Ultimate Dividend Playbook

JOSH PETERS, CFA, is an equities strategist and editor of the monthly newsletter Morningstar® DividendInvestor™. He manages the newsletter's two real-money model portfolios. MORNINGSTAR, INC., is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 250,000 investment offerings, including stocks, mutual funds, and similar vehicles.The company has operations in sixteen countries and minority ownership positions in companies based in three other countries. Visit us at www.morningstar.com.

• Acknowledgments viiIntroduction ixChapter 1 Income? From Stocks? 1Chapter 2 Dividends, Values, and Returns 25Chapter 3 Corporations: Dividend Machines 49Chapter 4 Dividend Insight 69Chapter 5 Dividends Past, Present, and Projected 87Chapter 6 Is It Safe? 101Chapter 7 Will It Grow? 125Chapter 8 What’s the Return? 149Chapter 9 Independence 169Chapter 10 Managing a Dividend Portfolio 183Chapter 11 The Future of Dividends 205Epilogue 221Appendix 1 The Nuts and Bolts of Dividend Payments 225Appendix 2 Dividends and Taxes 241Appendix 3 Banks 257Appendix 4 Utilities 277Appendix 5 Real Estate Investment Trusts 295Appendix 6 Energy Partnerships 313Appendix 7 Other Dividend Opportunities 333Index 337

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