Comment, question or quotation of the day

18-01-2019 : Question from a reader

I would like to understand the difference in distribution policy in Germany and France, with a higher percentage of distribution in France: should we see an effect of the fiscally "repressive" tax policy in France in terms of dividend taxation before the introduction of the flat tax of 30%? I also note that from 2022, the total amount of taxation of dividends should be balanced between France at about 46/47% of the distributed profit (25% and 30% of IS and "flat tax" of 25 % in Germany and 30% in France). Without having made studies on the subject, we intuitively think that the difference in the composition of the economic fabric in France and Germany explains this difference in distribution policy. In France, we currently have great machines to generate free cash flow and therefore to buy shares or pay dividends that are luxury groups LVMH, L'Oreal, Kering, Hermes, and 3 banks. Instead, in Germany, there are high-performing chemical or automotive groups, which have to make much heavier investments, thus reducing their free cash flow and ability to pay dividends or buy back shares. Have a nice day.  

17-01-2019 : Quote of the day

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.         Warren Buffett


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The Letter

Number 117 of December 2018

News : The tribulations of General Electric or conglomerates… coming around again

Statistics : Percentage of cov-lite leveraged loans

Research : Environment, stakeholders and financial performance: complex relationships

Q&A : A few short questions and their answers

COMMENTS : Comments posted on Facebook