15 High-Yield/Low Volatility Blue Chips For The Ultimate Sleep Well At Night Retirement Portfolio (2024)

(Source: Imgflip)

I and many analysts have been warning that market volatility would eventually return given all the short-term macro risk factors.

We just saw the worst week for stocks since March, when the pandemic lockdowns sent the S&P 500 diving 34% in a month. That was the fastest bear market in US history, though basically the average recessionary bear market since 1945 (a 34% decline).

Unfortunately, the pandemic that ravaged the economy, stock market, and lives of millions back then, continues to get worse.

(Source: World of Meters)

On Friday, October 30th, the world set a record for new cases, with the US, unfortunately, leading the way with over 100K new confirmed cases.

How Bad Health Experts Expect This Pandemic To Get

Election Uncertainty Is Likely Making Short-Term Volatility Worse

Elevated Valuations Aren't Helping Matters Any

S&P 500 Valuation Profile

(Sources: Dividend Kings S&P 500 Valuation & Total Return Potential Tool, F.A.S.T Graphs, FactSet Research, Brian Gilmartin, Reuters/Refinitiv, JPMorgan, Ed Yardeni, Multipl.com)

While stock valuations have come down considerably from their September 2nd peak (49% historically overvalued) the short and long-term return prospects for the S&P 500 are not exactly thrilling.

S&P 500 Total Return Potential Profile

(Sources: Dividend Kings S&P 500 Valuation & Total Return Potential Tool)

The market may no longer be in a bubble, but analysts expect it to deliver just half its historical returns over the next five years.

Fortunately, no matter what happens with current events in the short-term, prudent long-term investors can always benefit from the fact that the stock market goes up over time.

(Source: Michael Batnick)

Since 1926 stocks have gone up 75% of all years, and have never delivered negative returns over a 16+ year period.

Basically, stocks are the best performing asset class in history, and the best way to compound income and wealth over time.

Which brings us to the topic of this article, finding the best high-yield/low volatility blue-chips in these deeply uncertain and dark economic times.

Finding The Safest High-Yield/Low Volatility Blue-Chips In This Pandemic

The Dividend Kings Master List of 472 companies, including:

• All Dividend Champions (companies with 25+ year dividend growth streaks)
• All Dividend Aristocrats (S&P companies with 25+ year dividend growth streaks)
• All Dividend Kings (companies with 50+ year dividend growth streaks)
• All 11/11 quality Super SWANs (5/5 safety + 3/3 wide-moat businesses + 3/3 excellent management quality/dividend cultures, basically as close to a perfect company as exists on Wall Street)

It's this list of high-quality companies that allow our members to find the best blue-chips for any need and risk profile, no matter what's happening with the stock market, pandemic or economy.

Step 1: Companies trading at fair value or better

Like Chuck Carnevale, Seeking Alpha's "Mr. Valuation," recommends I begin by screening for companies trading at fair value or better, based on historical multiple investors have paid over 20 years applied to dividends, earnings, and various forms of cash flow.

• potential good buys or better (color-coded green in the DK Research Terminal): 111 companies
• potential reasonable buys: 85 companies
• 196 companies trading at fair value or better

Step 2: Finding Blue-Chip Quality Companies

Dividend Kings Rating Scale

Our rating scale is based on looking at three fundamental factors.

The first is safety, which accounts for 45% of the overall quality score.

Dividend Kings Safety Model

I look at 30 metrics, all that are appropriate for any given industry, to estimate how likely a company is to cut its dividend, relative to the average S&P 500 company.

Using historical recessionary dividend cut data, and then scaling the risk based on the blue-chip economist consensus range of how bad this recession is likely to be, I can estimate the probability of dividend cuts.

(Sources: Moon Capital Management, NBER, Multipl.com)

What Our Safety Scores Actually Mean

In addition to dividend safety, we look at

• business model: how wide and stable is a company's moat over time-based on net margins, operating margins, returns on assets, equity, and capital
• management quality/dividend culture: capital allocation over time and dividend consistency over time

The five-point dividend safety score combines with a three-point business model scores to generate an 11-point overall quality score.

• 9/11 quality blue-chips: 62 companies
• 10/11 SWANs: 38 companies
• 11/11 Super SWANs: 18 companies
• 118 total companies remain

Step 3: Finding Companies With Above-Average Dividend Safety

• 4/5 above-average dividend safety: 33 companies
• 5/5 very safe dividends: 80 companies
• 113 companies remain

Step 4: Credit Ratings

Credit rating agencies use over 100 years of corporate default data to create proprietary models to estimate the 30-year probability that a company with default on its debt.

