挑選新年股息股票並持有的 3 種方法

年末是反思投資旅程的最佳時機。反思的一部分可能涉及確定值得避免的錯誤或在年底前採取的投資組合措施。

The end of the year is a perfect time to reflect on your investment journey. Part of that reflection can involve identifying mistakes worth avoiding or portfolio moves to make before the end of the year. You can also dig deeper into a particular sector or type of stock, such as growth stocks versus value or dividend stocks.

年末是反思投資旅程的最佳時機。反思的一部分可能涉及確定值得避免的錯誤或在年底前採取的投資組合措施。您也可以更深入地研究特定產業或股票類型，例如成長型股票與價值型或股利型股票。

Here are three lessons you can use to help pick winning dividend stocks to buy and hold in the new year.

您可以利用以下三個教訓來幫助您選擇在新的一年中購買和持有的獲勝股息股票。

1. The power of earnings growthThere's no force more powerful in the stock market than earnings growth. Earnings growth can make a company that looks expensive based on trailing earnings still worth buying. It can create a snowball effect for accelerating shareholder value by compounding the pace of innovation, dividend raises, buybacks, mergers and acquisitions, and more.

1.獲利成長的力量 在股票市場上，沒有比獲利成長更強大的力量了。獲利成長可以使一家從往績獲利來看看起來昂貴的公司仍然值得購買。它可以透過加快創新、提高股利、回購、併購等的步伐，產生滾雪球效應，加速股東價值的成長。

Income investors often look for companies that sport track records of routinely raising their payouts. However, that can be expensive and ultimately damaging if a company isn't growing earnings. For example, suppose a company is passing along all of its profits to shareholders through dividends, but it continues to take on debt. That can damage the company's health and, ultimately, make it a bad investment.

收入投資者經常尋找那些有定期提高派息記錄的公司。然而，如果公司的獲利沒有成長，這可能會代價高昂，並最終造成損害。例如，假設一家公司透過股息將所有利潤轉移給股東，但它繼續承擔債務。這可能會損害公司的健康，並最終使其成為一項糟糕的投資。

The best dividend-paying companies can grow their earnings at least as fast as their dividend payment. Procter & Gamble (NYSE: PG) is a Dividend King with 68 consecutive years of dividend increases -- an impeccable track record. Over the last decade, P&G has increased its diluted earnings per share at a slightly faster rate than its dividend. It has been able to buy back a considerable amount of stock to reduce its share count by 12.8%.

最好的股息支付公司的獲利成長速度至少可以與股息支付的速度一樣快。寶潔公司（NYSE：PG）是股息之王，連續 68 年股息增加，這是無可挑剔的記錄。在過去的十年中，寶潔公司稀釋後每股盈餘的成長速度略快於股息的成長速度。它已經能夠回購大量股票，從而將其股份數量減少12.8%。

Growing earnings and dividends have justified an increase in P&G's value. Investors who have held P&G stock for the last decade have enjoyed a 92.3% increase in the stock price. However, the total return (factoring in dividends) is much higher at 155%. P&G is a good example of how a company with wonderfully mediocre earnings and dividend growth can be an excellent investment because of consistency.

獲利和股息的成長證明了寶潔公司價值成長的合理性。過去十年持有寶潔股票的投資者的股價上漲了92.3%。然而，總回報率（考慮股息）要高得多，達到 155%。寶潔公司就是一個很好的例子，它說明了一家盈利和股息成長極其平庸的公司如何因其一致性而成為一項出色的投資。

2. Yield can be misleadingDividend yield is a company's annual dividend payment divided by its market cap, or more simply, dividend per share divided by the price per share of the stock. The yield will go up if dividend raises outpace the stock price, and down if the stock price exceeds the dividend growth rate. The best combination is a company that consistently raises its dividend by a sizable amount and grows in value -- creating a greater shareholder return driven by capital gains and dividends instead of just dividend income.

