股市小书生
价值投资
CIBC has not missed a regular dividend since its first dividend payment in 1868.
CIBC是加国五大行中市值最小的银行，今天出季报， 盈利有大幅度增长，本年度第二次增加股东红利。
我个人认为CIBC是过去二十年加国银行中表现最差的，因为在二十年前， CIBC和加国皇家银行是并列的加国银行界老大，CIBC的管理层在过去二十年里多次犯了非常明显的重大投资错误，所以从老大的地位掉到了最后的位置。但是，长期而言，ＣＩＢＣ还是为股东提供了不错的投资回报。
有网友在看了我的贴子后说，你的方法就是低买，长期持有，注重红利。对此，我只能很遗憾说，你忽略了所有重要的投资思想和投资逻辑。
Investment is most intelligent when it is most businesslike. －Benjamin Graham
I am a better investor because I am a businessman and a better businessman because I am an investor.－巴菲特
股市投资是将资金投入到一家上市企业的股权中，所以这家企业的长期经营和盈利能力是整个投资决策的思考起点。脱离了企业的商业价值的所有股市行为都是投机行为，不是投资行为，低买高卖，长期持有，注重红利等等都只有建立在对企业的商业价值的思考的基础上才是投资行为，否则这些股市行为依然仅仅是投机行为，与投资没有任何关系。
加国银行的整体长期商业竞争优势不是一个随机现象，其背后必然有着合乎情理的商业逻辑，而且是不容易轻易改变的。深入的理解和思考加国银行的长期商业竞争优势是投资加国银行的首要前提，而不是所谓的长期持有，红利，低买等等极其肤浅的表象。只有在确定了加国银行的商业竞争优势在未来依然可以长期存在，才可以建立投资加国银行的战略决定，然后才用具体的低买，长持，注重红利等等的战术手段来实现具体的投资过程。
对于普通工薪个人投资者，加国银行的一个特点是我非常重视的，在一百多年的历史中，还没有任何一位长期的加国银行投资者有过投资亏损。
巴菲特： #1: Don't lose money #2: Never forget rule No.1.
在加国银行的百年历史中，加国银行从未有过亏损的长期股东。
Dividend history
CIBC has not missed a regular dividend since its first dividend payment in 1868.
The following table shows the common dividends paid after adjusting for a two-for-one stock split on March 27, 1997.
| Dates | Dividend per Share | |||
|---|---|---|---|---|
| Declared | Ex-Dividend | Record | Payment | Quarterly |
| 2016 | ||||
| December 1, 2016 | December 22, 2016 | December 28, 2016 | January 27, 2017 | $1.24 |
| August 25, 2016 | September 26, 2016 | September 28, 2016 | October 28, 2016 | $1.21 |
| May 26, 2016 | June 24, 2016 | June 28, 2016 | July 28, 2016 | $1.21 |
| February 25, 2016 | March 23, 2016 | March 28, 2016 | April 28, 2016 | $1.18 |
| 2015 | ||||
| December 3, 2015 | December 23, 2015 | December 29, 2015 | January 28, 2016 | $1.15 |
| August 27, 2015 | September 24, 2015 | September 28, 2015 | October 28, 2015 | $1.12 |
| May 28, 2015 | June 25, 2015 | June 29, 2015 | July 28, 2015 | $1.09 |
| February 26, 2015 | March 25, 2015 | March 27, 2015 | April 28, 2015 | $1.06 |
| 2014 | ||||
| December 4, 2014 | December 23, 2014 | December 29, 2014 | January 28, 2015 | $1.03 |
| August 28, 2014 | September 25, 2014 | September 29, 2014 | October 28, 2014 | $1.00 |
| May 29, 2014 | June 25, 2014 | June 27, 2014 | July 28, 2014 | $1.00 |
| February 27, 2014 | March 26, 2014 | March 28, 2014 | April 28, 2014 | $0.98 |
| 2013 | ||||
| December 5, 2013 | December 23, 2013 | December 27, 2013 | January 28, 2014 | $0.96 |
| August 29, 2013 | September 25, 2013 | September 27, 2013 | October 28, 2013 | $0.96 |
| May 30, 2013 | June 26, 2013 | June 28, 2013 | July 29, 2013 | $0.96 |
| February 28, 2013 | March 26, 2013 | March 28, 2013 | April 29, 2013 | $0.94 |
| 2012 | ||||
| December 6, 2012 | December 24, 2012 | December 28, 2012 | January 28, 2013 | $0.94 |
