Читать книгу The Dividend Investor - Rodney Hobson - Страница 12

However, there was plenty of scope for investors to spread their investments much more widely without significantly increasing risk because:

1 Fund managers invest disproportionately in the largest companies, leaving many medium-sized and smaller companies undervalued and offering higher yields.

2 The credit crunch left larger companies paying a disproportionate percentage of total dividends, a distortion that would be addressed as smaller companies came through the economic squeeze.

3 It is smaller, not larger, companies that bounce back soonest and furthest in the early period of recovery.

As Table 1.1 illustrates, smaller companies sensibly conserved cash and reduced debt in the immediate aftermath of the credit crunch. Soon, however, they were returning to paying dividends and taking up the slack caused by the fall in the BP dividend. Thus the top dividend payers were responsible for a declining proportion of the total paid.