Crawford Insights Crawford Investment Counsel

Over time, the average holding period for stocks has been shrinking. At the same time, the percentage of stocks owned by individual investors has been on the rise, and individual investors now own approximately 60% of all publicly traded equities. With an average holding period of less than six months, it seems that private investors are trading stocks rapidly in an effort to earn short-term profits. This can cause many shareholders to miss out on the positive, long-term, compounding effects of stock ownership over time.

In this episode, we sit down with John Crawford, IV, CFA, our Managing Director of Equity Investments, to discuss how today, many are effectively “renting” stocks in an attempt to create short-term trading gains, rather than owning equities for long-term total investment return. In addition to being available on our website, we are pleased that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

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Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
CRA-23-211

A trifecta is an outcome where three things are achieved. This term is most typically associated with betting on horseracing, in which case the wager is to pick the first, second, and third-place finishers in a given race. Not entirely different, at Crawford we are investing to achieve an investment trifecta by selecting stocks that provide our investors with all three components of total investment return: fundamental business progress or growth, dividend yield, and valuation improvement.


In this episode, we sit down with John Crawford, IV, CFA, our Managing Director of Equity Investments, to discuss the importance of these three factors and how they are built into our Total Shareholder Return algorithm. In addition to being available on our website, we are pleased that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

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Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
CRA-23-206

"Before long, my small investment had tripled in value, and I began to think differently about investing. From casual observation of the steady stock price to intense following of its daily rise, I began to say to myself, “This is good!” It is not an exaggeration to say that the Stokely-Van Camp experience opened up for me not a new can of beans, but a whole new world, and from that point onward investing and its possibilities became a larger and larger part of my life...”
Listen to this episode to learn how John Crawford, III, our firm’s founder, discovered his love of investing. In addition to being available on our website, we are pleased that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

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Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
CRA-23-168

In recent months, we have written about Dividend Integrity and how it might be as important now as it has ever been. An important point is that not all dividend-payers possess Dividend Integrity, and some actually exhibit what we call Dividend Hubris. These are companies that pay dividends to the detriment of their corporation. Discerning between Dividend Integrity and Dividend Hubris is where the importance of our fundamental, forward-looking, bottom-up research process and experience comes in. We start with the dividend as an initial quality screen, but we then analyze the business model, management strength, and company financials to determine whether or not the company can exhibit integrity over time.


In this episode, we sit down with John Crawford, IV, CFA, Managing Director of Equity Investments, to discuss how investors can avoid being fooled by Dividend Hubris. In addition to being available on our website, we are pleased that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

***

Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy. 
CRA-23-159

To build our clients’ portfolios, we start at the company level with a rigorous fundamental, bottom-up research process. But often, industry forces can be just as important as company attributes. Competition, economic cyclicality, government regulation, and seasonality can impact portfolio returns just as much as company attributes, such as quality of management, superior products, or financial condition. Companies in the pharmaceutical industry have a history of utilizing a balanced approach to capital allocation where they both invest significantly in new product development AND pay sustainable dividends with consistent share repurchase activity. There are various forces at play within the industry that make this possible.


In this episode, we sit down with Frank Pinkerton, a member of our Equity Research Team, to discuss why the pharmaceutical industry has been such a good place to invest over time. In addition to being available on our website, we are pleased to announce that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

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Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
CRA-23-151

Over our 42-year history, we have found that the most attractive investment opportunities are available in high-quality companies that succeed in investing for sustainable financial increase, while also returning substantial capital to shareholders through a steady and growing dividend. At Crawford, we prefer to invest in companies that generate higher levels of cash flow, maintain strong balance sheets, and possess established track records of high dividend payouts. We believe this balance amongst our portfolio constituents leads to a very high-quality mix of stocks that can provide attractive returns over a full economic and market cycle.
In this episode, we sit down with Jon Christiansen, CFA, a member of our Equity Research Team, to discuss why we do not believe growth and return of capital are mutually exclusive. In addition to being available on our website, we are pleased to announce that our podcasts are available on Spotify, Apple Music, or wherever you get your podcasts.

***

Disclosures:

Crawford Investment Counsel Inc. (“Crawford”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Crawford including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
This material is distributed for informational purposes only. The opinions expressed are those of Crawford. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Forward looking statements cannot be guaranteed. There is no guarantee of the future performance of any Crawford investment strategy. Material presented has been derived from sources considered to be accurate and reliable, but makes no representation thereof and accepts no liability or any loss arising from use or reliance herein. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy.
CRA-23-110