S&P Guidelines For Most Companies

For example, here are the S&P rating guidelines for most companies. Fitch and Moody's use similar guidelines for leverage, as well as interest coverage, debt/capital, and other balance sheet ratios.

(Sources: Dividend Kings Investment Decision Tool, S&P, University of St. Petersburg)

If a company defaults on its bonds it goes bankrupt and the stock to zero. Thus credit ratings are a good proxy for overall fundamental risk.

What about companies that don't pay (up to $500K per year per rating agency) for a rating?

Using the rating agency safety guidelines, which bond investors know by heart for every industry and use to generate debt covenants, as well as a company's long-term borrowing costs, we can estimate effective credit ratings.

This method is what rating agencies recommend to clients.

• 89 companies on the DK Master List are unrated (the top 20 are shown above)
• their average effective credit rating is A = 0.66% 30-year bankruptcy risk

For the purposes of our screen

• all 113 remaining companies have investment-grade credit ratings (11% or less long-term bankruptcy risk) or effective investment-grade ratings

Step 4: Credit Rating Outlooks

Next, we screen out any companies with a negative watch S&P credit rating indicating a rating downgrade is likely imminent.

• 110 companies remain

Step 5: Advanced Safety Metrics

In this year's annual Master List Safety Update/Upgrade I added five new safety metrics to the Dividend Kings Research Terminal.

The 5 New Safety Metrics

• 30-year bankruptcy risk (based on credit ratings and the study from the University of St. Petersburg)
• Credit Rating Outlook: S&P rating outlook, stable, positive, negative or negative watch (imminent downgrade likely)
• Piotroski F-score: advanced accounting metrics measuring short-term bankrupt risk
• Altman Z-score: advanced accounting metric that's 84% to 92% accurate at predicting long-term bankruptcies
• Beneish M-score: advanced accounting metric that's 76% accurate at catching accounting fraud (including Enron in 2000), 82.5% accurate at finding companies with trustworthy accounting

The 90 companies we have remaining are all high-quality with safe dividends, investment-grade balance sheets, and that are trading at reasonable to attractive valuations.

But let's crank up the safety to 11 by looking at short and long-term bankruptcy risk, as well as accounting fraud risk.

• 111 companies have an F-score of 4+ out of 9 = low short-term bankruptcy risk
• 108 companies also have a Z-score of 1.81+ = low long-term bankruptcy risk
• 82 have Z-scores of -2.22 or less = low accounting fraud risk

During next year's Safety Update/Upgrade, I'll add the ability to screen for

• historically low short-term bankruptcy risk
• historically low long-term bankruptcy risk
• historically low accounting fraud risk
• 20+ years without a dividend cut (the Ben Graham standard of quality)
• 20+ year dividend-growth streaks (the Ben Graham standard of excellence)

These advanced safety metrics are based on asset ratios and in any given quarter they can fluctuate. This is why looking at historical F, Z, and M scores is such a valuable method of determining long-term safety.

• 24/16 of the companies with unsafe M-scores have 13-year median scores that indicate low to ultra-low accounting fraud risk

But for now, we're left with 82 blue-chips with extremely strong and low-risk balance sheets.

Step 6: Dividend Growth Streaks, The Final Quality Screen

(Source: Imgflip)

Ben Graham considered 20-years of uninterrupted dividends to be a sign of quality which is why this is one of the 29 safety metrics I use to estimate dividend safety.

I use 20-year dividend growth streaks as my "Graham standard of excellence" because if 20 years without a dividend cut is good, then 20-years of rising dividends in all economic and industry conditions is even better.

(Source: Justin Law)

My fellow Dividend King, Justin Law, runs the late David Fish's CCC list, which tracks every US company with a 5+ year dividend growth streak. Early in the pandemic 12-year dividend growth streaks proved to be a significant safety cutoff.

Companies with at least 12-year dividend growth streaks have been raising their dividends every year since 2008, including the Financial Crisis and so far, in this pandemic.

• 35 remaining companies have 12+ year dividend growth streaks

Screening Results Sorted By Lowest 15-year Average Annual Volatility

(Source: Dividend Kings Company Screening Tool) green = potential good buy or better, blue = potentially reasonable buy

Low volatility is one of the proven alpha factors, as is quality, dividend growth, and value, all things we've just selected for when screening for the 35 safest blue-chips to safely buy in this correction.

