MARKET ENJOY PRE-CHRISTMAS CHEER

Asian markets were on course on Friday to see in the Christmas break on a positive note, picking up the baton from Wall Street while the euro stood firm against a sell-off despite a victory for Catalan separatists in a snap poll.Global equities rallied over the past year on hopes Donald Trump's key election promise to cut taxes would boost corporate profits and put money in people's pockets, but traders cashed in their profits soon after the bill was passed this week.However, buying perked up again on Thursday on bets that the tax reform will further fire the already healthy US economy, while there was also cheer for news lawmakers had agreed a deal to avert a painful government shutdown."A day after being nonplussed with the passage of the US tax bill through the House and Senate, it seems stock traders decided that yes, after all, they do think the tax cuts will help valuations and the economy," said Greg McKenna, chief market strategist at AxiTrader.The US gains extended into Asia with Hong Kong up 0.3 per cent, Shanghai 0.1 per cent higher, Sydney adding 0.2 per cent and Singapore putting on 0.3 per cent. Seoul, Wellington, Taipei and Jakarta were also stronger.Tokyo's Nikkei closed the morning flat."The US corporate tax cut will lead to better earnings results and have a positive impact on the economy," Hideyuki Ishiguro, a senior strategist at Daiwa Securities in Tokyo, told Bloomberg News.However, Stephen Innes, head of Asia-Pacific trading at Oanda, warned of possible headwinds for 2018, pointing out that Trump could struggle to push through a planned US$1 trillion infrastructure bill in the face of low poll ratings and possible mid-term election losses.On currency markets the euro edged down but held its own after Catalan separatists won the crucial election Thursday, fuelling fresh uncertainty in Spain, one of the eurozone's biggest economies.The vote came after a failed independence bid earlier this year rattled Europe and triggered Spain's worst political crisis in decades.While pointing out there had been little immediate negative impact on the single currency, Innes said the result "would deal a significant blow Spanish Prime Minister Mariano Rajoy that could potentially escalate".Bitcoin sank more than 17 per cent to below US$14,000 for the first time since December 7, hit by profit-taking in the volatile cryptocurrency, which hit a record $19,500 on Monday.AFP

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Local bourse sees slight gains on thin trading volume

The local bourse opened on a strong note on Monday amid strong economic data released by both the US and China. However, by midday, the FBM KLCI shaved gains to 0.65 points higher at 1,721.90 points.

Trading volume was lacklustre owing to the Selangor state holiday. Turnover was 812.08 million shares with a value of RM666.7mil. Market breadth was almost equal with 287 decliners to 279 gainers and 475 counters unchanged.

Hong Leong Bank pushed higher by 44 sen to RM16.44 while Genting Malaysia rose three sen to RM5.28.

Petronas Chemicals gained two sen to RM7.44 while Petronas Gas added six sen to RM16.06.

The leading decliners included IHH Healthcare, which dropped two sen to RM5.64, Genting, which slipped four sen to RM8.75 and IOI, which fell three sen to RM4.46.

Among the Sime Darby counters, Sime Darby Plantation continued to gain strength, rising seven sen to RM5.36, while Sime Darby Property rose 17 sen to RM1.45. Sime Darby, however, slipped one sen to RM2.17.

Oil refiners were among the stocks in investors' spotlights on Monday. Hengyuan rose 60 sen to RM11.88 and petron malaysia 

 gained 36 sen to RM61.50. 

Glovemakers were alo on the rise. Top Gove added 21 sen to RM6.61 while Hartalega gained 29 sen to RM9.48.

Among the leading laggards, Latitude Tree slipped 16 sen to RM4.13, A-Rank dropped 12.5 sen to 94.5 sen and United Malacca fell eight sen to RM6.50.

Meanwhile, in commodities, a rise in the number of US oil rigs pointed to a further increase in American production that could undermine Opec-led efforts to tighten markets, Reuters reported.

Us light crude dropped 20 cent sto US$57.16 a barrel while Brent crude shaved 23 cents to US$63.17 a barrel.

In currencies, the ringgit moved higher for its second consecutive session of gains following a correction earlier last week. The local currency strengthened 0.14% against the US dollar 4.0817 and 0.8% against the pound sterling at 5.4689. It weakened 0.03% against the Singapore dollar at 3.0200

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TRUE STORY A "DIVIDEND " MILLIONAIRE "

Dear Take Stock reader,

In 1995, Hayford Peirce, a science-fiction and mystery writer by avocation, sat down in a Tahitian café. He was 53 years old.

