Apple Reports First Quarter Earnings 2015

Apple reported its financial results for the first quarter during the past week. The results came in significantly better than the same quarter last year and beat analyst expectations. Below I will present some key data from the report and my own reflections.

Results For The Fourth Quarter Compared To The Same Quarter In 2014

- Sales came in at 74.6 billion dollars - an increase of 30% from the previous quarter (57.6).

- Unit sales in millions for the major product categories were as follows:

•  iPhone 74.5 (new record)
•  iPad 21.4
•  Mac 5.5

- Net income increased by 37% hitting the 18 billion dollar mark (9.5). No other company has reported sucha large profit for a single quarter before!

- Earnings per share were 3.06 dollars, an increase of 48% compared to the same quarter last year (2.07). EPS increased so much more than the net profit, because of the massive buybacks Apple executed earlier in the year. The number of shares outstanding have been reduced by 7%.

What Are The Main Reasons For The Strong Results?

• Record sales of the iPhone, which during the first quarter accounted for almost 70% of Apple's income.
• Higher margins - up from 37.9 to 39.9 percent.
• Share Repurchases

What Else Was Positive?

• Appstore deliver record income.
• Apple PAY launched in October already accounts for almost 70% of all mobile payments in the US.
• Sales in China have increased significantly.
• Apple has spent 130 billion on share buybacks and dividends, and still has 178 billion dollars left in treasure chest.
• 30 automakers have pledged support for Carplay during 2015t.

My First Reaction To The Report

It is very encouraging that both sales and profit increases so dramatically for Apple. The company will surpass my prediction of sustainable VPA by a wide margin if it continues at this rate. iPad sales did not quite liv up to expectations though. The lower iPad sales is most likely a result of cannibalization, since the iPhone 6 Plus is approaching iPad Mini's screen size.

As of late Apple is becoming a more shareholder-friendly company, which previously executed split, dividend increase and above all share repurchases testify to. With this in mind It will be interesting to see by how much they will raise the dividend in the next quarterly report.

Apple's strength and weakness is that the company primary is depended on a product category, a dependence that is greater than ever before. At the same time the current depth of the iPhone lineup is strong. Although iPhone is the product category that has grown the most, Apple also has a number of product categories and services that have grown considerably in recent years, albeit at a slower pace. Products and services such as Apple Pay, Carplay, iWatch, App Store, Mac, Apple TV, make me feel confident that Apple will expand its earnings base in the years ahead. Even if we remove the iPhone completely out of the equation, Apple still is a strong company with a solid historical growth.

If I previously had any thoughts of selling they have all but vanished. Apple will have a place in the portfolio for a long time. You can, as usual, find my Watch List and Stock Portfolio in main menu.

Have a good day

One of the worse quarters in McDonald's recent history

A couple of days ago the fastfood giant released its report for the fourth quarter and also the full year. In this post I will present some key data from the report and my own reflections. 

Results For The Fourth Quarter Compared With The Same Quarter In 2013.

- Sales decreased by 7% to 6,6 billion dollars (7).

- Net profit was 1,06 billion for the period, an decrease of 21% (1,4).

- Earnings per share (EPS) decreased by 19% to 1,13 dollars (1.4).

Results For The Financial Year 2014.

- Sales decrease by 2% to 27,4 billion dollars (28).

- Net income was 4,7 billion for the period, an decrease of 15% (5,6).

- Earnings per share (EPS) decreased by 8% to 4,82 (5.55).

Factors That Influenced The Results Negatively.

• Tough competition primarily in the US continues to weigh heavy on McDonald's profitability. Sales decreased 1.7% and operating earnings with 15% in the final quarter due to lower guest influx and sales in existing restaurants.
• McDonald's is also losing market share in its largest established market, Europe, where sales fell by 1% and operating profit by 14%. Russia and Ukraine has had weak development in the European segment, were the company's restaurants closed down due to the conflict in Ukraine.
• McDonald was also sentenced to pay the equivalent of 0.31 dollars per share in additional taxes, which is a one time cost.
• The supplier scandal in China had a negative impact on profits equivalent to about 0.23 dollars per share.

What Was Positive Then?

• On 18 September McDonald rose its dividend by 5% for the 39th year in a row.
• The fast food giant also bought back the equivalent to 2% of its total share count during 2014.
• McDonald's continues to open and renovate restaurants around the world. The company will also focus on increasing the number of franchise restaurants primarily outside the United States.

