Psychology of the investor.25 сентября, 2021 от fake Выкл
«Better a little award than thank you thanks»
(c) folk wisdom
If you think about it, then the whole article is sewn from the skins of the unborn bear. Or rather — written on the soil of reflection about this skin. In short — I will start from the very beginning. It all began with the fact that the son came to me (for new readers — he was 20, he is a lawyer) and began to ask serious questions about investments.
The reason for such a suddenly awakened interest in finance was the following situation: the son has a girlfriend. As expected normal son
Instead of making a list of purchases, travel and «Nektsky annealing» for all five million rubles, the girl sent a son to me for exploration for obtaining a financial advice — how it is better to invest these five million, so as not to profude all the money immediately and fulfill its financial Objectives (if anyone is interested — accommodation separately from parents and receiving a stable cash flow). These are such prudent children grew up, we did not notice))) that we could not say that we could not brag so ascent and prudence.
Here we actually from Prelude and go to the topic of today’s article. By making it a financial plan (I will not specifically, I will not mention what tools I used — there is nothing to advertise once again those who do not pay me for it))) So, by making it a plan of investments and looking at the received candy, the envy took me straight. Seriously. She asked to plan her a stable cash flow — I was planning.
And as in the cartoon «Such a cow is needed by himself»: So I liked this topic to get frequent and regular tangible payments — well, right at least cry, at least sell all your shares and urgently change the same tools with frequent and regular money receipts to the account )) At the same time, what is interesting — those dividends that are paid (theoretically) on my papers — they are absolutely not inspired by me. I own securities on their growth and, because of the dividends only as a certain «insurance policy» or a seat belt — so, just in case. What is the catch ??? Yes, in frequency and regularity, Zhezh !!!
Frequent and regular
And I understood that in dividends that are paid for Russian stocks (almost all, for a very rare exception) there is one very serious psychological problem: they are rarely paid. Not even so — they are horrified, as rare. And this is a huge problem. Not even in size, damn, namely, in the frequency of payments, first of all.
I recently read such a funny story for another blogger about how difficult to person become an investor, if he chose the strategy «bought and kept». Ironically described a blogger with an eagerness of irony: a person came to the stock exchange, say, in the summer. Bought after the dividend paradise action. Half their year, patiently waiting for dividends … And the dividends were canceled for the next year))) a man, herbal, sold papers with a loss and left the market forever, «the Sun of Falling».
It is clear that the story is comic. But in every joke there is some truth. Sitting a whole year, not receiving dividends and doing nothing, it is not only not profitable, it is also unbearably boring. Yes, the Guru claim that investing and should be the process is as boring, «as observation of how paint dries.» But what is the problem — the investor is a living person. Well, he does not want to look at how the paint dries))) and invest your money in this exciting show — also does not burn with desire. And any occupation that does not bring him pleasure a person will not be engaged.
Just let’s imagine a simple Russian investor. He sits and thinks about dividends. Which «maybe» will come in a year. And our person is not spoiled by excessive optimism and stability — we are here 98th, and the 2008th saw, and from the 2014th, in general, the leaps of crises, devalues, pandemics, sanctions and antisancies will not stop for a minute. So, with such a luggage behind the shoulders — what are the planning horizons in our fellow investor?
No, well, the theoretically, it can extrapolate its investments and accumulation in infinity, and the complex percentage draws even to a pension, even to the moon. And practically? So, so that he really believed in it and the subconsciousness did not tell him «Vasya, why did you think the castles of the air? Well, what are such dividends in a year? This year is still needed. «
And practically — yes, nifiga does not believe our person in the depths of the soul in such distant Dali. He cannot for a whole year to cherish the dream of dividends — it is too too much.
And you know what? It is very similar to that it is possible, this is not only a Russian person property — but universal. After all, look — on the most developed in the world of the joint-stock market — in the United States — those companies that are paid dividends make it quarterly. Apparently — this is no accident.
Still, a quarter is a more foreseeable period than a year. It is possible to suffer and wait for the desired payout))) judging by the way our Russian fans of dividends are inhabiting metallurgists — one of the first to pay dives once a quarter — apparently, this logic works.
I will tell you more — I thought about what a phenomenon, developing this thought about the frequency of dividend payments. After all
First of the attractiveness of the company — the regular payment of dividends clearly demonstrates the investor’s stable economic position of the company, shows the desire of the company to share with the investor part of the profit — that is, the company strategically looks more attractive. But also tactically — at first, the investor does not want to sell shares, because soon dividends, then the dividend Gap, and then — to file a hand to new dividends))
Theoretically, if some company guess to pay dividends every week, then it seems to me that no shareholder will be able to sell once bought shares of such a company — will always hurt the paper a couple of days before receiving new dividends))
As for the attractiveness of dividends, depending on the frequency of payment — for me, for example, there would be absolutely ideal to receive dividends on a daily basis. Yes, about how accumulated coupon income on bonds, just not to accumulate virtually — and receive daily to the account. Shares that would give this possibility of obtaining cash flow would be most comfortable for me psychologically and for this comfort I would be ready for them to forgive the smaller income percentage. That is, I would have a great pleasure bought shares, bringing 5% dividends, but that these 5% were divided into 365 daily payments. And I do not know how to whom, but personally, such dividends would be a mile and clearer than the paid times in 8%.
That is, it turns out that given these psychological features of people, the company could increase its investment attractiveness, while saving on payments would pay less dividends, but in a more «pleasant» for investors form. And I give up to me that once before that the case will reaches. No wonder in the States, all companies pay dividends once a quarter — no one wants to be a renewent)) So here — it’s only someone to start to pay once a week — and everyone will not want to be outsiders)) and there you look around — and do we live . I suspect that earlier paper bureaucracy and wireless telegraph have limited the rate of payments — but during the time of uncertified document management and the internet domination, most likely there are no limits to excellence))
Well, we will wait for changes to the better. To whom is absolutely non-night — you can buy a REIT and receive dividends once a month. Well, we will still receive dividends with that frequency with which they pay them. After all, even receiving dividends once a year can be gradually become