At 11:59 AM 11/2/01 +1200, Steve Baldwin wrote:
>My understanding is that the dividend doesn't exist in the US. You
>buy stock at the current price and only make a gain when you sell
>it at (hopefully) a higher price.

No. We are getting pretty far outside the list subject; initially the 
relevance is software maintenance, which is, arguably, within the topic. 
But to clean up this detail, U.S. stocks do pay, if the company chooses, 
dividends, it is just that in the madness of the last few years, dividends 
were considered pitiful creatures and only wimps were interested in them.

Capital gain, if from a period longer than I forget, a year?, is taxed at 
lower rates than are dividends, which are considered ordinary income; but 
the theoretical basis for a stock's value is the dividend that it promises 
to pay, someday. Then, because it is an instrument that may produce income, 
it has a certain present value based on that expected income. Plus the 
madness multiplier.

[EMAIL PROTECTED]
Abdulrahman Lomax
Easthampton, Massachusetts USA

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