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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Dec 30, 2019
Dividend Growth Newsletter Portfolio Delivers Again in 2019
 The story of the Dividend Growth Newsletter portfolio this year was one dominated by big tech. Apple trounced the return of what could be considered our benchmark by about 80 percentage points. It basically beat the S&P Dividend ETF SDPR by a factor of about 5 times! 2019 was simply the year to own Apple, and my goodness we had it right near the top of both the Best Ideas Newsletter portfolio and Dividend Growth Newsletter portfolio. You would think this was a no-brainer, as everyone loves Apple, but many a portfolio manager did not own Apple this year. Apple also upped its dividend 5%+ during 2019...
Dec 25, 2019
5 Things We Learned in 2019
Image: The Smoky Mountains of Tennessee. "The further a society drifts from the truth, the more it will hate those that speak it." -- George Orwell
Dec 19, 2019
2019: Another Market Beating Year for the Best Ideas Newsletter Portfolio!
We estimate thus far the Best Ideas Newsletter portfolio return has beat the S&P 500 by 2.8 percentage points during 2019 (34.4% versus 31.6% for the S&P 500, as measured by the SPY). Our move to overweight Apple, Facebook, and Visa worked out wonderfully for members during 2019. We continue to overweight big winners, and we credit this to our team's conviction in our very best ideas. We also made quite the savvy move in rolling over a solid gain in Chipotle (60%+) into even more shares of Apple stock during the year. We're putting some of the best ideas right in front of our membership in full transparency. Berkshire Hathaway's overweighting added some stability to the Best Ideas Newsletter portfolio, but it was a large drag on returns during the year. This is okay - we like the diversification benefits. 2019 was a very, very difficult year to beat the market, but by our estimates, the Best Ideas Newsletter did so, and by a fair margin, particularly for a large cap orientation. Note this kind of outperformance is unique as many money managers continue to trail their benchmarks during 2019. We credit the outperformance to our team's work ethic and the Valuentum methodology. We are disappointed with the current state of active management, and we are working to develop solutions for our membership. We expect to roll out an important survey in the coming months. We continue to encourage members to add the Exclusive to their membership, if they haven't considered this fantastic publication just yet. More on the Exclusive >> The Best Ideas Newsletter portfolio is part of a regular premium membership to Valuentum. More here >>
Dec 17, 2019
Cisco, Intel, Johnson & Johnson, and PayPal in the News
Cisco is trading at the low end of our fair value estimate range, and the company’s healthy dividend yield is well supported. Intel remains one of our favorite ides, and we expect a stellar dividend-growth trajectory at the company, too. Johnson & Johnson’s shares look poised to break out to new highs, and PayPal continues to execute nicely.
Dec 16, 2019
As Expected, Broadcom’s Organic Revenues Didn’t Grow in Fiscal 2019
Image Source: Broadcom Inc – November 2019 IR Presentation. On December 12, Broadcom reported fourth-quarter earnings for its fiscal 2019 (period ended November 3, 2019). While GAAP revenues for the full fiscal year were up 8% year-over-year, hitting $22.6 billion, please note that includes the uplift from Broadcom acquiring CA Technologies. Shares of AVGO initially traded down 2%-3% on December 13, as investors digested the firm’s guidance for fiscal 2020. As of this writing, shares of AVGO yield 3.4%.
Dec 11, 2019
Apple Charging Higher
Image Shown: Shares of Apple Inc continue to climb higher and we like the name in both our Best Ideas Newsletter and Dividend Growth Newsletter portfolios. This is a long-term holding with substantial potential capital appreciation and dividend growth upside. We like Apple’s pristine balance sheet, top quality free cash flow profile, and decent growth outlook. The company retains an enormous amount of firepower for additional share buybacks and material dividend increases going forward. Depending on whether the US decides to impose additional tariffs on Chinese imports soon will be very material to Apple’s near-term performance, but the long-term trajectory remains the same. Beyond Apple Pay, the company has its new streaming offering (Apple TV+) which launched on November 1 to drive services-related revenue growth.
