.
- Marwyn is an interesting special situations private public equity vehicle with a decent track record. It trades at 42% discount to NAV despite having around 46% of the portfolio as cash. I\\u2019m not sure though this really qualifies as a regular dividend payer so wouldn\\u2019t make my list. That said on valuation grounds alone this looks interesting.
There is though one major flaw in this logic or should I say potential headwind. As I said, it seems logical to me that we are in a more volatile world where inflation targets will be hard to stick to. There is though a very real chance that inflation rates could collapse if we enter a global recession - with central banks re-opening the QE taps. In that scenario, gold will be hit hard and silver pulverized. So the downside risks are great but with China now haphazardly re-opening, I think the odds are higher that we\\u2019ll see a surprise upside inflationary blast in 2023.
When you open a new account, make an investment, or begin to receive payments reported on Form 1099, the bank or other business will give you Form W-9, Request for Taxpayer Identification Number and Certification, or a similar form. You must enter your TIN on the form and, if your account or investment will earn interest or dividends, you must also certify (under penalties of perjury) that your TIN is correct and that you are not subject to backup withholding.
The IRS notifies the payer to start withholding on interest or dividends because you have underreported interest or dividends on your income tax return. The IRS will do this only after it has mailed you four notices over at least a 210-day period.
If you have been notified that you underreported interest or dividends, you must request and receive a determination from the IRS to prevent backup withholding from starting or to stop backup withholding once it has begun. Your request must show that at least one of the following situations applies.
After receiving all your wage and earnings statements (Forms W-2, W-2G, 1099-R, 1099-MISC, 1099-NEC, etc.); unemployment compensation statements (by mail or in a digital format) or other government payment statements (Form 1099-G); and interest, dividend, and retirement statements from banks and investment firms (Forms 1099), you have several options to choose from to prepare and file your tax return. You can prepare the tax return yourself, see if you qualify for free tax preparation, or hire a tax professional to prepare your return. 59ce067264