Peirce pulled out a legal pad and pen, and wrote down his list of stock investments. He had two groups: There were about a dozen high-yield but slow-growing stocks such as utilities and high-yield bonds.

The second group of stocks, seven in all, overlapped a little with the first. But these companies were comparatively high-growth, with a long history of increasing their dividends every year. All of them were well-known blue chips.

He predicted his high-growth portfolio would pay him about $14,000 in dividends in 1995 (the actual payout ended up being $14,267.50; the overall value of his portfolio back then was about $2 million). That would turn out to be 13.8% of his total income for the year, the rest coming from his low-growth "widows and orphans" stocks. "Let's see what would happen if we just increased this dividend payout by 10% every year for 30 years," he recalls saying to himself.

Thus began his 30-year plan.

Fast-forward to 2017. It turns out, Peirce's dividend payouts have increased 8.54% annually over the past 22 years (see chart below). That's shy of his goal of 10% per annum, but it's been enough to make him a "dividend millionaire."

In aggregate, from 1995-2017, Peirce's dividends alone have paid him more than a million dollars—$1,148,079.84, to be exact. (All dollar amounts quoted are USD.)

That's $49,916.51 per year, on average.

Here's how he did it.

When Peirce eventually returned to his home (he lived in the U.S.) back in 1995, he transferred his legal pad calculations to computerized spreadsheets. He's updated those spreadsheets annually for 22 years (and just completed the data entry for 2017).

His stated goal back then was to have his dividend income reach $250,000 in 2025. That would come on the back of a fairly concentrated investment portfolio. Today, it's comprised of 13 securities:

• Four common stocks.
• Eight master limited partnerships (MLPs): MLPs are unique to the U.S. market. According to Investopedia, MLPs combine “the tax benefits of a partnership—profits are taxed only when investors actually receive distributions—with the liquidity of a public company.” They tend to be energy-related stocks with high dividend payouts.
• One convertible bond.

That's it.

In 2017, this portfolio has paid him $86,611.76—62.2% of his total overall income from all sources. (Again, in 1995, it was just 13.8%.) Consider, too, that over the 22 years, Peirce has not added any principle to his stocks. Not bad.

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Though he's unlikely to achieve his goal of $250,000 from dividend payouts in 2025, and indeed his payouts this year are lower than 2015, Peirce says his portfolio hasn't caused him any stress. "I'm old enough to have been through many cycles," he told me. "And my income [from all sources] had reached about $165,000 by 2015, which was far more than I really need."

His grounded, humble outlook on the markets seems to have allowed Peirce to stay the course and not excessively trade or churn his portfolio. When he swapped one MLP for another, he said, "First it soared, and I told myself how smart I was. Then it bombed, and I told myself how stupid I was."

So it goes.

There's also his quip when I asked him what advice he'd give a 53-year-old reading about his story. "Do it just the way I did it back then, but stay away from [underperforming stocks]," he joked. "Work at it harder than I did. I'm basically lazy."

His self-assessment doesn't seem quite right, though. Peirce has exhibited some of the most important traits an investor could possess:

• He made a plan. Peirce set a long-term goal—30 years! That puts him in the minority of American savers. According to the U.S.-focused 2017 Retirement Confidence Survey, only 41% of people say they've ever even attempted to calculate how much money they will need to have saved so that they can live comfortably in retirement. Quoting the Survey, "Despite higher savings goals, workers who have done a retirement savings needs calculation are more likely to feel very confident about affording a comfortable retirement (77% at least somewhat confident vs. 52% at least somewhat confident for not doing a calculation)." Doing the math, and writing it down, matters.
• He kept score. Peirce paid attention to his portfolio, tweaking it along the way, and updating his spreadsheet annually. But—and this is key—he didn't trade or churn excessively, and therefore avoided frictional and trading costs that would dampen his investment income.
• He made his portfolio work for him. Peirce is wrapping up Year 22 of his 30-year plan, and has not wavered from the original intent—to provide sufficient income to live off of. Far from being wooed by can't-miss stocks, Peirce put his portfolio to work in service of his goals, and focused strictly on a steadily growing stream of dividend income. He's proof of Ben Graham's famous line, "Investment is most intelligent when it is most businesslike."

Of course, there's a built-in flaw to Peirce's plan. And it's his one major regret.

He'd have a lot more income today had he been able to reinvest all those dividends.

"My underlying problem has always been that I didn't have enough other independent income so that I could reinvest my dividends. If I could have done that over the past 22 years, I imagine I would be worth maybe $10 million today," Peirce said.

"Who knows?"

Let's call that the curse of the dividend millionaire.     SOURCE:FOOL.SG

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