My View Of The Report
This report is one of the worse from McDonalds in recent years. If we disregard non-recurring items the result does not look as bad, but regardless of one-off items, earnings growth is negative. Here is how sales and EPS has developed during the past five years:

The picture above is pretty clear since EPS and Revenues are at their lowest levels since in 2010. McDonald's CEO Don Thompson admits that the company continues to face headwinds and that market environment is challenging. He stressed that the company is going to continue to focus on improving the customer experience, and he remains convinced that McDonald's can boost growth and create value for shareholders over the long term.

In order to boost growth McDonalds must increase the comparable sales and guest influx in existing restaurants within the established markets of Europe and the US. The company has for this reason developed three strategies to increase their relevance with their customers:

• Modernization and improvement of McDonald experience (trademark, restaurants, menus and customer service).
• Shorteing and simplifying the ordering and payment process with new technology such as mobile, web, and payment solutions. McDonalds has for this reason joined Apple Pay.
• Use existing resources more effectively to realize the points above.

To date, the implemented measures have apparently not had the desired effect since McDonalds is losing customers to competitors in their two main markets. I think that the fast food chain needs to reinvent its self somehow, to be able to reach mine and later generations (1980 to 2000) to really get the growth ontrack.

McDonald's is, despite the recent growth problems, a stable and shareholder-friendly company, that has raised dividends for 39 years in a row. I believe that the fast food giant is worth buying up to a price of about 87 dollars. You can, as usual, find my Watch List in main menu.

What is your view on McDonalds latest report?

Johnson and Johnson's Report For The Fourth Quarter Of 2014

A couple of days ago the pharmaceutical giant released its report for the fourth quarter and also the full year. In this post I will present some key data from the report and my own reflections. The figures below are excluding items affecting comparability.

Results For The Fourth Quarter Compared With The Same Quarter In 2013.

- Sales decreased by 0.6% to 18.25 billion dollars (18,35).

- Net profit was 3.6 billion for the period, an increase of 1.2% (3.5).

- Earnings per share (EPS) increased by 2.4% to 1.27 dollars (1.24).

Results For The Financial Year 2014.

- Sales increased by 4.2% to 74.3 billion (71.1).

- Net income was 16.3 billion for the period, an increase of 8% (13.8).

- Earnings per share (EPS) increased by 8% to 5.97 dollars (5.52).

Factors That Influenced The Results.

• The main reason for the improved results was that total sales increased by approximately 16.5% for the pharmaceutical segment. It was mainly the US market that contributed to the growth in sales with a growth rate of 25% over the previous year. Drugs such as Olysio / Sovraid, Remicade, Simponi among others have mainly driven the increase in sales.
• The business segment Medical Devices and Diagnostics contributed negatively since sales fell 9% to 6.6 billion dollars during the year.
• Sales of consumer products decreased 3.6% to 3.6 billion. The decline in sales was primarily due to lower sales internationally.
• The strong dollar and other items affecting comparability effected the results negatively.

The report is a testament to Johnson and Johnson's (JNJ) strength, since the company now has managed to raise ernings for 31 years. Forecasted earnings was yet again raised and this time to 6.12 - 6.27 dollars per share, from the previous 5.85 - 5.97 dollars.

The focus on new drugs has paid off for Johnson and Johnson, the business segment pharmaceutical has been a growth engine for the company and will continue to be so in the future. I would have preferred to have seen revenue growth across all business segments, but price increases and the strong dollar has made 2014 a challenging year. However, I think the business overal has a bright future ahead. With the worlds population getting older and older, our need for medicines and medical equipment will not subside, but rather increase in the future.

One of the company's main strengths is its defensive operations that are relatively evenly distributed between three strong business segments. This is how revenues are distributed between the different business segments:

There are just a handful of companies in the world that come close to Johnsons and Johnson's defensive qualities and impressive cash flow. The company also has increased dividends for as many as 52 years in a row. The company has an impressive amount of cash at its disposal - over 30 billion dollars.

Valuation
The price I'm willing to pay the most (my Price Cap) for Johnson & Johnson is 84 dollars. My Price Cap is based on the following assumptions:

• I estimate that JNJ will have an average dividend growth rate equivalent to about 9% going forward.
• I deem sustainable EPS to be roughly 5.5 dollars and sustainable P/E-Ratio to be 20 based on the companies defensive qualities.

