As for government projects, that estimate hinges largely on the perennial debate over whether more public investment would yield net benefits for the economy.
It has a predictable ongoing revenue stream that produces gross margins that yield big net profits.
Des Moines and Fresno yield a net employment outlook of just 1% for the quarter, and Raleigh, N.
The Schwab California AMT Tax- Free Money-Fund, with a tempting 3% yield (net of a 0.45% expense ratio), contains, according to the latest published portfolio, a significant chunk of revenue bonds--meaning bonds not backed by the taxing authority of a state or local government.
My cost of carry on high yield bonds runs at 70 basis points for a net yield to maturity for me near 6 percent.
The net yield on rental housing is less than this as the landlord must pay for insurance, taxes, repairs and vacancy time.
Moreover, the average net yield on taxable money market funds has declined to less than 1% now from a peak of more than 6% in 2001.
It concludes that the three most important determinants of the dollar's swings against the euro (or against the euro's component currencies before 1999) have been relative expected growth rates, bond-yield differentials and net equity portfolio flows.
While the search for better investment returns goes on, however, it's important to step back occasionally to appreciate what makes possible a net yield to be fought for instead of a zero sum to be fought over.
That the budget deficit is within the limit at all owes much to falling interest rates (which have brought lower interest payments on the public debt): 12-month treasury bills yield 4% net today, compared with 6.4% 18 months ago.
The fact that the U.K. banking business has recovered considerably is evident from the net interest yield for the banking operations.
Thereafter, the adviser will collect quarterly 100% of net investment income generated between a 7% and 8.75% (2.1875% quarterly) yield, and 20% of net investment income that exceeds an 8.75% yield.
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The problem is that the high-dividend-yield space has seen consistently high net inflows over the past year and investors have paid the price of that popularity.
The fund's yield of 9%, which is net of expenses and the dilution caused by uninvested cash, implies that Keenan's junk is yielding more than 10%.
Cost of carry on my bond portfolio of high yield paper is also minimal, but shows a net positive variance of over 500 basis points.
When they are deeply below net-asset value, as high-yield bond funds are now, they can be very good buys.
In 2007 the fund traded at a 50% premium to net asset value, in part due to their high distribution yield at the time.
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And to me it seems quite unlikely that world net production (production minus the oil product use needed to yield that production) will grow by that much.
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One of those I especially like now is May Department Stores (nyse: MAY - news - people ), America's largest such chain, at 50% of annual revenue, 4 times cash flow (in the sense of 2002 net income plus depreciation) and with a 4.1% dividend yield.
Now at 30% of revenue, 90% of book value, 7 times 2009 earnings and 3 times cash flow (in the sense of net income plus depreciation), and with a 3.6% dividend yield, it's too cheap to pass up.
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