Dec 9, 2019
Intel’s Resilient Free Cash Flows and Improving Outlook
Image Shown: Shares of Intel Corporation have resumed their upward climb after stumbling during the middle of 2019. We continue to like the name in both our Best Ideas Newsletter and Dividend Growth Newsletter portfolios. Intel Corp is another one of our favorite companies and is included in both our Best Ideas Newsletter and Dividend Growth Newsletter portfolios. After coming under fire during the middle of 2019, INTC is back on a nice upward trajectory. The top end of our fair value range estimate sits at $61 per share of INTC, indicating there’s plenty of room for Intel to run higher. Shares of INTC yield 2.2% as of this writing, and we view the company’s dividend growth trajectory as stellar (we give Intel an EXCELLENT Dividend Growth rating which is supported by its GOOD Dividend Safety rating, a product of its 2.1x Dividend Cushion ratio).
Nov 20, 2019
Economic Commentary: Marks, Dalio, and the Discount Rate
Image Source: Mike Cohen. We sat down with the Valuentum team to discuss their latest thoughts on recent economic developments. To kick off the conversation, let’s start with the team’s views on the latest memo from Oaktree’s Howard Marks: Mysterious. For those that don’t know Howard, he is the Director and Co-Chairman of Oaktree, which managed about $122 billion in AUM, as of September 2019. The memo goes into depth on the reasons for negative interest rates, the impact of negative interest rates, and opines on whether the US will ever see negative interest rates. Then, we’ll go from there!
Nov 13, 2019
Intel Still One of Our Favorite Ideas
Image Source: Intel Corporation – August 2019 IR Presentation. We continue to like Intel in both our newsletter portfolios and see the company’s investments in the IoT space (and elsewhere) supporting decent free cash flow growth over the coming years. As Intel continues to monetize portions of its non-strategic equity and debt investments, expect a lot of those proceeds to go towards buying back its stock. That should help see shares of INTC continue converging towards the upper end of our fair value estimate range.
Nov 1, 2019
Nostalgia?
Image Source: Tim Vrtiska. As I think back over the many years we've managed the Dividend Growth Newsletter portfolio, it has been an incredibly rewarding experience to be able to help so many dividend growth investors, not only in finding big winners, but also in avoiding big losers. If you recall, many dividend growth investors were swept away by the MLP craze years ago, and we saved our membership, perhaps in impeccable fashion. Who remembers? From "getting out" of General Electric near $30 per share, to warning about ConocoPhillips' and Kinder Morgan's dividend cuts far in advance years ago, we've been focused intensely on gaining your trust each and every day. Of course we've had some huge winners, too, some of them no longer in the newsletter portfolio such as Hasbro, Procter & Gamble, Medtronic, names we may add back into the future at the "right price," near the low end of our fair value estimate range on the "way up." How can we forget some of the big winners still in the newsletter portfolios! Big tech has been on fire of late with Intel and Microsoft approaching new all-time highs. You may recall these two companies were among the first stocks to ever register a 9 or 10 on the Valuentum Buying Index in 2011/2012, and their respective Dividend Cushion ratios have been fantastic for years, accompanied by strong dividend growth. How can we forget about Apple? What a call that one has turned out to be -- shares of the iPhone maker closed at ~$256 today! Microsoft is now a mid-$140 stock! A number of years ago, we traveled the country sharing our thoughts on Microsoft, pounding the table on its undervaluation and strong dividend growth prospects, saying it epitomized what Valuentum looks for in dividend growth ideas at the time. This presentation from our September 2015 trip to the Silicon Valley AAII was one of my favorites. Download that presentation to learn how we looked at Microsoft through the lens of the Dividend Cushion ratio, "Value-Focused, Momentum-Based Dividend Growth Investing (pdf)." Please go ahead. The Dividend Cushion ratio is worth the price of any membership. I'm so very proud of the Valuentum team, its methodologies, Value Trap, and what we've been able to do for investors all these years, especially dividend growth investors. I'm so grateful for you. You found us, tuned out the noise, and hopefully have made so much money these many years. Without tearing up on any further nostalgia, download the November edition of the Dividend Growth Newsletter in this article. You've earned it. I hope you enjoy this edition greatly, and thank you so much! -- Brian Nelson, CFA


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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.