利未记13章： ♥《希伯来文翻译》疖子」肿块，升起；「♥癣」疹，疥疮；「♥火斑」进来，出现状况；「大痲疯」痲疯病；「灾病」疫病，疾病，疤痕。
『肉皮』指皮肤；『疖子』指红肿；『癣』指患处会发痒；『火斑』指形成斑点。
大痲疯』狭义指皮肤像鳞片那样剥落或无知觉，类似现代所谓的「汉森氏病(Hansen)广义指一切严重的皮肤病。
♥灾病』的字根的意思是「击打」，暗示大痲疯是神的「击打」，是一些令人厌恶的东西，各人都视其为羞耻和禁忌。
♥「就要将他带到祭司亚伦或亚伦作祭司的一个子孙面前」：意指须由祭司察看并判断是否大痲疯，因为此病被认为与罪恶有关，患病的人被视为不洁(3节)。察看」观察，注视；「毛」毛发；「♥现象」景象，外表；「深于」深的。♥火斑」皮肤上发亮的斑块；「变」转换，改变；「关锁」关闭，禁闭。发暗」黯淡，暗色；「癣」疹子，疥癣。♥带到」进来，与…一起来。四外」长出，冒出，发芽；「长满」遮盖，披上；「无处不有」(原文无此字)。长满」遮盖，披上。♥红」活着的，有生命的；「显在」发现，看见。一看」成为不洁的，被沾污。「♥疮」疔，疖，迸出的疹子；「治好」医治，痊愈。疖」肿块，升起；「火斑」皮肤上的发亮斑块。「洼于」低的，卑微的；「发在」长出，冒出，发芽。「♥发暗」黯淡，暗色。止住」站立，停留；「痕迹」痂，伤愈的疤。♥毒」被烧的一块，烫伤的疤痕；「瘀」(原文与「毒」同一字)；「火斑」皮肤上发亮的斑块。现象」景象，外表。洼于」低的，卑微的。起的」肿块，升起；「痕迹」痂，伤愈的疤。♥细」小的，纤细的；「♥头疥」痂，皮肤长的东西。灾病」疫病，疾病，疤痕。找」寻找，询问。止住」站立，停止；「长了」长出，萌芽。掉了」赤裸，光头；「头秃」秃头。前(原文双字)」角落，边缘(首字)；面，在…之前(次字)；「♥顶门秃」前额秃顶。带红」带红色的。「肉皮(原文双字)」血肉之体(首字)；皮肤(次字)。「撕裂」扯破，扯裂；「蓬头」头顶；「散发」松开，解开；「蒙着」蒙上，包住；「♥上唇」蓄在上唇的小胡子。「独」孤立，分开，单独地；「外」外头。♥麻布」亚麻布。当作」制作，完成；「何用」工作，作品；「♥蚕食的」使疼痛，刺痛。♥对象」物品，器具；「焚烧」燃烧。。变色(原文双字)」转换，改变(首字)；眼睛(次字)；「消散」扩散；「♥透重」侵蚀，孔；「正面」反面掉毛，秃头；「反面」正面掉毛，前额秃顶。「又发」长出，冒出，发芽。
♥离开」转变方向，出发，离去。♥条例」律法，指引，规矩。
♥红肉:肉”(flesh)和“新鲜”二词的合成词,指“重新长出来的鲜肉”。♥若现象洼于皮:“洼”源于“下压”、“消下去”一词,意为“凹”(3节)♥头秃有两种:一种是“卡拉哈特”,指掉头顶的头发(40节);另一种是“嘎巴哈特”,指掉了前部头发(41节)。这样的秃头是自然现象,是洁净的
♥ 13：49 这里说的“大痲疯”指羊毛或麻布衣服的恶性发霉现象，因为经线与纬线上出现绿色或红色的霉。霉是长在死了的动物或腐烂的果蔬上的霉菌。毛麻织物生霉，在潮湿的地方多有发生。人有了皮肤病要隔离，衣服生了霉也要隔离（50节）。要是祭司发现霉菌扩散，便须把衣服焚毁（55节），因为整件衣服已为细菌所污染，不再洁净。
♥13：59 从本章的规例，可以看见神要求祂的子民在道德、身体、甚至所穿着的衣服与所用的器皿上都须做到洁净。力保内心与行为的圣洁，和神有圆满的属灵关系。物质生活与心灵生活不可分割，乃完整的一体。
♥新约要求信徒在行为之外，更注意动机的纯正（太5：28），保持意念上的圣洁象基督。
♥大麻风的灾病"。字根的意思是"击打"，指皮肤象鳞片那样剥落或无知觉，或指一种颇为严重的疾病
神给他的一个证据，使他手变成大痳疯又复原（出四6），米利暗因攻击摩西而长大痳疯七天（民十二10-15），亚兰元帅乃缦得痊愈（王下五1-14），以利沙仆人基哈西因贪心，沾染了乃缦的病（王上五27），撒玛利亚城门的四个长大痳疯的人（王下七3）和乌西雅因擅自上香而遭神降罚（王下十五5；代下廿六19-23）。
有雪那样白（出四6；民十二10；王下五27），
♥纬上 字根意思是混杂，直横线交错纺织的，毛纺织或编织的。线条或幅块。
♥正面反面 希伯来文直译是它的顶后或它的前额，应用火烧掉，因为里外都腐蚀了。
♥蚕食 顽恶，无法治愈的意思。
♥发红即19节白中带红的希伯来文 为闪耀。发绿 闪耀。
♥痕迹原意烧焦，皮肤经过火灼感觉，产生的结痂现象火斑。皮肤出现杂色的痕迹，希伯来文字根发光的意思，和合本火斑描写皮肤像火的红色，本章其他的描写是白色或粉红色的（4深于肉上的皮（3节）是像山谷那样凹陷。 洼于皮？低过表皮。
Best Stock Traders in History
Here are some of the greatest stock traders of all time, known for their unique strategies and massive success:
1. Jesse Livermore (1877-1940) – The Pioneer of Trading
Key Achievements:
✅ Turned a small $1,000 stake into $100 million (adjusted for inflation).