You can find my valuation data under my watch list in main menu. Unfortunately, I am afraid it will be some time before the company sink to the level of my Price Cap, but he who waits for something good never waits to long.

Have a nice day!

Does Owning More Stocks Always Translate Into More Work?

Inspired by Dividendmantra I have been thinking about my criteria regarding portfolio composition, and primarily the number of companies I think is reasonable to own. One of the reasons that I have set an upper limit of about 20 companies, is that I have assumed that it would be too much work to monitor a larger number of companies.

But is it really true that a larger portfolio automatically needs more looking after than a smaller one? The answer is, as usual, it depends on the circumstances. Monitoring ones portfolio to closely can even have the opposite effect. One potential drawback I can see, is that it is easier to get distracted by the amount of information we are bombarded with daily. It is easy in such a context lose focus ones strategy driven by rumors and hearsay. 

What then are the factors that determine how carefully we need to monitor our companies?

I think, unsurprisingly, that the quality of the companies that one owns determines the level of monitoring required. I can offhand identify the following key factors that I think determine how careful one needs to monitor their stock portfolio:

- Do the companies you own have sound businesses and persistent competitive advantages or is it easy for competitors to steal market share? Companies that have clear competitive advantages, are more likely to have sustainable profits than companies that run the risk of losing market share to competitors.

- What are the risks associated with the markets that your companies operate in? Are there political, regulatory and other risks that may affect a company's future earnings? Fortum is a company that, because of its operations in Russia, requires me to follow the stock more closley than I would otherwise.

- How dynamic are the industries that your holdings operate in? Companies that operate in a fast changing industry run a greater risk of seeing their business models lose strength, because off the speed in which fundamentals change. The IT industri is a good example of a dynamic industri were competitive advantages can become obsolete because of new technologies.

- What financial resources do the companies in your portfolio have? Do the companies you own have financial muscles and strong owners behind them or is the level of debt high and the financial backing week or nonexistent? When it the storms companies with strong owners and balance sheets are less likely to sink.

Conclusion

The more qualities that companies in your stock portfolio posses, the greater the likelihood is that they can withstand market downturns. Does this mean, that as long as I only invest in high quality companies with a long and stable history, that I don't need to monitor my portfolio? No, of course not, but the workload will be considerably less than if one's portfolio only consist of smaller and less established companies.

What is your limit regarding the number of stocks you feel comfortable owning and why?

Additional Data About The Companies On My Watch List

When looking at the Watch List, every now and then, I found my self missing information such as current dividend yield and P/E-ratio. Instead of looking elsewhere, I have expanded the information about the companies on my Watch List. More specifically I added an additional table on the same page as the Watch List.

The new tabel, that contains valuation data about all the companies on my watch list, consists of the following columns:

• Company
• Ticker (symbol)
• Market (Marketplace: STO = Stockholm, STLO = Oslo, NYSE = New York, NASDAQ, HEL = Helsinki)
• Price (Current)
• Yield (Current yield)
• Payout Ratio (Payout ratio based on EPS (last four quarters) and the current dividend)
• P/E-Ratio TMM (based on EPS for the last four quarters)
• EPS TTM (Earnings per share for the last four quarters)
• Dividend (dividend on an annual basis)

You can find the table under the menu item: Watch List in the upper right side of the blog. I hope that the table will be beneficial for not only me, but anybody who reads the blog. 

Have a nice day!

A Factor Every Dividend Investor Should Take Into Account

My self and many others focus on portfolio allocation to reduce risk. For us that dividend plays an important role in our investment strategy, there is another diversification aspect to take into account, namely how big part of the passive income each holding in the portfolio accounts for.

Why then is it important to keep track of how much each company contributes to the dividend income? The short answer is to reduce risk.
Whether one, like most of us, reinvest acquired dividends or rely on them cover living cost, the size of passive dividend income is key. If a company that accounts for a large portion of the passive income gets into trouble and reduces the dividends this has an impact on our ability to reinvest in new companies or to cover our daily expenses.

Below, I have compiled by how many percentages each stock contributes to our total passive dividend income.

