为什么要优先选择TD， RY，而不是BNS

网友提问为什么要优先选择TD， RY，而不是BNS？

The Bank declared its initial dividend at the rate of 3% per annum on July 1, 1833. Payments have been made continuously since.

今天ＢＮＳ季报业绩良好，加季度分红。BNS的红利历史是很长的，超过了一百年，是加国历史最长的蓝筹股之一。

BNS的网站数据：

2015 季度红利是68分，现在2018是82分。
1998 季度红利是25分。

TD的网站数据：

2015 季度红利是51分，现在2018是67分。
1998 季度红利是8分。

 

TD的红利增长率明显要高出BNS，因为TD的PAYOUT的百分比是加国所有银行中最低的，所以TD的盈利增长率同样高出BNS， ＲＹ的情况大致接近于ＴＤ。

11% 年增长是个相当不错的业绩，在１９９７年５万年薪是极普通的工薪收入水平，如果能够有１１％的年均增长，现在是４０万年薪，是加国ＴＯＰ１－２％的工薪收入水平。

长期投资优先选择ＴＤ，ＲＹ，是对芒格的投资思想实际运用。

Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result. 

So the trick is getting into better businesses. And that involves all of these advantages of scale that you could consider momentum effects.  - 芒格

ＴＤ，ＲＹ的市场估值长期高出ＢＮＳ１０－２０％，这也完全符合了芒格的观点，这里多出１０－２０　％的价格是值得的。

在现实中，大多数的普通投资者会优先选择ＢＮＳ，　因为市场估值低和业务上的Diversification。