✅ Made a fortune shorting the 1929 market crash.
✅ Wrote Reminiscences of a Stock Operator– a must-read for traders.
Strategy:
Trend following & speculation
Momentum-based trading
Short selling in bear markets
2. Warren Buffett (Born 1930) – The Value Investing King
Key Achievements:
✅ CEO of Berkshire Hathaway, worth over $100 billion.
✅ Consistently beat the market for over 60 years.
✅ Invests in companies like Apple (AAPL), Coca-Cola (KO), and American Express (AXP).
Strategy:
Buy undervalued stocks and hold them long-term.
Focus on strong fundamentals (earnings, management, moat).
Avoid speculation and short-term trading.
3. George Soros (Born 1930) – The Forex & Stock Market Genius
Key Achievements:
✅ Made $1 billion in a single day shorting the British pound in 1992.
✅ Founder of Quantum Fund, returning 30% annually for decades.
✅ Uses global macro investing to trade based on economic trends.
Strategy:
Big bets on macroeconomic trends.
Short selling currencies and stocks.
Heavy use of leverage for high-risk, high-reward trades.
4. Paul Tudor Jones (Born 1954) – The Market Crash Predictor
Key Achievements:
✅ Predicted and profited from the 1987 stock market crash.
✅ Made 125% return in a single year for his hedge fund.
✅ Uses a mix of technical and fundamental analysis.
Strategy:
Momentum trading & trend following.
Macro-based trading (inflation, interest rates, economic cycles).
Risk management through stop-losses and position sizing.
5. Jim Simons (Born 1938) – The Quant Trading Master
Key Achievements:
✅ Founder of Renaissance Technologies, with an annual return of 66%.
✅ Uses algorithmic trading & machine learning to analyze markets.
✅ Known as the "quantitative trading genius".
Strategy:
Mathematical & statistical models for trading.
No reliance on traditional fundamentals or emotions.
Data-driven and algorithmic execution.
Which Style Suits You?
best stock strategy For all trader types
If you love charts & trends: Jesse Livermore, Paul Tudor Jones
If you prefer fundamentals & long-term growth: Warren Buffett
If you like big macroeconomic bets: George Soros
If you prefer data-driven strategies: Jim Simons
Stock Strategy: A New Approach to Stock Trading
In the ever-evolving world of stock trading, finding a reliable strategy can be the key to success. StockStrategy.net introduces a fresh perspective with its unique approach, designed to empower traders of all levels.
The "New and Best Stock Strategy"
At the core of StockStrategy.net is the "New and Best stock strategy," a methodology based on six exclusive chart patterns. These patterns, developed through extensive research and analysis, aim to provide traders with clear entry and exit points, well-defined price targets, and effective stop-loss levels. This approach seeks to minimize risk and maximize profit potential by identifying high-probability trading setups.
The Complete Trading Course
StockStrategy.net offers a comprehensive trading course that caters to both beginners and experienced traders. This course delves deep into the application of the "New and Best stock strategy," providing practical insights and real-world examples. Through video lessons and detailed explanations, traders learn how to analyze market trends, identify trading opportunities, and execute trades with confidence.
Adaptable to Various Trading Styles
Whether you're a day trader, swing trader, or position trader, the strategies and tools offered by StockStrategy.net can be adapted to suit your individual trading style. The website emphasizes a flexible approach, allowing traders to apply the concepts to different markets and timeframes.
Beyond the Charts
StockStrategy.net goes beyond technical analysis by providing valuable resources on market psychology, risk management, and trading discipline. The website recognizes that successful trading involves not only understanding chart patterns but also mastering the mental and emotional aspects of trading.
Community and Support
StockStrategy.net fosters a community of traders through its blog and social media channels. Traders can connect with each other, share ideas, and learn from experienced mentors. The website also offers customer support to assist traders with any questions or challenges they may encounter.
Conclusion
StockStrategy.net presents a compelling approach to stock trading with its unique strategy, comprehensive course, and supportive community. Whether you're new to trading or looking to refine your existing skills, StockStrategy.net offers valuable resources to help you navigate the complexities of the stock market and achieve your trading goals.
What Are Stock Markets?
Stock markets are regulated venues where investors buy and sell ownership stakes in companies. These exchanges offer a structured environment that ensures fairness, transparency, and efficiency in the trading of securities.
Key Functions of Stock Markets
Capital Formation:
Companies raise funds by issuing shares through Initial Public Offerings (IPOs).
This capital supports expansion, research, debt reduction, and other business initiatives.
Liquidity:
Stock markets allow investors to quickly convert their investments into cash by buying and selling shares.
