White Papers
In our white papers, Columbia Management senior investment professionals put some perspective around current financial and economic issues and how they may impact investment opportunities.
The tip of the iceberg for dividend stocks
May 2012
Established names trading at attractive values made dividend stocks popular post-crisis. But what's next? This paper explores the long-term prospects for dividend-payers in this protracted low, slow growth environment. It examines key trends like investor demographics; the ability of companies to pay (and increase) dividends and their incentive to do so; and how traditionally non-dividend-paying sectors of the market are joining their mature-sector peers, opening up new opportunities to income-seeking investors.
USA Inc. — If it were a stock, would it be a buy, hold or sell?
April 2012
USA Inc. assesses and summarizes the current condition of the United States of America as if it were a public corporation. The report brings clarity to the financial condition of the United States. As you might guess, it is not a pretty picture.
Stockton, California — Omen or Outlier?
March 2012
Although we have no exposure to Stockton, California debt, we thought it would be useful to comment on how the city differs from many of the other governmental issuers in the municipal market, given its potential bankruptcy filing.
State Oversight a Key Factor in Assessing Local Municipality Credit Quality
January 2012
During the ongoing period of unprecedented fiscal strain, we believe that states will be increasingly called upon to intervene in the financial operations of distressed local governments. However, states have different legal and moral obligations concerning whether or not they should step in and assist localities and, if they do step in, the level and timing of support varies.
The views expressed are as of the date given, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon, and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that any forecasts are accurate.
Diversification does not assure a profit or protect against loss.
Columbia Management Investment Advisers, LLC and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
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