Feb divi, page-15

Total shareholder return on TLS for last 10 years as calculated by Morninstar research is 7.8% p.a. compound. Most people able to separate fact from memory would be reasonably satisfied with that result.

The 7.8 % assumes a passive investor who buys and holds.

Those who might have sold above $5 (well below 10 yr peak of $6.20) and bought below $3 (well above 10 year low) have generated twice that return.

For contrarians, making money above the averages is not too difficult. Many who are buying or accumulating MFG today are adopting the approach commonly used by successful investors.

Nothing is ever guaranteed but some strategies increase the likelihood of success.

Critics who use the averages as their benchmark, probably are not the best investors. They should know the limitations of their knowledge, but rarely look in a mirror, except when they need to rely on hindsight for wisdom.

As for the dividend? I don't invest for dividends, l invest for absolute returns. I would hope MFG explain the reality that future dividends will not be near the level of past dividends.

l expect the announcement of this reality may see the SP retreat to $15 or $16 for a month or two. If it does, ceteris paribus, l expect to double down and buy very heavily. Then hold for the remainder of my life, selling as the price recovers.

That has been a "rinse and repeat" methodology that has secured my family more multi bagger returns than we care to count.

This is not advice. Each person needs to know what they can personally afford to risk, as well as their ability to withstand long periods of adverse outcomes but remain true to their strategy.

For all with the capacity and courage to act, rather than talk, good luck and stay the course. There are many current opportunities to choose from.

GLTASH