So now that we have our list of candidates, here's how I use them to construct the ultimate sleep well at night bunker retirement portfolio. One that's ideally suited to today's economic and market conditions.

Building The Ultimate SWAN Retirement Portfolio For This Pandemic

We can't just park all our money into KMB and JNJ because any individual company can fail, even dividend aristocrats and kings.

Similarly, being overly concentrated in particular sectors can prove disastrous, just ask dividend investors who were overexposed to banks and REITs during the Financial Crisis.

The Ultimate High-Yield/Low Volatility SWAN Portfolio

This portfolio offers a very safe 4.8% yield and 19.1% weighted annual historical volatility. For context,

• average stand-alone company has 27% average volatility
• average aristocrat has 23% volatility

Fundamental Stats On These 15 High-Yield/Low Volatility SWANs

• Average quality score: 9.8/11 SWAN quality vs. 9.7 average dividend aristocrat.
• Average dividend safety score: 4.7/5 very safe vs. 4.5 average dividend aristocrat (about 1.5% dividend cut risk in this recession).
• Average FCF payout ratio: 53% vs. 68% industry safety guideline.
• Average debt/capital: 51% vs. 49% industry safety guideline vs. 37% S&P 500 vs. 46% average dividend aristocrat.
• Yield: 4.8% vs. 1.8% S&P 500 and 2.3% aristocrats.
• Average discount to fair value: 18% vs. 25% overvalued S&P 500 and 9% overvaluation for aristocrats.
• Average dividend growth streak: 31.6 years vs. 43.0 aristocrats, 20+ Graham Standard of Excellence.
• Average five-year dividend growth rate: 6.3% CAGR vs. 8.0% CAGR average aristocrat.
• Average long-term analyst growth consensus: 6.3% CAGR vs. 6.4% CAGR S&P 500 and 7.5% CAGR aristocrats.
• Average forward P/E: 12.1 vs. 14.8 historical vs. 20.7 S&P 500 and 20.8 dividend aristocrats.
• Average earnings yield (Chuck Carnevale's "essence of valuation"): 8.3% vs. 4.8% S&P 500 and 4.8% aristocrats.
• Average PEG ratio: 1.92 vs. 2.34 historical vs. 2.43 S&P 500 and 3.44 aristocrats.
• The average return on capital: 142% (86% Industry Percentile, above-average quality/narrow moat according to Joel Greenblatt).
• Average 13-year median ROC: 114% (pandemic effects, historically wide moat, and extremely high-quality businesses).
• Average five-year ROC trend: -4% CAGR (pandemic recession effects).
• Average S&P credit rating: A- stable vs. A- stable average aristocrat.
• Average Bankruptcy Risk: 3.4% vs. 2.9% aristocrats.
• Average F-score: 5.9/9 safe (low short-term bankruptcy risk) vs. 5.6 aristocrats.
• Average Z-score: 3.68 very safe (very low long-term bankruptcy risk) vs. 4.23 aristocrats.
• Average M-score: -2.69 very safe (very low accounting fraud risk) vs. -2.77 aristocrats.
• Average annual volatility: 20.4% vs. 23.1% average aristocrat (and 27.0% average stand-alone company).
• Average market cap: $81 billion large-cap.
• Weighted five-year analyst consensus total return potential: 4.8% yield + 6.3% CAGR long-term growth + 4.1% CAGR valuation boost = 15.2% CAGR (7% to 23% CAGR with an appropriate margin of error) vs. 4.2% S&P 500.
• Weighted risk-adjusted expected return: 11.0% vs. 3.2% S&P 500 (3.5X more than S&P 500).

These are some of the highest quality companies in America, as seen by their

• historical returns on capital,
• quality, and safety scores surpassing the average dividend aristocrat
• A- stable credit ratings,
• very strong advanced accounting safety metrics implying an average long-term bankruptcy risk of 3.4%.

More importantly for our purposes here,

• a very safe 4.8% yield vs 1.8% S&P 500, 2.3% dividend aristocrats & 4% for most high-yield mutual fund/ETFs
• analyst long-term growth consensus 6.3% CAGR (same as their 5-year growth rate) = 3X the expected long-term inflation rate
• 5-year analyst consensus long-term return potential: 15.2% CAGR
• 5-year risk-adjusted expected return: 11.0% CAGR = 3.5X that of the S&P 500 and about 3X that of the dividend aristocrat

Relatively accurate long-term total return forecasting is not magic, it's math.

