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DIVIDEND INVESTING
Dependable Income to Navigate All
Market Environments
JENNY VAN LEEUWEN
HARRINGTON
CONTENTS
About the author
Preface
Foreword by Charles D. Ellis
Introduction
Part 1: Theory of Dividend Investing
1. What is a Dividend?
2. Emotional Comfort
3. What Types of Companies Choose to Pay Dividends and Why?
Part 2: The Practice of Dividend Investing
4. Screening
5. Researching Dividend Companies
6. Structuring a Dividend Stock Portfolio
7. Managing Dividend Cuts and Reductions
8. Sell Discipline
Part 3: Case Studies of People and Stocks
9. Bill and His Demand for Income, Income, Income!
10. National Properties Trust
11. Carol Told Her Broker, “I Cannot Lose Money!”
12. H&R Block
13. Larry and Lori and the Outer Banks Rental Property
14. Enterprise Products Partners L.P.
15. The Sherris
16. Advance Auto Parts
17. Henry versus MaryAnne
18. Short Tales of Many Woes and Value Traps—New York
Community Bank, Lumen and Cherokee
19. Doctor Kemp
Concluding Thoughts
Epilogue
A Note on the Cover
Acknowledgments
Publishing Details
This book is dedicated to my incredible clients, past and present.
Through your years and decades of support, patience and confidence in me, more than any text book or business school class ever could have, you have taught me how to become a great investor. I am forever grateful.
ABOUT THE AUTHOR
Jenny Van Leeuwen Harrington is the chief executive officer of Gilman Hill Asset Management, LLC, an income-focused, boutique investment management firm located in New Canaan, CT. She also serves as portfolio manager of the firm’s flagship equity income strategy, which she created and has managed since its inception. In this capacity, she is responsible for an equity portfolio with a mandate of generating a 5% or higher aggregate annual dividend yield, with additional potential for capital appreciation.
Prior to joining Gilman Hill in 2006, Jenny was a vice president in private wealth management at Neuberger Berman. She began her Wall Street career as an analyst in Goldman Sachs’ private client services group of the equities division, and later became an associate in the investment management division. Jenny has served over the years on many investment committees that have ranged from university endowments to large family offices. She also serves on the board of directors for the Council for Economic Education and Sibley Memorial Hospital, where she is additionally vice chair of the investment committee.
A sought-after expert on dividend investing, Jenny is regularly quoted in major business publications such as The Wall Street Journal and Barron’s. She is a regular commentator on CNBC’s The Halftime Report.
PREFACE
What this book is about
THIS is a book about investing in dividend income-oriented stocks, building actively managed dividend income stock portfolios and all of the associated pragmatic and emotional benefits related to this style of investing. It does not focus on dividend income fund selection or evaluation. It also does not focus on the use of derivatives or leverage to enhance investment portfolio income.
Who this book is for
While told through the lens of dividend investing, the book serves as a how-to manual for being a thoughtful, disciplined investor. It helps investors think about portfolio utility and the importance of emotional control in long-term investment success. The step-by-step process and storytelling serve as a guide to creating a sound research process, a robust sell discipline and a framework to determine portfolio structure and position sizing.
How this book is structured
Readers will enjoy a practical, replicable how-to manual, followed by illustrative real-life case studies showcasing both client situations and successful and unsuccessful investments.
FOREWORD BY CHARLES D.
ELLIS
WE all know—or certainly should know—that the key to long-term investing success is to have a plan we can and will stick with that’s right for each of us. Since we are all unique in investment skills, interest in and time for investing, wealth, age, responsibilities, and a host of other variables, we should each have an explicit long-term set of objectives and a clear plan of how to achieve them that we will stay with through thick and thin.
As a confirmed indexer, I realize that indexing is not just right for everyone. For some, the major market value fluctuations are too hard to take. Some of us think differently, and with good reasons, about gains from price changes versus income from dividends.
(Personal trusts with income beneficiaries versus remainderman are just one example.)
One major advantage of a dividend focus is that by concentrating on the steady and rising flow of dividends, the investor should be able to reduce the proportion of their portfolio held in bonds in order to moderate ups and downs in the stock market. This, of course, will increase long-term returns and the powers of compounding.
The math of investing is certainly not easy!
Assume nominal returns on stocks are 7%. Fees and taxes will take 1–2%. Inflation will take 2–3%. And then, wham! Behavioral economics—the well-documented costs of making mistakes while striving to “do better”—will take another 2%.
OUCH!
That’s why the secret to long-term success in investing is persistence to avoid the great costs of behavioral economics, and the key to persistence is confidence in the people and process that are working for you.
Getting expert help in figuring out what will work best for you is almost always wise. I enjoy the following example: a woman buying a new suit at a major department store can get great advice on the best colors, not where suits are sold, but at the cosmetics counter!
Why? Because the “right” color is not the red, blue or green she likes best, but the color that most complements her complexion and the young ladies at the cosmetics counter are experts on complexion complements. Be sure your long-term investment program complements your skills, financial needs, and risk tolerance so you will be able to stay on plan!
Readers of books on investing have every reason to expect a combination of useful learning and insights into the realities of being in the “combat zone” of making real decisions with real money, and there are plenty of those in this engaging book. Far more important is the chance to learn the core motivations of the people involved.
