Income generation is one of the primary concerns of investors today. This is especially true in light of recent market volatility. With investors always looking for new opportunities, how can dividend-focused portfolios and high-quality securities be among the best investing options, especially in today's low-yield environment?

In this episode, Rusty and Robyn talk with John H. Crawford, Managing Director of Equity Investments, and David Gilmore, Senior Equity Analyst at Crawford Investment Counsel. Having been with the firm since 1990, John works closely with equity research analysts on stock selection and portfolio policy for all equity strategies. David is responsible for equity research in the consumer and utilities sectors and serves as a voting member of the Equity Investment Team.

John and David talk about how dividends, yields, and income play into Crawford's investment philosophy, the relationship between stocks with higher dividends and risk, and what makes Crawford unique among dividend-focused asset managers.

Key Takeaways

• [04:07] - An overview of John Crawford's professional career.
• [06:33] - David's career background and role at Crawford Investment Counsel.
• [08:14] - How dividends, yields, and income play into Crawford's investment philosophy.
• [10:31] - How Crawford's strategy performed both in the short and long run.
• [12:41] - What Crawford Investment Counsel's self-discipline looks like.
• [14:19] - The relationship between stocks with higher dividends and risk.
• [18:39] - What makes Crawford unique among dividend-focused asset managers.
• [20:03] - John's personal investment strategy.
• [21:17] - How John and David maintain their well-being to perform at their best.
• [23:16] - John and David's recommendations for content.

Quotes

[16:27] - "When you focus on companies with dividend integrity, the income helps in periods of market stress. The higher quality businesses, the strong balance sheets, the high returns, and the predictable and consistent earnings all serve as a flight-to-quality when there are periods of market stress." ~ John Crawford

[16:50] - "Dividend integrity manifests in what we call the dividend effect, which is a less volatile, higher income, and very attractive total investment return." ~ John Crawford

[19:08] - "Dividends and quality are joined at the hip. But most people don't think about it that way. That's one of the things that makes us unique." ~ John Crawford

Links 

• John Crawford
• David Gilmore on LinkedIn
• Crawford Investment Counsel
• Fooled by Randomness by Nassim Nicholas Taleb
• The Black Swan by Nassim Nicholas Taleb
• Investment Policy by Charles Ellis
• Intelligent Investor by Benjamin Graham

Connect with our hosts

• Rusty Vanneman
• Robyn Murray

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1623-OPS-9/7/2022