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The Defensive Value Investor by John Kingham

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Chapter 1. Profitable Dividends

“Each company should have a long record of continuous dividend payments.”

Benjamin Graham

When I first start looking at a company I like to get the ball rolling with a few simple checks on its dividend history and the earnings upon which those dividends depend. Although defensive value investing isn’t necessarily an income-focused approach, dividends do make up the backbone of the strategy.

To make sure we’re all on the same page, here’s a definition:

Dividends are cash payments which companies make to their shareholders. Dividends are usually paid out of surplus cash which the company cannot put to good use internally. The dividend is typically quoted in pence per share, where it’s known as dividend per share ...

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