Price Discovery:
Stock prices emerge from the interplay of supply and demand, reflecting the market’s collective view on a company’s current value and future prospects.
Investment Opportunities:
Markets provide access to a diverse array of companies, sectors, and asset classes for both individual and institutional investors.
Economic Indicators:
The performance of the stock market often mirrors the overall health of the economy—with rising markets suggesting growth and declining markets hinting at economic challenges.
How Stock Markets Work
Primary Market:
Companies issue new shares to the public via IPOs.
Investors purchase these shares directly from the issuer, providing essential capital.
Secondary Market:
Investors trade previously issued shares on exchanges such as the NYSE, NASDAQ, or LSE.
Prices fluctuate based on supply and demand, as well as factors like news, earnings reports, and economic data.
Market Participants:
Retail Investors: Individuals trading through brokerage accounts.
Institutional Investors: Entities like mutual funds, pension funds, and hedge funds.
Market Makers: Firms that ensure liquidity by consistently buying and selling securities.
Regulators: Organizations (e.g., the SEC in the U.S. or SEBI in India) that oversee fair and transparent trading practices.
Trading Mechanisms:
Stock exchanges use electronic systems to match buy and sell orders.
Orders can be executed immediately at current market prices (market orders) or at a pre-specified price (limit orders).
Major Stock Exchanges
New York Stock Exchange (NYSE):
The world’s largest exchange by market capitalization, featuring blue-chip companies like Apple, Coca-Cola, and Walmart.
NASDAQ:
An electronic exchange known for technology and growth companies such as Microsoft, Amazon, and Tesla.
London Stock Exchange (LSE):
One of Europe’s oldest and largest, listing companies like BP, Unilever, and AstraZeneca.
Tokyo Stock Exchange (TSE):
Asia’s largest by market cap, home to industry giants like Toyota and Sony.
Shanghai Stock Exchange (SSE):
A leading Chinese exchange featuring major companies like PetroChina and ICBC.
Types of Stock Markets
Equity Markets:
Focus on the trading of company shares, where returns are generated through capital gains and dividends.
Derivatives Markets:
Trade financial instruments (options, futures) that derive their value from underlying assets such as stocks or commodities.
Commodity Markets:
Facilitate trading in raw materials like gold, oil, and agricultural products, with some exchanges offering both equities and commodity options.
Forex Markets:
Dedicated to currency trading, forming a key part of the global financial system even though they are separate from stock markets.
Key Concepts in Stock Markets
Bull Market:
A phase of rising stock prices, typically fueled by economic expansion and investor confidence.
Bear Market:
A period marked by declining stock prices, often associated with economic downturns or negative sentiment.
Market Index:
A benchmark, such as the S&P 500, Dow Jones, or FTSE 100, used to gauge the overall performance of a specific group of stocks.
Volatility:
The degree of price fluctuations within the market; while high volatility can mean higher risk, it also creates opportunities for savvy traders.
Dividends:
Regular payments made by companies to their shareholders, providing a steady source of income.
•
Developing a clear strategy is key to navigating the markets. Here are several approaches traders may use:
1 Trend Following:
◦ Concept: Ride the prevailing market trend.
◦ Tools: Moving averages, trendlines, and momentum indicators.
◦ Ideal For: Those who can monitor positions regularly and prefer riding market momentum.
2 Mean Reversion:
◦ Concept: Capitalize on the tendency of prices to return to historical averages.
◦ Tools: Indicators like the Relative Strength Index (RSI) and Bollinger Bands.
◦ Ideal For: Environments where prices tend to fluctuate within a stable range.
3 Swing Trading:
◦ Concept: Capture short- to medium-term price movements.
◦ Tools: Technical analysis to pinpoint entry and exit points over several days or weeks.
◦ Ideal For: Investors seeking a balance between active trading and longer-term holds.
4 Scalping:
◦ Concept: Profit from very small, rapid price changes.
◦ Tools: High-speed trading platforms and low transaction fees.
◦ Ideal For: Traders who excel at making quick decisions and handling rapid market shifts.
5 Breakout Trading:
◦ Concept: Enter positions as prices break through key support or resistance levels.
◦ Tools: Chart patterns and volume analysis.
◦ Ideal For: Those looking to leverage strong directional moves while remaining cautious of false breakouts.
6 Dividend Investing:
◦ Concept: Focus on companies that pay regular dividends.
◦ Tools: Analysis of dividend history and payout ratios.
◦ Ideal For: Long-term investors aiming for steady income and gradual growth.
7 Momentum Trading:
◦ Concept: Buy stocks that are trending strongly upward and sell those that are falling.
◦ Tools: Price action, volume trends, and momentum indicators.
◦ Ideal For: Traders comfortable with high volatility and the need for swift exits if momentum fades.
Tailoring Your Strategy
• Risk Management: Always set stop-loss orders and clearly define your risk tolerance.
• Backtesting: Test your strategy using historical data or demo accounts before investing real money.
• Continuous Learning: Stay informed and adjust your approach as market conditions change.
Stock Trading Benefits
Stock trading offers several potential advantages, though it also comes with notable risks:
1 High Return Potential:
◦ Capital Appreciation: Stocks can grow significantly in value over time.
◦ Leverage Opportunities: Some strategies allow you to use leverage, which can magnify both gains and losses.
2 Income Generation:
◦ Dividends: Regular dividend payments can provide a source of passive income.