Every investor owes it to herself or himself to figure out whether a manager sees investing as a business or as a profession, with all the fiduciary characteristics that come from putting clients’ interests first.
Only skeptics have a chance at getting the true answer. It was my good fortune to serve with Jenny on an investment committee, so I watched her persistent focus on what was right for the client.
Readers will find comparable opportunities in this fun and fascinating
book to see for themselves the depth of commitment that is at the core of her values.
Charles D. Ellis
Summer, 2024
INTRODUCTION
“An investment in knowledge pays the best interest.”
@@ -1828,217 +1668,3 @@ makes for a pragmatic and easier way to get one’s own ocean liner!
ACKNOWLEDGMENTS
WITHOUT the enormous brain and perpetual encouragement of my husband, John Harrington, neither Gilman Hill nor this book would ever have happened. For that matter, our children wouldn’t be here either! John has painstakingly edited my writing for nearly 30 years, starting with my honors thesis in college. He has edited 18 years’ worth of quarterly client letters and every client communication in between. Notwithstanding his best efforts, I have a poor grasp of grammar and punctuation. Miraculously—and despite a million heated brawls over word choices—we are happily married, work together and enjoy each other’s company. John is an extraordinary partner in life, a man whose moral compass is permanently stuck at true north and the most selfless cheerleader. I am lucky and deeply appreciative.
I also owe a lifetime of thanks to my extraordinary partner, Greg Stanek. Greg has the patience of a saint and the brain of a Mensa.
He is an extraordinarily talented and multifaceted investor, a true triple threat: He is an equally superb analyst, portfolio manager and economist. Greg’s partnership has elevated me intellectually as well as professionally. Without Greg’s investment talent, excellent character and unbreakable good nature, Gilman Hill would never have become such a robust and joyous place to spend my days!
And of course, an enormous thanks to the team at Gilman Hill, Ashley, Beth, Carl, Corinne, Jake and Brigid, without whom this book could not have happened. They cleared my schedule so that I could write, pitched in with graphics and data, and, as they always do, navigated Gilman Hill seamlessly through every sort of market!
All of my profits from this book will be donated to the Council for Economic Education.
PUBLISHING DETAILS
HARRIMAN HOUSE LTD
3 Viceroy Court
Bedford Road
Petersfield
Hampshire
GU32 3LJ
GREAT BRITAIN
Tel: +44 (0)1730 233870
Email: enquiries@harriman-house.com
Website: harriman.house
First published in 2025.
Copyright © Jenny Van Leeuwen Harrington
The right of Jenny Van Leeuwen Harrington to be identified as the Author has been asserted in accordance with the Copyright, Design and Patents Act 1988.
Paperback ISBN: 978-1-80409-046-6
eBook ISBN: 978-1-80409-047-3
British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior written consent of the Publisher.
Whilst every effort has been made to ensure that information in this book is accurate, no liability can be accepted for any loss incurred in any way whatsoever by any person relying solely on the information contained herein.
No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher, by the Author, or by the employers of the Author.
The Publisher does not have any control over or any responsibility for any Author’s or third-party websites referred to in or on this book.
Document Outline
contents
About the author
Preface
Foreword by Charles D. Ellis
Introduction
Part 1: Theory of Dividend Investing 1. What is a Dividend?
2. Emotional Comfort
3. What Types of Companies Choose to Pay Dividends and Why?
Part 2: The Practice of Dividend Investing 4. Screening
5. Researching Dividend Companies
6. Structuring a Dividend Stock Portfolio
7. Managing Dividend Cuts and Reductions
8. Sell Discipline
Part 3: Case Studies of People and Stocks 9. Bill and His Demand for Income, Income, Income!
10. National Properties Trust
11. Carol Told Her Broker, “I Cannot Lose Money!”
12. H&R Block
13. Larry and Lori and the Outer Banks Rental Property
14. Enterprise Products Partners L.P.
15. The Sherris
16. Advance Auto Parts
17. Henry versus MaryAnne
18. Short Tales of Many Woes and Value Traps—New York Community Bank, Lumen and Cherokee
19. Doctor Kemp
Concluding Thoughts
Epilogue
A Note on the Cover
Acknowledgments
Publishing Details
Table of Contents
contents
About the author
Preface
Foreword by Charles D. Ellis
Introduction
Part 1: Theory of Dividend Investing
1. What is a Dividend?
2. Emotional Comfort
3. What Types of Companies Choose to Pay Dividends and Why?
Part 2: The Practice of Dividend Investing
4. Screening
5. Researching Dividend Companies
6. Structuring a Dividend Stock Portfolio
7. Managing Dividend Cuts and Reductions
8. Sell Discipline
Part 3: Case Studies of People and Stocks
9. Bill and His Demand for Income, Income, Income!
10. National Properties Trust
11. Carol Told Her Broker, “I Cannot Lose Money!”
12. H&R Block
13. Larry and Lori and the Outer Banks Rental Property
14. Enterprise Products Partners L.P.
15. The Sherris
16. Advance Auto Parts
17. Henry versus MaryAnne
18. Short Tales of Many Woes and Value Traps—New York Community Bank, Lumen and Cherokee
19. Doctor Kemp
Concluding Thoughts
Epilogue
A Note on the Cover
Acknowledgments
Publishing Details