The fact that Magellan's dividend policy is a 90-95% payout of profits goes to show the amount of hubris this business has.
Why bother reinvesting in the business for growth when you can rely on one product (global equities) to generate all your cash flow?
Until you can't. Oh hello there Telstra! How did a 110% dividend policy work out for you? Share price still lower than it was 10 years ago? Oh shame.
Feb divi, page-8
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