3 Liquidity:
◦ Ease of Transactions: Stocks are generally easy to buy and sell, offering quick access to cash.
4 Accessibility:
◦ Online Platforms: Digital brokerages have made it simple for almost anyone to trade stocks.
◦ Fractional Shares: Investors can start with smaller amounts by purchasing portions of shares.
5 Flexibility:
◦ Variety of Strategies: Whether you prefer short-term trading or long-term investing, the market offers a range of approaches.
◦ Global Exposure: Access diverse markets and sectors from around the world.
6 Ownership:
◦ Stake in Companies: Owning stock means holding a piece of a company, aligning your interests with its success.
7 Inflation Hedge:
◦ Long-Term Growth: Historically, stocks have tended to outpace inflation, preserving and growing purchasing power.
8 Skill Development:
◦ Financial Literacy: Engaging in stock trading enhances your understanding of economics and market dynamics.
◦ Analytical Abilities: Regularly evaluating market trends sharpens your critical thinking and analytical skills.
Important:
• Risk of Loss: Investing in stocks comes with the potential to lose part or all of your capital.
• Market Volatility: Prices can swing widely, which may result in emotional stress and financial losses.
• Time Commitment: Successful trading often demands considerable research and ongoing market monitoring.
• Knowledge & Experience: Building a successful strategy requires continuous learning and practical experience.
• Professional Guidance: Consulting a financial advisor can help tailor your strategy to your individual circumstances.
Behavior Repetition and Stock Price Movements
The purchasing pushes the price up
The rise in price in itself causes a decrease in demand and then a decrease in the price again
The selling pushes the price down
The decline in price in itself causes an increase in demand and then an increase in the price again
the same behavior repeats itself again and again
In financial markets, the shares of any corporation are limited: when the trader buys shares these shares will not be available for other traders to buy them. so the share prices will increase after buying. when the price goes up the demand will decline.
because of the nature of market behavior price movements will repeat itself
Behavioral repetition is important in the complex world of stocks, influencing stock prices. This includes herd behavior, bias psychology, and periodicity in market movements. Awareness of these components enables investors to make reasonable decisions even though stock prices are also affected by external forces like the economy and politics. On repetition, getting deeper into the complexities of human behavior reveals much more about what drives stock price fluctuation.
Herd Mentality In the Stock Market
Herd mentality is an element of human behavior repetition that affects stock prices. People are inclined to undertake the same steps as those around them, choosing these investment decisions. It will result in herd buying or selling, which will make prices go in one direction. For instance, if a group of investors begins to purchase shares in a certain stock, other people can view this as an indication that they anticipate the stock increasing in value and consequently driving up its price. For instance, when one investor begins to sell a stock, others might interpret it as meaning that the share's value will soon drop, prompting them to sell the shares, thus causing a fall in the share price.
Market trends and patterns are additional factors influencing the repetition of human behavior, including herd mentality and psychological biases. Technical analysts frequently review past price charts and patterns to forecast upcoming price changes. Human behavior repetition explains these patterns, such as head and shoulders, a double top, and triangles. Recognizing these patterns allows traders and investors to employ them as signals for entering into a purchase decision or exiting a sale, affecting the price of stocks.
The Impact of Psychological Biases on Stock Price Fluctuations
Psychological biases are also a facet of human behavior repetition, influencing stock price fluctuations. People may suffer from several cognitive biases (i.e., anchoring, confirmation bias, and being overconfident), ultimately affecting how they invest in a particular option. This may make certain people keep repeating particular behavior tendencies like always evaluating wrongly the cost of one stock or undervaluing their chances towards development. Such periodic practices can cause irrational changes in the stock valuation without applying fundamental research theory.
Human Behavior Repetition to Inform Strategic Investment Decisions
Investors and traders can benefit by understanding how human behavior repetition affects stock price movements. Individuals will be able to identify patterns in certain behaviors and market tendencies that they will then use to inform their investment decisions. Nevertheless, it should be noted that stock prices are determined by many other issues, including the economy, the company's position in the market, and geopolitics. Consequently, people's replication behavior is one of several issues influencing stock market rates.
Technical Analysis and Chart Patterns
Most traders use technical analysis to look at price charts and patterns to predict subsequent stock price changes. Some of these chart patterns imply that human behavior is similarly repeated many times. These patterns mirror the predictable conduct of buyers and sellers, such as Stock Strategy patterns. Historical price data are used by traders who analyze past market patterns, which help them to predict forthcoming pricing trends.
Overreaction and Underreaction
There are also overreactions and underreactions in human behavior in the stock market. News creates exaggerated price movements because investors overreact to them. This can lead to opportunities whereby people will find repetitions and take advantage of the overreactions. Unlike the overreaction that results when the market responds immediately after gaining new info when it takes long for a market to absorb a new piece of data entirely, it is known as under-reaction, and prices adjust slowly but surely.
Conclusion
Human behavior recurrence is among the notable forces that influence movement in stock market prices in the fascinating stock market arena. Investors find lots of helpful insights by navigating through herd mentality, psychological biases, and market trends.
How Financial Advisors Get Paid
The job of a financial advisor is to create a personalized financial plan based on each client's income, long-term goals, and financial situation. It may include a budget and a strategy for saving and long-term investing. Depending on the client, it may include recommendations for life insurance, a college savings plan, a portfolio of investments, and more.