When looking at the picture, it becomes clear that there are mainly five companies that stand out - Bonheur, Industrivärden, Mekonomen, BHP Billiton and Fortum. Together they represent about 63% of my total passive income from dividends on a annual basis. A dividend cut from any of these four companies would have a pretty big impact on the size of the passive income.

One of my goals is to diversify the dividend stream so that I'm not as reliant on individual stocks and I'm confident that as time passes the dividend stream will become more diversified.
For those who are interested, you can find my passive income distribution as well as the size of our passive income from dividends in the main menu item: Passive Income.

Have a nice day!

Is this Gas and Oil Gaint Fairly Valued?

This is my second of, hopefully, many stock analysis on here. Nobody interested in investment in gerneral and stock investment in particular can have missed that, the oil sector has taken quite the blow lately as, oil prices have fallen to the lowest levels in 4 years.  

I want to examine if there is value inte sector and what better candidate to start with than the shareholder friendly oil and gas gaint - Chevron. In the following post I will examine the company against my investment criteria and determine the company's valuation. 

Distinct Competitive Advantage (Moat)?

Bigger is better (economies of scale). Chevron is one of the world's largest energy companies with operations worldwide. The company produces about 2.6 million barrels of oil per day, about 1.7 million barrels of gas and has more than 60 000 employees.

Chevron is involved in virtually every facet of the energy industry. The company explores, produces and transports crude oil and natural gas as well as refines, markets and distribute these products. The company manufactures and sells petrochemical products, generates power and produces geothermal energy and supplies renewable energy. Chevron has a strong balance sheet and the industry's largest and high-yielding project portfolios. Morningstar has awarded the company AA credit rating which only Exxon Mobile surpases.

Know how. For more than 130 years, Chevron has explored some of the world's most complex oil fields. Chevron has one of the highest profit margins in the industry and the second-highest ROE after Exxon Mobile, suggesting that Cheveron are specialists in what they do.

Low production costs. Chevron has for many years been the company that has the lowest cost per produced barrel of crude oil.

Chevron has historically proven, with high profit margins and high ROE, that the company possesses competitive advantages. However, there are at least four companies that are in the same league as Chevron and can take market share, namely ExxonMobil, BP, Shell and Total. 

Morningstar believes that Chevron has a narrow moat and I have to agree with the experts on this one. ExxonMobil is the only oil company that by Morningstar considered to have a wide moat. Chevron gets a pass on this criterion.

A Truly Global business?

The US accounts for about 21% and the rest of the world for 79% of the revenues.
Chevron passes this criterion. 

Strong Owners?

I'd like to se a business that I own to have strong owner behind it with financial muscle. I usually prefer a company that is family owned, since you tend to take better care of things close to home.

The bigest shareholders are: Vanguard Group, State Street Corporation and BlackRock Institutional Trust Company. Chevron passes this criterion. 

A Business That is Easy to Understand?

Chevron's business is fairly easy to understand and get a grip on.
There are predominantly two segments that are crucial for revenue and profit:

• Upstream - exploration and production of oil and natural gas.
• Downstream - refining, production and distribution of petroleum and petroleum-based products.

The upstream segment accounts for 90% of the profits. About one-fifth of Chevrons revenues come from gas. That number will increase as Chevron is investing more on gas by including two large projects in Australia. Until then, however, Chevron is dependent on the price of oil. Chevron passes this criterion. 

Rising Earnings Per Share (EPS), That Have Grown on Average at Least in Line with the Dividend for 10 Years?
On average EPS has increased in excess of 10% per year during the period. The main reason for the EPS growth is the fact that the profit margin increased from about 6% to almost 11% during the period. Chevron has had the best margins in the oil industry for a while now.

Sales growth has also contributed to the growth of VPA and averaging approximately 6% per year over the same period.

Both sales and profit margins fell sharply after the last crisis in 2009 resulting in low EPS. Chevron has a relatively large share buyback program. The number of shares has decreased by almost 8% during the period. The share repurchases have contributed an average VPA increase per year of 1% over the period. Chevron does get a pass on this criterion. 

A Dividend that has on Average Risen over the Period of 10 Years?
Chevron has increased its dividend every year since 1987. This is how the dividend has developed over the past 10 years.

The average dividend growth per year has been about 10%. I can't see Chevrons dividend streak coming to an end anytime soon, although the dividend growth has slowed down considerably in recent years. The payout ratio has risen during the period and in 2013 the payout ratio stod at 30% and is about 35% right now. Chevron passes this criterion.