2. 收益率可能會產生誤導股息收益率是公司的年度股息支付除以其市值，或更簡單地說，是每股股息除以股票的每股價格。如果股息漲幅超過股價，殖利率就會上升；如果股價超過股息成長率，殖利率就會下降。最好的組合是一家公司能夠持續大幅提高股息並實現價值成長——透過資本利得和股息而不僅僅是股息收入來創造更大的股東回報。

There are plenty of excellent dividend stocks with low yields because their stock prices have gone up considerably. A surprising recent example is Walmart (NYSE: WMT). Walmart is a stable, industry-leading company that's also a Dividend King. However, the stock is up a staggering 88.3% in the last year. Walmart's long-term investments are paying off, and it is taking market share during a time when many of its peers are struggling. The run-up in Walmart stock has pushed the yield below 1%, so Walmart is no longer a viable source for generating sizable passive income. But that doesn't mean Walmart isn't committing to growing its dividend.

有許多優秀的股息股票，但殖利率較低，因為它們的股價已經大幅上漲。最近一個令人驚訝的例子是沃爾瑪（NYSE：WMT）。沃爾瑪是一家穩定的行業領先公司，也是股息之王。然而，該股去年上漲了 88.3%，令人震驚。沃爾瑪的長期投資正在獲得回報，並且在許多同行陷入困境之際，它正在搶佔市場份額。沃爾瑪股票的上漲已將殖利率推低至 1% 以下，因此沃爾瑪不再是產生大量被動收入的可行來源。但這並不意味著沃爾瑪不承諾增加股利。

Costco Wholesale (NASDAQ: COST) is another retailer that has consistently produced outsized gains compared to the market. Costco is a unique case because it has a small ordinary dividend, but sometimes pays large one-time special dividends when its cash position reaches a healthy level. It's Costco's way of returning money directly to shareholders through dividends. Once again, Costco isn't a good option if you're looking for stable and consistent quarterly dividend payments, but it's highly committed to using dividends to return capital.

Costco Wholesale（納斯達克股票代碼：COST）是另一家與市場相比持續創造巨大收益的零售商。 Costco 是一個獨特的案例，因為它的普通股息很少，但有時當其現金狀況達到健康水平時，會支付大量一次性特別股息。這是 Costco 透過股利直接向股東返還資金的方式。再說一遍，如果你正在尋找穩定且一致的季度股息支付，Costco 並不是一個好的選擇，但它高度致力於利用股息來返還資本。

You may know Sherwin-Williams (NYSE: SHW) as a paint company. It's also a high-octane stock that continues to crush the broader market. Sherwin-Williams has had an incredible year. In February, it hiked its dividend by 18.2%, marking the 45th consecutive annual increase. In November, it joined Nvidia as the latest additions to the Dow Jones Industrial Average.

您可能知道宣偉 (Sherwin-Williams)（NYSE：SHW）是一家塗料公司。這也是一檔繼續壓垮大盤的高辛烷值股票。宣偉公司度過了令人難以置信的一年。 2月份，該公司將股息提高了18.2%，這是連續第45年增加股息。 11 月，它與 Nvidia 一起成為道瓊工業平均指數的最新成員。

Over the last decade, Sherwin-Williams has more than tripled its dividend, but the stock price has quadrupled. Sherwin-Williams may yield just 0.7%, but its shareholders don't mind one bit given the epic gains.

在過去的十年裡，宣偉公司的股息增加了兩倍多，但股價卻上漲了四倍。宣偉公司的收益率可能只有 0.7%，但鑑於其巨大的收益，其股東一點也不介意。

Microsoft (NASDAQ: MSFT) pays more dividends than any other U.S.-based company. Over the last decade, Microsoft has hiked its dividend by around 8% to 11% per year like clockwork, while also buying back enough stock to more than offset its stock-based compensation expense. But because the company is worth so much and has been growing in value faster than it is raising its dividend, the yield is only 0.8%.

微軟（納斯達克股票代碼：MSFT）支付的股息比其他美國公司都多。在過去的十年裡，微軟像發條一樣每年將股息提高約8%至11%，同時還回購了足夠的股票以抵消其基於股票的薪資支出。但由於該公司價值如此之高，而且價值成長速度快於提高股息的速度，因此收益率僅為 0.8%。

3. Yield on cost versus current dividend yieldWalmart, Costco, Sherwin-Williams,

3. 成本殖利率與當前股息殖利率比較沃爾瑪、好市多、宣偉、