As long as your companies grow as expected and return to historical fair value (which they always do eventually if fundamentals remain similar), over the long-term we can forecast long-term returns with remarkable accuracy.

• the historical margin of error on the Gordon Dividend Growth model: 20% to 30% over 10+ years

What if your companies don't grow as expected or return to fair value? For example, what if five or 10 years from now we're in a new bear market?

Risk-Adjusted Expected Returns On These 15 High-Yield/Low Volatility SWANs

(Source: Dividend Kings Investment Decision Tool)

• We know the historical margins of error based on decades of market data from JPMorgan and Chuck Carnevale's 50-years of experience in asset management.
• We know how often analysts are wrong about how fast any given company will grow (even adjusting for historical analyst margins of error for a company) from Peter Lynch, John Templeton, and Howard Marks
• We can estimate the probability of long-term bankruptcy risk from credit ratings
• Thus we can estimate within a reasonable margin of error the risk-adjusted expected return of any company or portfolio, as well as the S&P 500

These 15 high-yield/low volatility SWANS are likely to deliver about 11.0% CAGR total returns by the end of 2025. That's 3.5X the S&P 500's probable return.

What about over the very long-term? According to Princeton, over 30+ year periods valuation changes tend to cancel out.

• 4.8% yield today + 6.3% CAGR long-term growth consensus (identical to 6.3% CAGR growth over the last five years indicating stable growth rates over time) = 11.1% CAGR total returns vs S&P 500's 7% to 9% CAGR historical returns and 10.5% CAGR dividend aristocrats.

Investment Decision Score On These 15 High-Yield/Low Volatility SWANs

I never recommend a company, much less put my own money at risk, without first knowing exactly how prudent a potential investment it is relative to the S&P 500, most people's default alternative.

The investment decision score is based on valuation and the three core principles of all successful long-term investors.

(Sources: Dividend Kings Investment Decision Tool)

This portfolio, from the perspective of conservative income investors, is one of the most reasonable and prudent places for new money today, compared to the overvalued and low yielding S&P 500.

Think these forecasts are overly optimistic? Good for you, it's reasonable and prudent to ALWAYS ask how analyst forecasts are made.

(Source: imgflip)

Every step of my analysis, valuation, and overall investment strategy is 100% data-driven, with absolutely no arbitrary assumptions pulled out of thin air.

So here is some more data to back up my claims that these companies can be expected to deliver between 11% and 15% CAGR returns over the next 15 years.

Historical Market Returns For These 15 High-Yield/Low Volatility SWANs: The Ultimate Confirmation Of Quality

(Source: imgflip)

Over the long-term, the market is 90% to 91% accurate at judging the quality of a company or portfolio. That's based on historical market data and the work of Ben Graham, the father of modern securities analysis, valuation, and Buffett's mentor.

How did this portfolio perform over the long-term?

Total Returns For These 15 High-Yield/ Low Volatility SWANs Since 2003 (Annual Rebalancing)

(Source: Portfolio Visualizer)

Over the past 17 years, when 91% of returns were a function of fundamentals

• these 15 SWANs delivered 11% CAGR total return vs 9.7% CAGR (including the current bear market and S&P bubble)
• average 10-year return 13.1% CAGR vs 8.8% CAGR S&P 500
• average 15-year return: 12.2% CAGR vs 8.8% CAGR S&P 500
• from bear market lows 5-year returns as high as 20.8% CAGR vs 17.8% CAGR S&P 500
• from bear market lows 15-year returns as high as 13.7% CAGR vs 9.8% CAGR S&P 500

Bottom line: The market has weighted the quality of these companies and confirmed they are indeed superior to the average S&P 500 firm. We can be 91% confident that these companies are trustworthy places to park our discretionary savings, money that won't be needed for 5+ years.

BUT we can't forget that stocks never just go up and to the right. The road to riches is a bumpy one filled with many potholes.

15 High-Yield/Low Volatility Historical & Future Volatility Risk Assessment

Volatility risk only matters in the broader context of a SWAN portfolio.

SWAN, or sleep well at night, does NOT mean "never falls a lot" and only refers to the quality and safety of a company and its dividend.

