Ann: Dividend Declaration, page-713

I liquidated my WHC because I don't need to pump up option holders future share issues with pointless buybacks at very high prices, while getting a dividend return that's barely more than a mortgage rate these days but with heaps of sovereign and commodity price risk.

TER is my biggest coal position now. I think a small company paying out the cash instead of wasting it on bb will have much lower risk and better leverage to the upside if coal stays above $200. The dividends on coal stocks really need to be 15-20%pa to outrun capital losses due to price falls IMO.