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The Daily Dow LEXINGTON, KY. (November 12): One of the most frequently asked questions concerning the Foolish Four approach is whether there's a best time to start and update each year. A week or so ago, I mentioned a web site which tracked the approach starting each month to test such an issue, but wasn't able to pull up the Internet address at the time. For those of you who wrote me asking how to find the site, some ever-faithful readers fed me the URL again and I'll take this chance to pass it along today. The site is called the Mark Pankin Dow Dividend Strategy Page, and it tracks the strategies discussed in Michael O'Higgins' Beating the Dow, Knowles & Petty's The Dividend Investor, and David and Tom Gardner's The Motley Fool Investment Guide. Essentially, Mark Pankin's research confirms that the approach works well regardless of when one starts, but that starting just prior to the end of the year (in November or December) can often provide a slight boost, presumably the result of end-of-the-year institutional adjustments. Anyway, my thanks go to the Fools who brought this site to our attention. In company news today, 3M announced that it has approved the buyback of up to 10 million shares over the next 13 months. The company has already purchased about 6 million of its own shares under a previous authorization which began in February. The purchases are to be an extension of a current program to acquire shares for employee stock purchase plans and for other corporate purposes. According to 3M, there were 418 million shares outstanding at the end of the third quarter.
Today's Dow Numbers
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