(Source: Imgflip)

These 15-companies, whose average volatility is 19% on their own, achieved

• 11.4% average annual volatility over the last 17 years vs 14.1% for the S&P 500

These companies have delivered generous, safe, and growing income in all economic and market conditions, as well as market-beating returns, with a lot less volatility.

• 45% better Sortino ratio (excess total returns/negative volatility) = 45% better reward/risk ratio

But that doesn't mean that they haven't declined significantly during periods of market stress.

Peak Declines For These 15 High-Yield/ Low Volatility SWANs Since 2003 (Annual Rebalancing)

(Source: Portfolio Visualizer)

Low volatility blue-chips shine during periods of extreme market stress and that was the case in the Financial Crisis when these 15 SWANs fell 20% less than the S&P 500.

(Source: JPMorgan Asset Management)

Over the last 12 years, a period that includes the two worst recessions in 75 years and the 2nd biggest market crash in US history, this portfolio captured just 62% of the market's downside.

It managed to outperform the S&P 500 by 1% with 2.2% lower annual volatility. It thus delivered 41% better volatility adjusted total returns (the Sharpe ratio).

Outperformed S&P 500 In Every Correction Of The Last Decade...Just As Expected From Low Volatility SWANs

(Source: JPMorgan Asset Management)

This portfolio outperformed the S&P 500 in every single correction of the last decade, even the March crash when high-yield/low volatility companies fell 40%.

In any given market downturn anything can happen. In March, the fastest bear market in history,

• The Nasdaq was less volatile than the S&P 500
• dividend aristocrats were more volatile than the S&P 500
• utilities were more volatile than the Nasdaq, S&P, and aristocrats
• low volatility stocks were more volatile than all of these indexes
• these 15 high-yield/low volatility SWANS were less volatile than the Nasdaq, Dow, S&P, aristocrats, utilities, and high-yield/low volatility peers
• during the Great Recession, these stocks fell 34%, during the March Crash 32%, indicating about 33% peak decline is a reasonable expectation during severe recessions and market crashes

But what if a 33% peak decline during a severe recession is something that you personally can't stand?

Building The Ultimate SWAN Retirement Portfolio With These 15 High-Yield/Low Volatility Blue-Chips

Think about bonds in terms of protection, not yield. The stock market becomes more important when rates are on the floor but that doesn’t mean you can forsake bonds or cash altogether...

In a negative interest rate world, you have to change the way you think about bonds. Bonds have always acted as a shock absorber to stock market declines but this becomes even more important when the yield is more or less taken out of the equation.

Bonds can provide dry powder to rebalance into the stock market or pay for current expenses when the stock market inevitably goes through a nasty downturn. Bonds keep you in business even if they don’t provide high returns as they have in the past." - Ben Calson (emphasis original)

(Source: Duke University)

According to Duke University, long-duration, US treasuries are the best long-term recession hedge. Not only have they historically delivered equal or superior upside during recessions, but they have also delivered the best positive returns across the entire market cycle.

As Ben Carlson explains, in a low-rate world, bonds still serve a valuable role as a hedge against corrections and bear markets.

When the market panics and margin calls hammer big institutions, quality and fundamentals have zero effect on stock prices.

On March 16th the S&P 500 fell 12% on the 3rd worst day in US history.

• JNJ & MO fell 5%
• dividend aristocrats fell 10%
• utilities fell 11%
• Realty Income and Lowe's both fell 25% (Lowe's has seen its earnings and cash flow soar in this recession but fundamentals are meaningless during a panic)
• gold fell 5% (failed as a hedge)
• cash went up 0.3%
• long-duration US treasuries rose 6%

Since 1945 in 92% of years stocks fall, bonds are stable or go up. During the 8% of years when both stocks and bonds fall? That's what cash is for.

Risk-free sovereign bonds are a great correction hedge most of the time, due to negative correlation to stocks.

Remember how Ben Carlson called bonds a "ballast" for your portfolio? Here's what he meant by that.

Over the past 15 years, bonds have averaged just 3% annual volatility. They were the lowest volatility asset in the world. What about gold? Its volatility of 15% was equal to that of the S&P 500, it just tends to fall at different times than the market.

• emergency fund equal to one month of income is what experts recommend you use to fund unexpected expenses (not part of your retirement portfolio)
• cash is what you use to fund 1 to 3 years of retirement expenses (factoring in SS + dividends + pensions) during a bear market
• bonds are what you use to fund expenses during a longer bear market (such as the Great Recession)
• stocks generate dividend income and the best long-term returns, you should NEVER need to sell these during a correction to fund expenses IF you're using prudent risk management

What do I mean by prudent risk management?

