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 [[About us]] → information for new subscribers is here
- May’s blog features our annual spreadsheet with ten years of earnings for each company and cyclically adjusted P/E for each. This is the best valuation measure. Seven stocks at top of list that are reasonably priced, seven expensive ones at the bottom (don’t buy) and, in the middle, the sweet spot: good yields and good dividend growth.
+ May’s blog featured our annual spreadsheet with ten years of earnings for each individual company (no ETF) and cyclically adjusted P/E for each. This type. Of P/E is the best valuation measure. Seven stocks at top of list that are reasonably priced, seven expensive ones at the bottom (don’t buy these) and, in the middle, the sweet spot: good yields, 3.5% and good dividend growth.
-  * June 2025 - Empireco.ca (aka Sobey) just announced another dividend increase. It’s been doing that for over 30 years. This is the type of company you want for your retirement portfolio. Consumer durables are safer when the market drop comes; much safer than a bond. The increase was two cents per share per year. Big deal? Actually it is: that’s up 9.6%. Does your income increase increase by 10% a year? However, there’s always a ‘but’ with investing, EMP.A’s yield is only 1.5%: that’s expensive; not a good buy just now. To double check, Connolly Report CAPE (using ten years of earnings) for empire is 26, average cape of our 25 company list is 21. It’s expensive by cape too.
+  * June 20 2025 - Empireco.ca (aka Sobey) just announced another dividend increase. Empire has been uppin its dividend for 30 consecutive years. This is the type of company you want for your retirement portfolio. Consumer durables are safer when a market drop comes; much safer than a bond: the growing income makes them so. The increase This June was two cents per share per year. Big deal, eh. Actually it is: that’s up 9.6%. Does your income increase by 10% a year? However, there’s always a ‘but’ with investing, EMP.A’s yield is only 1.5%: that’s means it’s expensive; not a good buy just now. To double check, Connolly Report CAPE (using ten years of earnings) for Empire is 26, average cape of our twenty five company list is 21. This company is expensive by cape too. ♦ How has Empire done as a long term investment. In 2000 its dividend was a dime: now it’s 84¢. The yield on the 2000 price of $5 has grown from 1.0% to 16.8%. That’s double the rate of the market and without counting the price increase. Empire’s price, driven by the dividend increases rose from $5 in 2000 to $56 on solstice day June 2025. A year ago EMP.A’s price was $35. People were using Empire (food retail) as a haven from the Trumph storm. Dividend investing is not dull. And it can be much more rewarding than bonds. Income growth makes it so. No fixed income (60/40) for me!
 April 2 2025

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