Tuesday, January 6, 2009
Yield of dreams - FT
--valuation consideartion may be at the ehart of Asian stock rebound --the yield of S&P 500 nudged aboer 3%, higher tahn 10 Y for the first time in half a century. --Asian index idividned yield is 4.8%, 2.4% higher than US Treasuryies and 1.9% over Asian bonds. --Disparities like these usually mark a trough. --Dividends tend to be stable relative to earnings. During the Asian crisis a decade ago, dividends were down by 20% while net earnings down by 75%.