Pensjonering

Has the time come to revive an investment vehicle that flourished in the 17th century as a way to pool money?

Review of Moshe Milevsky's book "King William's Tontine" and a discussion of how tontines work, are they legal, and how do they compare to an annuity?

The Case for Tontine Pensions as a Lifetime Income Solution for State-Sponsored Retirement Savings Programs By Richard K. Fullmer and Jonathan Forman The quest for retirement security faces significant challenges in virtually every country around the globe. Traditional defined benefit (DB) pensions are challenged by increasing life expectancies, a lower ratio of workers to retirees, […]

Tontines are a type of historical annuity structure that was first put into well-documented practice as far back as the 1600s.

Apple's considerable repurchase plan continues to be what is driving momentum.

Apple (AAPL) has more than earned its reputation as a trend setter. According to RBC analyst Robert Muller, besides its position as a tech innovator, Apple is also “in a league of its own when it comes to share repurchases.”Muller argues the market is underestimating the financial impact Apple’s aggressive share buyback policy will have over the next few years.“We estimate that within our base case, AAPL can grow its EPS at a 3.5% CAGR over the next 5-years if we assume zero growth beyond FY20 while continuing its repurchase pace of ~$70 billion annually. What this implies, to us, is that the potential uplift from the upcoming 5G upgrade cycle is being discounted by the market (in addition to recent robust Wearables and Services growth as well as any potential future product innovations),” Muller explained.How long can Apple maintain its current program?Muller believes if Apple continues to grow its top-line at its current rate of 3-4%, while maintaining its annual $70 billion share repurchase initiative, it has a decade left before reaching its stated target of becoming “cash neutral.”Even considering a “no organic growth scenario,” Muller estimates the tech giant can keep up the current rate of buyback activity until mid-2023.“At which point,” Muller adds, “AAPL could then repurchase ~$45 billion of shares indefinitely without affecting its net cash position. We note that this is on top of nearly $15 billion of annual dividend payments.”To this end, Muller reiterated an Outperform (i.e. Buy) rating on Apple, while raising the price target from $345 to $390. The upside potential from current levels is 9%. (To watch Muller’s track record, click here)Overall, Apple's Strong Buy consensus rating is based on 29 Buys, 4 Holds and 1 Sell. However, after recently notching another all-time high, the $340.23 average price target suggests possible downside of 5%. (See Apple stock-price forecast on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Steve Jobs wouldn't be happy with the recent news out of Apple. Find out what to expect of Apple's dividend.

You heard that right.

I receive many questions about Apple from Above Avalon readers, listeners, and members. In previous years, one topic has been far ahead of any other as a source of questions. Everyone wanted to know about Apple’s share buyback program. Why is Apple buying back its shares? Is Tim Cook trying t

Apple has emerged as a stock buyback powerhouse in recent years, but why does the company choose to reward its shareholders this way?

A share repurchase is when a company buys back its own shares from the marketplace, which increases the demand for the shares and the price.

Looking for new ways to save for retirement? Many think that a tontine is the answer. Learn what it is and whether it's a good idea.

In recent years, the value of stock buybacks has come into question. Discover what the pros and cons of stock buybacks are.

Here's why a company might choose to repurchase its own stock, including ownership consolidation and stock valuation.

Are share buybacks a proper use of corporate capital? Under certain circumstances and in certain instances, share buybacks can be a very bad or poor use of corporate capital.

Soaring corporate debt could be the root of the next crisis.

A tontine is a kind of capital investment plan that began in the 17th century in Italy and peaked in the early 1900s in Europe and the U.S.

They used to be ludicrously popular in America. Could they be again?

You hear about it often. A company buys back its own stock. The right way to do this — good for long-term holders of shares — is called a tontine. We’ll look at six tontines down below. But first, what is it? It may sound like a French pastry, but the tontine is a legal … Continued

By Kent McKeever, Published on 01/01/10

Tontines, with the promise of mortality credits, could attract growing numbers of clients hoping to win the pension lottery.

We enable people, providers & govts. to have sustainable lifetime pensions which the OECD confirms 'allow higher retirement income' with less risk.

Better than sliced bread?

Households face two related but distinct financial challenges as they prepare for retirement: first accumulating enough retirement savings during their working years, and then spending down their a…

Nassim Taleb described and dubbed the concept of antifragility first. A positive attribute opposite fragility. Apple is a winner. It has a dominant profit share, and it's the team to beat.

In spite of views by some investors and critics, Apple is an "antifragile monopoly" that can withstand competition from other giants in the high-tech sector like Amazon and Google, an analyst argued on Thursday.

Instead, I watch these three things. It's made a world of difference.

You need to do these four things to even give yourself a chance.