 
A Company with Financial Strength?
Chevron's balance sheet is strong compared to it's peers, although there is some leverage there. The equity ratio (shareholders' equity) is about 60%. The interest coverage ratio is over 100 which means that they can cover their interest costs more 100 times over. Free cash flow has been stable during the period and has covered the dividend for the most part. Chevron has like other companies in the same industry large investment needs. From 2011 onwards, the investment costs increased significantly. Chevron passes this criterion. 

Risks and Uncertainties That May Affect Future Earnings?
I want to assure myself that political, regulatory, business and other specific risks that may affect a company's future earnings are as few as possible and preferably manageable.

There are many risks that could threaten an oil company's earnings and in worst case its existence. An oil spill with associated cost of billions of dollars is one risk. Commodity dependence represents another, as the price and availability of oil and gas affect Chevron's profit margin significantly. 

There is also though competition for these oil and gas resources, that are increasingly difficult and expansive to extract. ExxonMobil, BP, Shell and Total are the toughest competitors can compete on the same terms as Chevron. 
There is also political risk in the form of regulations and state-owned energy company that can get the idea to change the rules of the game on the market.

Even though oil prices are the lowest they have been for years, I think the company's size, balance sheet and gas projects will allow Chevron to weather most storms. Chevron passes this criterion. 

Summary and Valuation
Chevron meets all of investment criterion. In my eyes, Chevron as a company may not have the widest moat, but has proven competitive advantages as evidenced by the highest profit margins in the industry. The industry that Chevron operates in is however amongst the most risky, something that should weigh heavily in any purchasing decision.

The question is what the future looks like. Chevron's profits are depended on of the price of oil that accounts for the biggest part of the profit, even if the gas production is constantly expanding. How sales and the profit will develop in the future therefore depends mainly on the price of oil and to a lesser extent on the price of gas. In 2013, margins have been squeezed by high investment costs and the price of oil. EPS and dividend growth have slowed down. This trend continued all through last year and will persist for a time to come.

Even so Chevron has a strong balance sheet to fall back on if the negative price trend continues and the cash flow is strained further. I think we will start to see better numbers forward in 2015 when large investments which impacted cash flow in 2013 and 2014 start producing. Chevron is investing heavily to increase production of oil and gas in the upstream segment and has one of the world's most aggressive project portfolios for the purpose. A project portfolio that has historically delivered a nice return.

The question is what I am willing to pay for a high quality company that is so dependent on the price of oil and gas?

Valuation
My Price Cap is equivalent to 102 dollars. The Price Cap constitutes the price I'm willing to pay at the most for a given stock. The Price Cap is the average value obtained when Fair Price 1 (based on dividend growth and dividend yield) and Fair Price 2 (based on sustainable EPS and Sustainable P/E ratio) are compared. My Price Cap for Chevron is based on the following assumptions:

• I estimate that Chevron will have an average dividend growth rate going equivalent to about 9% going forward.
• I estimate sustainable EPS to be roughly 10 dollars and sustainable P/E-Ratio, based on the company's qualities and the dependents on commodities to be 11.

This concludes my stock analysis on Chevron. You can find all of the companies that I'm currently following under the meny item: Watch List in the main menu.

Until next time, good luck with your investments! 

Recent Buy

During last month, I bought shares in TGS-NOPEC Geophysical Company (TGS). I recently published an analysis about the company on my Swedish blog and couldn't resist initiating a position, when the price was around 150 NOK and the Norwegian krone was cheaper than the Swedish one.

For those of you that are not familiar with the stock, TGS is a Norwegian company operating in the oil and gas industry. The company is a market leader when it comes to providing seismic data (maps of the seafloor and land mass) that oil and gas companies use to determine where to drill. 

The main reason for the low valuation is that the company's earnings have and will be affected by low oil prices. I don't think the company will suffer to the same extent as other companies in the sector, since the cost of drilling by far exceeds what TGS customers pay for the company's mapping services. A deepwater well costs millions of dollars to drill, therefore oil and gas companies tend to want as accurate geological data as they can get before they make the decision to drill.

TGS business model, where the customer together with the company finance the costs connected the collecting of data, keeps TGS operating cost down and gives the company room to invest large sums in developing its core business - managing and providing geological data. The business model is also one of the cheapest from the customers point of view, and therefore better suited in a scenario where oil companies need to reduce their costs. 

