I talk about the Federal Reserve often in these letters, and for good reasons. Fed policy has enormous influence on the economy. Yet the Fed has far more power in some areas than others. It has deep, ...

"No man who owns his own house and lot can be a Communist. He has too much to do." — William Levitt, developer of Levittown, the first mass-produced American suburb Google searches for "can I afford a ...

Clearly, there must be a typo in that headline. I’m the one who is always preaching about getting the yield you deserve. So, why would I even consider buying a company that can’t keep its payouts ...

Last week I noted the problems of sitting down with a blank screen and trying to figure out what to write. This week I have the opposite problem: I have well over 20 important research notes from ...

I have a lot of short conversations about dividend stocks. They go something like this: “Oh, your specialty is dividend stocks? What do you think about XYZ?” ...

Next month I will begin my 27 th year of writing this letter. The way I write, how I come up with topics, when I write have all changed over time. But one thing is consistent: when I sit down to write ...

"Violent revolutions do not so much redistribute wealth as destroy it... The only real revolution is in the enlightenment of the mind and the improvement of character." — Will Durant, The Lessons of ...

When we talk about inflation, the conversation usually centers on periods (like now) when inflation is especially high. Those are certainly problematic. But we can overlook a possibly bigger problem: ...

The Social Security Administration recently gave us their annual report with a few blockbuster footnotes. We all know that Social Security as it is currently constructed will run out of money in the ...

That was a suggestion I received last week. The reality is that “tech growth” is pretty much a double negative for dividend investors. By design, a company in its growth phase shouldn’t be paying much ...

This week is the final recap of the 2026 Strategic Investment Conference. I have always done summaries of the SIC afterwards, but I don’t think I’ve ever taken four weeks, let alone five weeks to ...