I was going to be silent for a year but am compelled to speak. Paying a dividend imposes capital discipline upon my directors and forces them to use my resources efficiently.
Not run off and build white elephant LNG plants or something crazy like that.
When directors claim to invest for growth often they want to grow assets and salaries not returns. The claim that they know how to invest for growth better than I do is laughable.
At a 40% payout ratio they can invest for growth and aggressively pay down debt (debt which is very low in a oil price cycle set to turn up), I invested for this dividend and it's a dividend that has a lot of room to grow. I estimate that in time the dividend will be 15% of my purchase price per annum.
Find me an annuity which will do that.
STO Dividend, page-57
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