Advisors may steer their clients toward specific investments, such as certain mutual funds. If they are also registered traders, they may execute trades in the financial markets by proxy for their clients. In such cases, they may receive compensation by the sponsor.
Registered financial advisors may follow either of two standards:
The fiduciary standard requires them to act in the best interests of the client in recommending investments. They are compensated only by their clients.
The suitability standard requires them to recommend investments that are suitable to the client's situation. They may receive payment from companies for recommending their products.
Stephen Rischall, CFP®, CRPC
1080 Financial Group, Los Angeles, CA
If your financial advisor is a broker, the answer is yes. Brokers are paid commissions based on the products they sell and are oftentimes incentivized to sell certain products over others. When you purchase a mutual fund with a sales load, part of that additional expense is used by the mutual fund company to pay a commission to the advisor. Additionally, most mutual funds charge a 12b-1 fee as part of their expense ratio collected each year. Part of that fee goes toward paying the broker a trailer commission, so long as the client remains invested in the fund.
In contrast, if your financial advisor is a fee-only, fiduciary advisor, then they do not receive commissions or compensation from outside parties.
How Financial Advisors Earn Trailer Fees
Mutual funds pay financial advisors ongoing trailer fees, ranging from 0.25% to 1% per year of the amount invested. The fees are intended to motivate financial advisors to recommend that their clients invest in their mutual funds.
As long as the client remains invested in the fund, the fund pays the financial advisor the percentage fee.
How Financial Advisors Earn Load Fees
Mutual funds charge their investors front-load fees when they buy into the fund and back-load fees when they leave it. Every time an investor buys or sells shares of the fund, they are charged one of these fees.
A financial advisor receives a small share of both of these fees. It is termed a contingent deferred sales charge by the mutual fund company.
How Do Financial Advisors Get Paid?
A financial advisor may get paid in one of several ways. If it is not immediately clear, the client should ask.
A fee-only fiduciary advisor is paid only by the client.
A "fee-based" financial advisor may be paid by both the companies that sponsor investments the advisor recommends and by the client.
A commission-based advisor is paid only by the companies that sponsor investments the advisor recommends. The service is free to the client.
What Percentage Do Financial Advisors Charge?
If a financial advisor charges a flat annual fee, the average cost is 1% to 3% per year of the assets in the account. That generally covers most advisory services, investment research, and trading.
The client may choose to be billed hourly fees.
Which choice is better depends on the amount of service you expect from an advisor. If you want frequent contact with an advisor and frequent changes to your investments, the flat fee might be best. If you want help drawing up a long-term financial plan but expect to leave your investments alone for the long haul, the hourly fee may cost you less.
Is It Worth It to Pay a Financial Advisor?
How confident are you in your ability to handle your finances independently? If you're not all that confident, a session with a financial advisor can get you on a long-term spending and savings plan that is feasible and makes sense for you and your family, given your current income and future goals.
The advisor will want to know if you have sufficient life insurance to protect your family; whether you're saving enough towards retirement; whether you're a homeowner or want to be, and much more.
This may turn into a long-term relationship with a financial advisor, or not. Your plan should change with your circumstances over time.
8 Best Funds for Regular Dividend Income
By SHOBHIT SETH Updated August 03, 2023
Reviewed by CHIP STAPLETON
Fact checked by TIMOTHY LI
Reinvestment is known to increase long-term returns. When you reinvest your money, the interim income you generate is put back into the investment. But some investors opt to receive periodic payments from their investments, depending on their specific needs. Periodic coupon or interest payments from bonds, which are debt instruments, and regular dividends, which are cash payments from stocks and mutual funds, can offer investors a steady stream of income. In this article, we explore eight of the best dividend mutual funds that regularly pay dividends regularly.
How Do Mutual Funds Pay Dividends?
Mutual funds often contain a basket of securities including equities or stocks, which may pay dividends. Dividends are paid to shareholders at different times. For instance, mutual funds that follow a dividend reinvestment plan (DRIP) reinvest the received dividend amount back into the stocks. Other funds follow the dividend payment plan by continuing to aggregate dividend income over a monthly, quarterly, or sometimes six-month period, then making a periodic dividend payment to account holders.
A fund pays income after expenses. If a fund gets a regular yield from the dividend-paying constituent stocks, those expenses can be covered fully or partially by dividend income. Depending on local laws, dividend income may be tax-free, which can add to an investor’s overall return.
Investors should also note that companies are not obliged to make dividend payments on their stocks, meaning that dividends are not guaranteed. Investors looking for dividend income may find dividend-paying mutual funds a better bet than individual stocks, as the latter aggregates the available dividend income from multiple stocks. A mutual fund also helps with diversifying risk from depreciating stock prices since the invested money is spread among dozens of companies.
Here are the best mutual funds that pay high-dividend yields.
A useful benchmark for gauging the dividend-paying performance of a fund is to compare the mutual fund yield with the yield of the benchmark S&P 500 index. The 30-day SEC yield is a standard measurement in the industry mandated by the U.S. Securities and Exchange Commission (SEC) to help investors compare funds before investing.
