In the U.S., the aggregate value of stock repurchases grew to match
the aggregate value of dividends as of 1998.
Not exact matches
The results
of our analysis are generally a bit stronger when the
aggregate valuation measure is used, but three
of eight factors (
value blend, momentum, and investment) and two
of eight smart beta strategies (Fundamental Index and
dividend index) show a stronger correlation when the P / B valuation measure is used.11 The
aggregate valuation measure is likely stronger because it captures differences in profitability that can be missed by P / B.
Popular metrics
of aggregate market valuation, such as Wilshire Total Market Index to U.S. GDP, price to forward earnings ratio, price to book
value ratio, price to cash flow ratio, cyclically adjusted price to earnings ratio (CAPE), the ratio
of annual forward
dividend to price (
dividend yield), indicate the U.S. stock market is overvalued by between 10 per cent and 60 per cent.
Results were based on an evaluation
of the realized
dividends and cash surrender
values of a Whole Life policy issued 1/1/82 — 12/31/16 (35 - year old male, $ 250,000 face amount, select preferred rating, annual premium
of $ 3,585) and the historical results
of the S&P 500 and Bloomberg Barclays US
Aggregate Bond Index.
The amount
of the accrued
dividend on any coupon valuation date depends in part on the
aggregate cash
value of distributions that a reference holder would have been entitled to receive in respect
of the index constituents prior to the relevant coupon valuation date.
The fund may loan portfolio securities to qualified broker - dealers or other institutional investors provided: (1) the loan is secured continuously by collateral consisting
of U.S. government securities, letters
of credit, cash or cash equivalents or other appropriate instruments maintained on a daily marked - to - market basis in an amount at least equal to the current market
value of the securities loaned; (2) the fund may at any time call the loan and obtain the return
of the securities loaned; (3) the fund will receive any interest or
dividends paid on the loaned securities; and (4) the
aggregate market
value of securities loaned will not at any time exceed one - third
of the total assets
of the fund, including collateral received from the loan (at market
value computed at the time
of the loan).
Whereas the stock market and its historic annual gains
of 7 % (including
dividend reinvestment) is the traditional source
of wealth creation, the
aggregate value of all virtual currencies combined catapulted higher by more than 4,500 % between Dec. 31, 2016, and Jan. 5, 2018, to $ 835 billion.