The Long View Daniel Peris: The Case for Dividend Investing
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Aug 13, 2024 Daniel Peris, who oversees dividend-focused portfolios for Federated Hermes and has authored several investing books, delves into his new work on dividend investing and the market's paradigm shift. He discusses the crucial role of dividends and cash flows, contrasting traditional financial metrics with the ownership mindset. Peris critiques modern portfolio theory and highlights the resurgence of dividends in investment strategies. He also touches on historical reflections on Russia and its impact on Western relations, weaving an engaging narrative of stability and market evolution.
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From Soviet History to Finance
- Daniel Peris transitioned from Soviet Union history to investment management.
- His background in history and communication skills proved valuable in both fields.
Cash Flows vs. Market Reality
- Daniel Peris's interest in dividends stemmed from observing a disconnect between market practices and finance textbook principles.
- He found that cash flows, crucial in theory, were often disregarded in market valuations, leading him to focus on dividend investing.
The Decline of Dividends
- Declining interest rates over 40 years reduced the importance of cash flows for investors.
- This, along with the rise of buybacks, the growth of tech companies, and political trends, contributed to a decline in dividend focus.