1. Vanguard High Dividend Yield Index Admiral Shares (VHYAX)
Vanguard's High Dividend Yield Index Admiral Shares is an index fund that attempts to replicate the performance of the FTSE High Dividend Yield Index. This index contains stocks of companies that usually pay higher-than-expected or greater-than-average dividends. Being an index fund, VHYAX replicates the benchmark stock constituents in the same proportion. This fund has maintained a consistent history of paying quarterly dividends since its inception on Feb. 7, 2019.12
Being an index fund, the VHYAX has one of the lowest expense ratios—0.08%, as of Feb. 27, 2023—and its SEC yield was 3.06%, as of July 31, 2023. The fund has a $3,000 minimum investment requirement. It may be a perfect low-cost fund for anyone looking for higher-than-average dividend income.2
For investors looking for a lower minimum investment requirement, Vanguard offers this fund as an exchange-traded fund (ETF), which has many similar characteristics. The ETF version is called the Vanguard High Dividend Yield ETF (VYM).3
2. Vanguard Dividend Appreciation Index Admiral Shares (VDADX)
The VDADX is an index fund, which attempts to replicate the performance of the benchmark Nasdaq US Dividend Achievers Select Index. This unique index consists of stocks that have been increasing their dividend payouts over time. Being an index fund, the VDADX replicates the benchmark stock constituents in the same proportion. This fund is also a consistent payer of quarterly dividends since its inception date of Dec. 19, 2013.45
VDADX also has one of the lowest expense ratios. Like VHYAX, it only charges 0.08% as an expense ratio with an SEC yield of 1.76%, as of July 31, 2023. The fund has a $3,000 minimum investment requirement.5
Disappearing Money
Before we get to how money disappears, it is important to understand that regardless of whether the market is rising (a bull market) or falling (a bear market), supply and demand drive the price of stocks. And it's the fluctuations in stock prices (and the points at which you buy and sell shares) that determine whether you make money or lose it.
Buy and Sell Trades
If you purchase a stock for $10 and sell it for only $5, you will lose $5 per share. You may believe that that money goes to someone else, but that isn't exactly true. It doesn't go to the person who buys the stock from you.
For example, let's say you were thinking of buying a stock at $15, and before you do so, the stock price falls to $10 per share. You decide to purchase at $10, but you didn't gain the $5 depreciation in the stock price . Instead, you got the stock at the current market value of $10 per share.
In your mind, you may think that you saved $5, but you didn't actually earn a $5 profit. However, if the stock then rises from $10 back to $15, you will have a $5 (unrealized) gain.
The same is true if you're holding stock and its price drops, leading you to sell it for a loss. The person buying it at that lower price—the price you sold it for—doesn't necessarily profit from your loss. That's because their entry point is the lower price and they must wait for the stock to rise above that level before making an unrealized (or realized) profit.
No one, including the company that issued the stock, pockets the money from your declining stock price. The money reflected by changes in stock prices isn't tallied and given to some investor. The changes in price are simply an independent by-product of supply and demand and corresponding investor transactions.
Short Selling
There are investors who place trades with a broker to sell a stock at a perceived high price with the expectation that it will decline. This is called short-selling.
If the stock price falls, the short seller profits by buying the stock at the lower price and closing out the trade. The net difference between the sale and buy prices is settled with the broker.
Although short-sellers profit from a declining price, they're not taking money from you in particular when you lose on a stock sale. Rather, they're conducting independent transactions and have just as much of a chance to lose or be wrong on their trade as investors who are long (own) the stock.
In other words, short-sellers profit on price declines, but it's a separate transaction from bullish investors who bought the stock and are losing money because the price is declining.
So the question remains: Where did the money go?
Implicit and Explicit Value
The most straightforward answer to this question is that it actually disappeared into thin air, due to the decrease in demand for the stock, or, more specifically, the decrease in enough investors' favorable perceptions of it to move the price down by selling.
But this capacity of money to dissolve into the unknown demonstrates the complex and somewhat contradictory nature of money. Yes, money is a teaser—at once intangible, flirting with our dreams and fantasies, and concrete, the thing with which we obtain our daily bread.
More precisely, this duplicity of money represents the two parts that make up a stock's market value: the implicit and explicit value.
Implicit Value
On the one hand, value can be created or dissolved with the change in a stock's implicit value, which is determined by the personal perceptions and research of investors and analysts.
For example, a pharmaceutical company with the rights to the patent for the cure for cancer may have a much higher implicit value than that of a corner store.
Depending on investors' perceptions and expectations for the stock, implicit value is based on revenues and earnings forecasts.
If the implicit value undergoes a change—which, really, is generated by abstract things like faith and emotion—the stock price follows. A decrease in implicit value, for instance, leaves the owners of the stock with a loss in value because their asset is now worth less than its original price. Again, no one else necessarily receives the money; it simply vanishes due to investors' perceptions.
Explicit Value
Now that we've covered the above somewhat unreal characteristic of money, we cannot ignore how money also represents explicit value, which is the concrete value of a company.
Referred to as the accounting value (or book value), the explicit value is calculated by adding up all assets and subtracting liabilities. So, this represents the amount of money that would be left over if a company were to sell all of its assets at fair market value and then pay off all of the liabilities, such as bills and debts.
Without explicit value, the implicit value of the company would not exist. Investors' interpretation of the financial health and performance of a company is based on its explicit value. Explicit value is t
The History of NYSE
The New York Stock Exchange is where icons and disruptors come to build on their success and shape the future. We’ve created the world’s largest and most trusted equities exchange, the leading ETF exchange, and the world’s most deterministic trading technology. Our data, technology, and expertise help today’s leaders and tomorrow’s visionaries capitalize on opportunities in the public markets.
