📅 On This Day
Dow Peaks at 381.17 Before the Great Crash Begins
On September 3, 1929, the Dow Jones Industrial Average closed at 381.17 — the glittering summit of the Roaring Twenties bull market. Within weeks, the Great Crash would begin, and by 1932 the index had lost nearly 90% of its value. The Dow would not reclaim that September 1929 peak until November 1954 — a quarter-century of lost ground, and a generation of dividend income that simply vanished.
The crash that followed erased an entire generation of dividend income and recast how markets understood risk.
🇺🇸 US
Source: Federal Reserve History; The Wall Street Journal
🌍 Around the World
UK Companies Pay Dividends Twice a Year, Not Four
Most British companies follow a semi-annual rhythm: a smaller interim dividend after half-year results, then a larger final dividend after full-year results — with that final payment subject to shareholder approval at the AGM. The final is typically twice the interim. For U.S. investors accustomed to quarterly income, the cadence means larger but less frequent payments and a genuinely different discipline for cash-flow planning.
UK's two-payment structure demands different income planning — bigger cheques, but you'll wait longer between them.
🇬🇧 GB
Source: UK Companies Act 2006
🔥 Dividend Streak
One Oil Crash Splits Big Oil's Dividend Streaks in Two
The 2020 pandemic demand collapse hit every major integrated oil company equally — yet the boards made opposite calls. Shell cut its dividend for the first time since World War II and BP halved its payout, ending streaks that had felt unassailable. Meanwhile, ExxonMobil, with roughly 42 years of consecutive increases, and Chevron, with roughly 37, protected their streaks and held their Dividend Aristocrat status. Same macro shock, same sector, two very different answers.
A streak is ultimately a balance-sheet decision — and 2020 proved that even deep-pocketed oil giants can choose differently.
Source: The Motley Fool; CNBC; company filings
💡 Did You Know
REIT Earnings Look Terrible — and That Is by Design
Under GAAP, REITs must depreciate their properties annually, which crushes reported net income and makes them appear unprofitable even when cash is flowing freely. Because well-maintained commercial real estate often appreciates over time, that depreciation charge creates phantom losses that exist only on paper. Savvy income investors skip the P/E ratio entirely and turn instead to Funds From Operations (FFO) and Adjusted FFO (AFFO), which add depreciation back to reveal the cash genuinely available for dividends.
Judging a REIT by its P/E ratio almost always makes it look overvalued — it's one of the most common mistakes new income investors make.
Source: Nareit FFO definition; SEC REIT reporting guidance