| August 30, 2012 | September 26, 2012 | September 28, 2012 | October 29, 2012 | $0.94 |
| May 31, 2012 | June 26, 2012 | June 28, 2012 | July 27, 2012 | $0.90 |
| March 8, 2012 | March 26, 2012 | March 28, 2012 | April 27, 2012 | $0.90 |
| 2011 | ||||
| December 1, 2011 | December 22, 2011 | December 28, 2011 | January 27, 2012 | $0.90 |
| August 31, 2011 | September 26, 2011 | September 28, 2011 | October 28, 2011 | $0.90 |
| May 26, 2011 | June 24, 2011 | June 28, 2011 | July 28, 2011 | $0.87 |
| February 24, 2011 | March 24, 2011 | March 28, 2011 | April 28, 2011 | $0.87 |
| 2010 | ||||
| December 2, 2010 | December 23, 2010 | December 29, 2010 | January 28, 2011 | $0.870 |
| August 25, 2010 | September 24, 2010 | September 28, 2010 | October 28, 2010 | $0.870 |
| May 27, 2010 | June 24, 2010 | June 28, 2010 | July 28, 2010 | $0.870 |
| February 25, 2010 | March 25, 2010 | March 29, 2010 | April 28, 2010 | $0.870 |
| 2009 | ||||
| December 3, 2009 | December 23, 2009 | December 29, 2009 | January 28, 2010 | $0.870 |
| August 26, 2009 | September 24, 2009 | September 28, 2009 | October 28, 2009 | $0.870 |
| May 28, 2009 | June 25, 2009 | June 29, 2009 | July 28, 2009 | $0.870 |
| February 26, 2009 | March 25, 2009 | March 27, 2009 | April 28, 2009 | $0.870 |
| 2008 | ||||
| December 4, 2008 | December 23, 2008 | December 29, 2008 | January 28, 2009 | $0.870 |
| August 27, 2008 | September 25, 2008 | September 29, 2008 | October 28, 2008 | $0.870 |
| May 29, 2008 | June 25, 2008 | June 27, 2008 | July 28, 2008 | $0.870 |
| February 28, 2008 | March 26, 2008 | March 28, 2008 | April 28, 2008 | $0.870 |
| 2007 | ||||
| December 6, 2007 | December 24, 2007 | December 28, 2007 | January 28, 2008 | $0.870 |
| August 30, 2007 | September 26, 2007 | September 28, 2007 | October 29, 2007 | $0.870 |
| May 31, 2007 | June 26, 2007 | June 28, 2007 | July 27, 2007 | $0.770 |
| March 1, 2007 | March 26, 2007 | March 28, 2007 | April 27, 2007 | $0.770 |
| 2006 | ||||
| December 7, 2006 | December 22, 2006 | December 28, 2006 | January 29, 2007 | $0.700 |
| August 31, 2006 | September 26, 2006 | September 28, 2006 | October 27, 2006 | $0.700 |
| June 1, 2006 | June 26, 2006 | June 28, 2006 | July 28, 2006 | $0.700 |
| March 2, 2006 | March 24, 2006 | March 28, 2006 | April 28, 2006 | $0.680 |
| 2005 | ||||
| December 1, 2005 | December 22, 2005 | December 28, 2005 | January 27, 2006 | $0.680 |
| August 24, 2005 | September 26, 2005 | September 28, 2005 | October 28, 2005 | $0.680 |
| May 25, 2005 | June 24, 2005 | June 28, 2005 | July 28, 2005 | $0.680 |
| February 24, 2005 | March 23, 2005 | March 28, 2005 | April 28, 2005 | $0.650 |
| 2004 | ||||
| December 2, 2004 | December 24, 2004 | December 29, 2004 | January 28, 2005 | $0.650 |