About the NYSE
The NYSE Bell
The original Buttonwood Agreement was signed on May 17, 1792.
The New York Stock Exchange traces its origins to the Buttonwood Agreement signed by 24 stockbrokers on May 17, 1792, as a response to the first financial panic in the young nation. It set rules for how stocks could be traded and established set commissions. The Agreement aimed to promote public confidence in the markets and to ensure that deals were conducted between trusted parties.
Though the Buttonwood Agreement marks the official founding of the NYSE, the Exchange traces its roots back to the 1600s and the foundation of the U.S. Capital Markets. In 1624, the Dutch founded New Amsterdam on the southern end of Manhattan and built a stockade from which the street derives its name; running east from what is now Broadway downhill to the East River.
The Compromise of 1790 cemented Wall Street’s role as the nation’s financial capital. The agreement allowed Alexander Hamilton, the United States’ first Secretary of the Treasury, to implement his fiscal policy of paying Revolutionary War debt using federally issued bonds. Hamilton’s economic and financial vision included the federal assumption of the debt from the Revolutionary War, the creation of a central bank, and support for indigenous manufacturing. Together, these laid the framework for a strong economy that unleashed free enterprise, entrepreneurship, and credit that enabled markets and private institutions like the NYSE to flourish.
In the Exchange’s early years, stock trading continued on an informal basis in nearby coffeehouses where merchants typically gathered. By 1817, the stock market was active enough to encourage brokers to create a formal organization. A constitution was adopted on March 8, 1817, creating the New York Stock & Exchange Board, the forerunner of today’s NYSE. From the beginning, regulations governed trading. The constitution spelled out detailed rules for the transaction of business and imposed fines to keep disorderly brokers in check.
The new stock exchange rented a room at 40 Wall Street where the brokers gathered twice a day to trade a list of 30 stocks and bonds. From the podium, the president called out the name of each security in turn, while the brokers shouted bids and offers from the chairs assigned to them. This was the origin of the term “seat” which, ever since, has signified a membership on the NYSE.
The number and variety of securities traded at the NYSE steadily increased as America grew. States and municipalities issued bonds to finance the construction of turnpikes, canals, and bridges. Banks, insurance companies, and railroads issued stock to raise the necessary capital to develop and expand. By the end of the Civil War, more than 300 different stocks and bonds were traded at the NYSE. The Exchange moved into its first permanent home – on a portion of its present Broad Street site – in 1865.
Just a few years later, increasing trading volumes inspired the NYSE to switch from the old method of trading to a new system of simultaneous trading in all stocks in a continuous market. Stocks were assigned to specific locations – trading posts – and brokers abandoned their seats to roam about the large open trading floor to trade directly with one another in whatever stock they chose.
NYSE Trading Floor, 1881 with annunciator board pictured left.
The introduction of the stock ticker in 1867 revolutionized market communications by making it possible to quickly transmit market information across the United States, significantly narrowing the gap between Wall Street and Main Street. When telephones were installed at the NYSE in 1878, the market became even more efficient, and on December 15, 1886, trading volume topped 1 million shares for the first time.
One of the most familiar images of the NYSE, the loud ringing of a bell signaling the opening or closing of the day’s trading, was first used at the Exchange in the 1870s with the advent of continuous trading. Critical to ensuring the orderly functioning of the marketplace, the original bell of choice was a Chinese gong.
As the stock market continued to grow, the NYSE in 1903 moved into a new building with a much larger Trading Floor, designed by George B. Post. Post designed an impressive interior space, with paneled Georgian marble walls, huge windows, and a gilded ceiling that stands four stories above traders’ heads. The statuary pediment titled, “Integrity Protecting the Works of Man” was designed by the eminent sculptor, John Quincy Adams Ward. Today, the NYSE building is one of the most exclusive and sought-after event spaces in New York City, poised at the center of global financial markets.
NYSE facade in 1903.
When the current NYSE building opened in 1903, the gong was replaced by a brass bell — electrically operated and large enough to resonate throughout the voluminous main trading floor. Today, each of the four trading areas of the NYSE has its bell, operated synchronously from a single control panel.
Modulating the temperature of the open-air space stretching nearly 100 feet above the Trading Floor required the services of engineer Alfred Wolff. Wolff designed and installed three ammonia-absorption machines, each with a cooling capability equivalent to one hundred and fifty tons of ice. This industrial feat made the NYSE the first air-conditioned building in North America. In addition, the room had some of the newest trading technologies including modern tickers, telephones, and a pneumatic tube system to send orders and market data throughout the building.
Trading Floor and office space was expanded further in 1922 with the construction of the 11 Wall Street addition. The trading posts, dotted through the center of the room began as simple signposts but expanded over time. The NYSE also held its inaugural Christmas Tree Lighting, a Wall Street community event that has been celebrated annually, since 1923. In 1928, the Quotation Department was developed to provide the most recent stock quotations to member firms. Uniformed clerks wearing headsets were in continuous contact with the trading floor and posted the current bid and asked for quotes on the board above the seated telephone operators. Around 35,000 stock quotations were furnished daily in 1931. An automated quotation system replaced the department in 1960.
1929 Stock market “crash.”
On Tuesday, October 24, 1929, the market “crashed.” Prices plummeted as brokers sold their customers’ stocks to cover losses when investors could not meet the calls for more margin. Over 16,000,000 shares were traded, a record that would not be surpassed for 39 years. The crash focused attention on the securities industry and led to several important reforms. To supplement the NYSE’s self-regulatory activities, the U.S. Congress in 1934 created the Securities and Exchange Commission to regulate the operation of the nation’s securities markets.
