Ann: Dividend/Distribution - DDR, page-22

"Exactly. But it's not as if it's the fault of shareholders for coming to a premature conclusion."

Of course it is their fault. I, along with many other shareholders are able to avoid coming to premature conclusions. Nothing stops others from doing likewise. Any investor who is unable to exercise the self-discipline needed to avoid coming to premature conclusions in the stock market should probably not be investing for their own account.


"There's companies which you personally hold that are terrific companies and those companies happen to release their dividend announcements in conjunction with results."

You make it sound as if there is some sort of causal relationship between releasing dividend details in conjunction with results and quality of business model.

Terrific companies would be no less terrific if they announced their dividends at different times to their results. Heck, some of my best ever investments, KPG and SNL, announce their dividends long before their results are published.

Who cares when you get told what dividend you are going to get? It makes zero difference to the intrinsic value of the company. Heck, discerning shareholders shouldn't even care ether they receive dividends twice a yearly, quarterly, one large dividend annually, or dividends one-twelfth that size every month. It's nothing other than a timing issue.

"A bit of visibility goes a long way. DDR's process is like a smoke screen year in, year out."

They report audited financial statements twice-yearly and hold annual meetings of shareholders, just like every other ASX-listed company. The only difference is they pay dividends on a quarterly basis.

Where in any of that is the lack of "visibility" and "smoke screen", of which you speak?

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