| August 25, 2004 | September 24, 2004 | September 28, 2004 | October 28, 2004 | $0.600 |
| May 26, 2004 | June 24, 2004 | June 28, 2004 | July 28, 2004 | $0.600 |
| February 26, 2004 | March 25, 2004 | March 29, 2004 | April 28, 2004 | $0.500 |
| 2003 | ||||
| November 26, 2003 | December 23, 2003 | December 29, 2003 | January 28, 2004 | $0.500 |
| September 4, 2003 | September 25, 2003 | September 29, 2003 | October 28, 2003 | $0.410 |
| June 5, 2003 | June 25, 2003 | June 27, 2003 | July 28, 2003 | $0.410 |
| February 27, 2003 | March 26, 2003 | March 28, 2003 | April 28, 2003 | $0.410 |
| 2002 | ||||
| December 5, 2002 | December 24, 2002 | December 27, 2002 | January 28, 2003 | $0.410 |
| September 5, 2002 | September 25, 2002 | September 27, 2002 | October 28, 2002 | $0.410 |
| June 6, 2002 | June 26, 2002 | June 28, 2002 | July 29, 2002 | $0.410 |
| February 28, 2002 | March 26, 2002 | March 28, 2002 | April 29, 2002 | $0.410 |
| 2001 | ||||
| December 7, 2001 | December 24, 2001 | December 28, 2001 | January 28, 2002 | $0.370 |
| September 6, 2001 | September 26, 2001 | September 28, 2001 | October 29, 2001 | $0.370 |
| June 7, 2001 | June 26, 2001 | June 28, 2001 | July 27, 2001 | $0.370 |
| March 1, 2001 | March 26, 2001 | March 28, 2001 | April 27, 2001 | $0.370 |
| 2000 | ||||
| December 7, 2000 | December 22, 2000 | December 28, 2000 | January 29, 2001 | $0.330 |
| September 7, 2000 | September 26, 2000 | September 28, 2000 | October 27, 2000 | $0.330 |
| June 1, 2000 | June 26, 2000 | June 28, 2000 | July 28, 2000 | $0.330 |
| March 2, 2000 | March 24, 2000 | March 28, 2000 | April 28, 2000 | $0.330 |
| 1999 | ||||
| December 2, 1999 | December 23, 1999 | December 29, 1999 | January 28, 2000 | $0.300 |
| September 2, 1999 | September 24, 1999 | September 28, 1999 | October 28, 1999 | $0.300 |
| June 3, 1999 | June 24, 1999 | June 28, 1999 | July 28, 1999 | $0.300 |
| March 4, 1999 | March 25, 1999 | March 29, 1999 | April 28, 1999 | $0.300 |
| 1998 | ||||
| December 3, 1998 | December 23, 1998 | December 29, 1998 | January 28, 1999 | $0.300 |
| September 3, 1998 | September 24, 1998 | September 28, 1998 | October 28, 1998 | $0.300 |
| June 4, 1998 | June 25, 1998 | June 29, 1998 | July 28, 1998 | $0.300 |
| March 3, 1998 | March 25, 1998 | March 27, 1998 | April 28, 1998 | $0.300 |
| 1997 | ||||
| December 4, 1997 | December 23, 1997 | December 29, 1997 | January 28, 1998 | $0.300 |
| September 4, 1997 | September 25, 1997 | September 29, 1997 | October 28, 1997 | $0.300 |
| June 5, 1997 | June 25, 1997 | June 27, 1997 | July 28, 1997 | $0.250 |
| March 6, 1997 | March 25, 1997 | March 27, 1997 | April 28, 1997 | $0.250 |
The Bank declared its initial dividend at the rate of 3% per annum on
July 1, 1833.
Payments have been made continuously since.