In the 1930s, new trading posts were installed that allowed market makers to stand outside the posts and coordinate the trading of multiple stocks at each location. Initially, a group of clerks, tube men, and runners would work inside the horseshoe transmitting orders and recording stock quotes and sales.
The market languished during World War II and encouraged investing in victory through the purchase of bonds via the war loan of the United States. Due to a shortage of male employees, women worked as pages and reporters on the trading floor for the first time in the Exchange’s history. The market recovered its vitality in the post-war years. The NYSE’s educational efforts to acquaint potential investors with the long-term benefits of owning “Your share of American business” broadened stock ownership considerably during the 1950s and 1960s.
Although the appearance of the Trading Floor seemed unchanged from the 1930s, automation systems installed in other parts of the building began to assist traders during the 1950s. The introduction of technology over the next decade enabled the rate of trading to increase substantially from just over a billion shares traded in 1960 to over three billion in 1970. The first computers made by IBM (NYSE: IBM) were installed at the NYSE. During the 1960s, computer data processing technologies were first applied to the NYSE’s market operations. Electronic capture of trading data and dissemination of market information via high-speed data networks greatly increased market efficiency. In the following decade, the NYSE launched its SuperDot system which electronically delivered an order from the broker’s office directly to the NYSE trading post and then sent an execution report back within seconds.
The first permanent female member, Muriel Sibert in 1967.
The technological advancements of the Trading Floor from the 1960s-1970s were met by its diversification. The first permanent female member, Muriel Sibert was inaugurated on December 28, 1967. Siebert’s entry to the Floor was followed by the first Black member, Joseph L. Searles III, on February 12, 1970, the first Black member firm, Daniels & Bell Inc, in 1971, and the first Black female member, Gail Pankey in 1985.
In the 1970s, computer display monitors showing current market data were added atop the old trading posts in a transitional program to modernize trading floor technology. The floor underwent its first major renovation in five decades starting in 1979 to incorporate the latest technologies to the trading posts. The space frame that is still visible was added above the floor, distributed power, data cables as well as air conditioning, and supported the trading post superstructure.
Construction on the New York Futures Exchange Trading Floor also began in 1979. NYSE Futures became the most modern futures trading environment of its time. Simulated trading sessions were conducted before the opening of the New York Futures Exchange in the Spring of 1980. At the time of its opening, the New York Futures Exchange had 1,569 members, making it the largest membership of any financial future exchange in the nation.
Other milestones include February 8, 1980, when the market capitalization of NYSE-listed topped $1 trillion. On October 19, 1987, “Black Monday,” the market had one of its most dramatic falls in history. The Dow Jones Industrial Average plunged 508 points, losing a record 22 percent of its value, on a volume of 604 million shares. In the following months, the NYSE introduced nearly 30 changes aimed at dampening price volatility, streamlining procedures, and bolstering the capacity of NYSE electronic systems to handle sustained trading in hundreds of millions of shares.
Ronald Reagan visited the floor of the NYSE in 1985.
Trading floor facilities were re-engineered during the 1980s and 1990s to streamline market processes and keep ahead of the NYSE’s mounting trading volumes. The first handhelds were introduced on the Trading Floor in 1992. Technology improvements in 1995 included adding flat panel data display screens on the trading posts. This was the country’s first large-scale use of this new technology. By 1996, the Epson Handheld Computer allowed brokers to access the NYSE Wireless Data System that was introduced. This emerging technology allowed increased volume leading to the first one billion share day on October 28, 1997.
In 2005, NYSE Hybrid Market was launched, creating a unique blend of floor-based auction and electronic trading, a “high tech, high touch” model. Major advances occurred in market data display and handheld technology, leading to the elimination of the open outcry system on the floor, in 2006, when the NYSE merged with Arca, short for Archipelago Exchange, the first all-electronic exchange in the U.S. on which stocks and options are traded.
In the early 2000s, changes occurred across the NYSE. On November 16, 2005, Intercontinental Exchange (NYSE: ICE) was listed on the NYSE. In 2006, the New York Stock Exchange (NYSE), Archipelago (Arca), and the Pacific Exchange (PCX) merged to form the publicly traded NYSE Group, ending membership ownership of the Exchange. In 2008, the NYSE acquired the American Stock Exchange, becoming the third-largest U.S. options market. By 2013,remains the parent organization of the Exchange today.
ICE listing on NYSE in 2005.
The current floor began to take shape in 2011 with the addition of new broker booths that offer enhanced functionality to floor broker firms and new trading posts that feature high-definition data display screens and the most current workstations. A host of new systems, such as the electronic Specialist Display Book, Broker Booth Support System (BBSS), and wireless e-Broker System, provide powerful tools to the NYSE broker.
In 2016, Phase 1 Pillar, a new integrated trading technology platform to enable member firms to connect to all NYSE equities and options markets using a standard protocol and improve efficiency and reduce complexity for customers, while enhancing consistency, performance, and resiliency, was completed. By 2019, the NYSE marked the successful migration of its trading technology to the NYSE Pillar. To date, NYSE, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, and NYSE National have been migrated to NYSE Pillar matching engines, and NYSE Pillar Gateways are available for order entry on each market.