These are the latest risk management guidelines that the Dividend Kings uses for all our portfolios and I use for all my portfolios as well. They were created with input from

• Brad Thomas: 10 years of asset management experience
• Simply Safe's Brian Bollinger: 30 years of asset management experience
• Chuck Carnevale: 50 years of asset experience

What's a prudent asset allocation for your needs and risk profile? You'll have to consult a fiduciary financial planner to answer that. But to give you a starting point to work from here's a useful table from UBS.

(Source: UBS)

• the worst decline for 100% stock portfolio since 1945: 51%
• the worst decline for 100% bond portfolio since 1945: 3%
• Ben Graham recommended owning between 25% and 75% stocks
• Professor Jeremy Siegel of the Wharton School of Business calls 75/25 the "new 60/40:"
• Vanguard recommends even the most conservative retirees (born before 1949) own 30% stocks
• most asset managers recommend owning at least 20% stocks

So let's look at three different asset allocations to see how various asset allocations will change historical and future expected volatility during periods of market fear and panic.

75/25 Stock/Bond Ultra-SWAN High-Yield/Low Volatility Portfolio (Professor Siegel's Recommendation For Most Of His Clients)

50/50 Ultra-SWAN High-Yield/Low Volatility Portfolio (As Conservative As I Recommend Getting In A Low Rate World)

20/80 Ultra-SWAN High-Yield/Low Volatility Portfolio (As Conservative As Most Asset Managers Recommend)

Bottom Line: A Prudently Risk-Managed SWAN Portfolio Can Protect And Grow Your Income And Wealth No Matter What Happens With The Pandemic, Election, Economy Or Stock Market In The Coming Years And Decades

The pandemic is out of control, in virtually all countries and 37 states. Cases are hitting new records almost every day and IHME expects almost 200,000 more Americans will die in the coming months.

IHME also expects as many as 20 states to lockdown, like many European countries are doing, starting in late November.

While the blue-chip economist consensus doesn't expect a double-dip recession, they put the probability of one at 20% to 25%. According to JPMorgan, if that happens, the S&P 500 can be expected to fall into a 22% bear market.

Election uncertainty is at its peak, and the news media is full of scary headlines about possible corrections, including from Morgan Stanley, which considers a 10% correction the most likely outcome.

Guess what? Even the worst pandemic in 100 years not anything investors with a properly constructed portion need to worry about.

If you stick with the five fundamentals of long-term investing success, focusing on quality first and prudent valuation and risk management always, then the time for panic, or knee-jerk selling, is never.

According to JPMorgan, market timing is the 2nd biggest retirement dream killer in history, 2nd only to insufficient savings.

If you own quality companies, run by competent and trustworthy management teams, with proven track records of adapting to and overcoming challenges, you NEVER have to fall victim to the siren song of market timing.

Today 15 high-yield/low volatility SWANs combine to create the ultimate SWAN portfolio.

1. KMB
2. JNJ
3. T
4. AROW
5. CB
6. MO
7. MMM
8. UMBF
9. PM
10. SNY
11. ESS
12. ENB
13. ABC
14. NOC
15. EPD

Within a diversified and prudently risk-managed portfolio, including appropriate asset allocation in cash and bonds, you can trust quality and safety to protect your nest egg from whatever the pandemic or future events will bring.

• double-dip recession? As low as a 3.9% peak decline expected according to JPMorgan.
• A complete stock market collapse like the Great Recession? As low as an 8.5% peak decline according to JPMorgan.
• An inflation spike causing interest rates to soar and the Fed triggering a mild recession? As low as a 2.7% peak decline according to JPMorgan.
• A future bear market, along the lines of March? As low as an 8.3% peak decline according to JPMorgan.

You can NOT avoid risk, you can only manage it. But with the right tools, such as what Dividend Kings has created for our members, you can always find the best blue-chips for your individual needs and risk profile.

And with stress testing the past and future, using powerful tools and some of the best economists in the world? Then you can gain high confidence that no matter what the pandemic, economy, election, or the stock market might do in the coming years or decades, you will achieve your financial goals.

(Source: AZ quotes)

Gamblers and speculators pray for luck. Prudent long-term investors make their own.

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