One of These Things is not like the Other
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 4 November 2022
⏱️ 27 minutes
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Summary
I appreciated the very kind words I received about last week’s lengthy Dividend Café, and hope the message coming out of that annual week of meetings was clear and useful for readers. I struggled with where to take Dividend Café this week as last week’s covered so many topics, the Fed’s announcement this week was no real surprise at all, and I desire to write less about the Fed in the Dividend Café. On that last part, it isn’t going to happen – and that’s not merely because of my not-so-secret obsession with monetary economics. I may believe (and I assure you, I do) that the Fed policy framework of this era has given a way higher role to the Fed in modern economics than is appropriate, but believing it shouldn’t be is different than believing it isn’t such. So yes, the Fed is going to be a heavy theme in Dividend Café for years to come (whether I like it or not).
But if there is one thing I am obsessed about more than monetary economics, it is dividend-growth investing. And I think you will find some observations about dividend equity investing to be very relevant to the paradigm in which we find ourselves.
So today is not quite Fed-free, but it is rich in dividends, the very rewards I want for investing clients. Let’s jump into the Dividend Café …
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.3 | Well, hello and welcome to the Dividend Cafe, and I am very happy to not be writing about the Fed today. |
| 0:21.9 | I want to give you the same caveat, |
| 0:25.3 | those of you listening to the podcast and watching the video, |
| 0:29.7 | that when I say, oh, you know, the Fed stuff's overdone, |
| 0:33.3 | and I feel very strongly that the Fed has an outsized role |
| 0:36.7 | in our perception of the economy, |
| 0:40.1 | that I'm referring to the fact that I do not believe they should have the role that they have. |
| 0:46.6 | The fact that monetary policy is as significant as it is and that I criticize such is not a issue, rather, with what is, |
| 1:02.8 | but rather what I think ought to be. In other words, I got to keep talking about the Fed, |
| 1:08.0 | and I have to keep talking about the role of monetary policy |
| 1:11.7 | in the economy and what it means for investors because the Fed does have that role. My critique |
| 1:20.3 | is the fact that I do not think they should, that all things being equal, I prefer a landscape |
| 1:26.9 | in which undeterred and unfettered human action, |
| 1:32.8 | both with risk and with reward, both with victory and with pain, played out in a business cycle |
| 1:42.5 | and played out in what we would refer to as an economy, a market economy. |
| 1:49.0 | And so I want to just put that out there that I'm taking a week off from talking about the Fed, but no, I don't get to stop talking about the Fed. |
| 2:00.0 | And it is true that I'm reasonably obsessed with monetary economics. |
| 2:04.7 | But I wish that monetary economics were more tangential to our understanding of investment opportunity and not so fundamental. |
| 2:16.5 | Now, the fact that a lot of people get things wrong in the way |
| 2:19.0 | they assess it, or at least I perceive or believe that there's a lot of inaccuracy in how people |
| 2:24.6 | understand monetary policy and monetary economics, that's a whole separate deal. And I'm going to |
... |
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