Here Is a Number Of More Reasons Why I Like The Company

• The balance sheet is rock solid with no interest baring debt. 
• EPS has grown by over 600% in total over the last teen years.
• Revenue has grown over 400% in total over the last teen years
• The company has had a profit margin of about 30%.
• TGS is a market leader in it's segment with ROE of 25% on average since 2004.
• Dividends have in turn grown about 30% per year since 2009.
• TGS valuation is attractive with a P/E-ratio of below 8 and a dividend yield of about 5.3%.

I think in summary that TGS is well equipped to handle a much lower oil price by virtue of the companies margins, business model, comprehensive map library and strong balance sheet.

Valuation
The price I paid is below my Price Cap of 155 NOK. My Price Cap is based on the following assumptions:

• I estimate that TGS will have an average dividend growth rate equivalent to about 3% going forward.
• I deem sustainable EPS to be roughly 17 NOK and sustainable P/E-Ratio to be 12.

I choose to have a greater margin of safety in my assumptions than normally, since I do not know the industry well enough and can not estimate the impact of falling oil prices will have on earnings - but also since the dividend history is so short.

After the purchase our passive income is approximately 2 550 dollars on a annual basis. You can find my latest portfolio allocation in the main menu.

Another Year has Passed - Annual Summary 2014

The fireworks have gone silent, the champagne glas is empty and the new year is upon us. Overall, I'm satisfied with last year and what I have accomplished as an investor and finical blogger. Writing has really helped me to be more disciplined in my approach as well as provided me with valuable insights that have helped me make more informed investment decisions.

The Blogs 
In December, the Swedish blog had about 28,000 page views and a total of about 205 000 page views since its launch in February 2014. It's great that so many have found the blog after less than a year. 

One of my regrets last year was that I didn't have the time to write as much as I would have liked to in english. This blog has had 4 000 page views since its inception in november, not bad though considering my lack of activity. 

The market 2014
For those who like seeing their portfolios grow, 2014 has been a good year and my portfolio increased by 34% (including dividends and excluding new savings). 
It may sound strange, but for us who constantly want to increase our passive income through dividends, the year could have been better. However, I have managed to find buying opportunities during the year and most recently in December.

Purchases during December
During the month I made three purchases.
The first two purchases were of shares in the commodities giant BHP Billiton. The company is traded roughly 8.40 times earnings based on the last four quarters (TTM). Part of the reason for the low valuation is that the company is cyclical and dependent on the price of raw materials, mainly iron ore. I believe the company, even if commodity prices will take a beating even further, has a bright future as iron ore will be in demand year to come.

The fact that the iron ore price is at a 5-year low will cause less profitable mines forced to close down, which in turn will reduce supply and stabilize prices. BHP Billiton is well equipped to handle significantly lower iron ore prices by virtue of its cost efficient mines and its strong balance sheet.

I also made another share purchase in a new company that I will disclose during this month.

Passive income growth during the year
For me and my family time the most precious thing we have. Our goal is that the passive income will give us control over this important resource.

The passive income from dividends increased by 80% during the year. As I'm writing this is the passive income from dividends is equivalent to 2615 dollars and covers approximately 5.67% of our annual cost of living.

This is how far we have come in relation to the first 10 years of our long-term savings goal;

 The chart above shows that we have passed the target for 2014. In other words things are looking good as we face next years challenges.

This is in turn how the passive income has developed month by month during the year.

Thoughts About the Future
I'm not going to try to make any macroeconomic predictions about how the stock market will develop over the course of the year. In that department your guess is as good as mine. I will instead focus on what I can influence - my actions as an investor.

The main goal for 2015 is to achieve a passive income from dividends equivalent to about 3100 dollars.

I will aim to complete the following activities to met the main objective:

• Monthly purchases of dividend stocks at a price below my set price cap.
• Increase the number of companies in the portfolio and further diversify my dividend income.
• Analyze additional companies.
• Review existing stock analyzes and associated valuations.
• Develop the blog further in order to make it more accessible and informative.

I'm keeping my fingers crossed, as most value and dividend investors, that we will have a downturn in the market this year, so I can buy quality dividend stocks at affordable prices. Here's to a great 2015!

/Regards Long-Term Investment