加国银行股TD分红历史回顾 ZT

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五月30日是加国TD银行的红利分发日，我所管理的投资组合可以收到相当于加国普通工作水平一个月的薪水，
按照红利复利再投入15%长期年均资本回报率，五年后我可以收到二个月的薪水，10年后5个月，20 年后相当
与一年半左右的薪水，30年后，一次红利相当于加国平均工资水平5年以上工资收入。

根据巴菲特的话，复利机器可以归纳为三条标准：

1、很高的资本收益。原则上高于平均水平，ROE经验法则上应该在15%以上，最好达到20%以上。按照芒格的标准，长期平均达到18%以上就很理想了。

2、可以利用大量资本实现高额收益。有些企业尽管资本收益很高，但无法容纳大量资本，使之实现高收益，也不算典型的复利机器。

3、能够持续实现高收益。即可以利滚利，例如1.2、1.44、1.728……实现滚雪球般的复利累进效应。一般而言，具有宽阔的护城河（即持久竞争优势）、在任何经济环境下都能够持续稳定增长的企业，才能持续实现高的资本收益。除了行业特质外，也有的企业的复利增长企业经营能力方面起到重要作用，如格力电器。

一句话总结：能够利用大量资本持久创造高额资本收益的企业才是复利机器。


关于复利的互动问题：

你手里有一张足够大的纸，这张纸厚0.1毫米，也就是说10000张纸加在一起1米高。但是如果把它折叠52次，有多高？

答案：

有多高？一个冰箱，一层楼，一栋摩天大楼那么高？都差得很远。没有人有这样的想象力，是2.25万亿公里，超过了地球和太阳之间距离1.5万亿公里的50%。而如果仅仅将52张白纸各折叠一次放在一起，只不过10.4毫米。

这就是复利的威力。复利揭示了财富增殖的秘密。决定复利成长的三个因子是资本金、增长率和时间。

所以，无论是企业家还是投资家，有一个重要的使命，就是除非很有必要，尽可能不要中断复利的进程。
 

Stock Split Information

May 31, 19671	Stock Split	5-for-1 Stock Split
December 19, 19752	Stock Split	2-for-1 Stock Split
July 28, 19833	Stock Split	3-for-1 Stock Split
July 31, 19894	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split
July 31, 19995	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split
January 31, 20146	1 for 1 Stock Dividend	Equivalent to a 2-for-1 Stock Split

¹ The payable date for this stock split was May 31, 1967.
² The record and payable date for this stock split was December 19, 1975.
³ The record date for this stock split was July 28, 1983. This split was done on a "call-in" basis.
⁴ The record date for this stock dividend was July 10, 1989, the payable date was July 31, 1989.
⁵ The record date for this stock dividend was July 8, 1999, the payable date was July 31, 1999.
⁶ The record date for this stock dividend will be January 23, 2014, the payable date will be January 31, 2014.

Disclaimer re: Stock Split Information: The information presented immediately above is from sources considered reliable. However, given the passage of time, we are not able to warrant or guarantee the accuracy or completeness of the information, and under no circumstances will we be liable for any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information.

Valuation Day Price

For Canadian income tax purposes, TD's common stock was quoted at $30.00 per share on Valuation Day, December 22, 1971. After adjustments for the two-for-one stock split in December 1975 and the three-for-one stock split in July 1983, this is now equivalent to $5.00 per share.

There is no adjustment for the one-for-one stock dividend in July 1989, the one-for-one stock dividend in July 1999, and the one-for-one stock dividend in January 2014. For Canadian capital gains tax purposes all the stock dividend shares are considered to be acquired after 1971. The number of stock dividend shares received should therefore be added to the post-1971 pool of shares. Because the stock dividend shares have a nil cost, no amount is added to the cost base of the post-1971 pool. The stock dividend does not alter the number or adjusted cost base of any pre-1972 pool of shares held.

Information as of February 26, 2015