Unless you’re in a life sciences field, you probably don’t hear the term “natural habitat”

very much, if at all.The phrase takes me back to fourth-grade

science class. It was mentioned by my teachers a few times and would pop up again on a homework assignment. As an adult, I’ve encountered the term when watching one of those animal shows on TV.

Natural habitat is defined as the environment in which a living thing (plant, animal, insect, bacterium, or virus) thrives. It is a natural environment where an organism can get food and shelter, and can reproduce. Different kinds of plants and animals thrive in different environments.

For example, weeping willow trees thrive in environments with an abundance of water, while cactus plants grow in arid places. A dolphin’s natural habitat is the ocean, while a bear thrives in the mountains and the woods.

Just like organisms, different investments also thrive in different environments. And this investment environment, or habitat, is changing in a big way. With a weaker-than-expected global economy and company earnings under the gun, there is now more downward than upward pressure on stocks.

Even when things stabilize, the market is unlikely to deliver the returns that we have

experienced in the past several years.Unfortunately, it’s an environment in which not

many investments can thrive, although a few are ideally suited for it. My purpose in this issue is to identify those well-suited investments within this new investment habitat — the four I’ll talk about are rock-solid dividend payers that can do well in the near and medium term.

Before I reveal those, let’s first examine how the landscape is changing.

The New ParadigmThis is a tough time to be

an investor. Stocks have been awful: The third quarter was the worst quarter in four years. The extent of the global slowdown is still unknown, and the Federal Reserve is on the cusp of

raising rates (allegedly). Meanwhile, third-quarter earnings are

expected to shrink on a year-over-year basis. In fact, expectations for the quarter have been lowered in nine of the 10 sectors within the S&P 500. That means there is little to drive stocks much higher right now in a market that still has a lot of downside risk.

Where Can You Go?Bonds are still low paying and treacherous,

as rates are scheduled to rise. And cash pays you nothing, as a look at your bank savings account

TheHigh Income Factor

Unlocking Powerful Strategies to Achieve Superior Returns

Tom Hutchinson, Editor Vol. 5, No. 11 / November 2015

A Publication of Newsmax Finance

4 Dividend Payers Built to Thrive in a Hostile Market Environment

“With a weaker-than-expected global economy

and company earnings under the gun, there is now more downward than upward pressure

on stocks.”

®

rates will tell you. You can hang around in the stock market hoping you don’t get hit too hard or you can flee to zero percent returns. That’s a lousy choice.

But there is an answer.There are certain investments that pay a strong

income, should weather a further downturn in the market, and provide an excellent chance of good returns over the longer term. In fact, these investments could actually do quite well even in this inhospitable habitat.

There is actually some good news in the market as well. The indexes finally corrected, dropping more than 10 percent from the high. Corrections historically occur every year and a half, but the last correction was four years ago. It was long overdue.

Corrections are part of every bull market and can be very healthy. Stocks were getting expensive. In August, the S&P 500 fell more than 11 percent and is still down over 8 percent from its highs (as

of this writing). But that’s just the overall index. Many of the stocks within the index are down more than 20 percent. A fair number are down over 50 percent.

Much is happening to fix the overvaluation albatross the market had borne until recently. The indexes are now cheaper and, unlike six months ago, several sectors of the market are approaching bargain territory, especially energy and commodities, while utilities bucked the trend and other defensive industries slipped the least.

However, the rotten global economy and the fact that the Fed may start raising interest rates are issues that aren’t going away any time soon. It’s difficult to see how third-quarter earnings, expected to be poor, will provide any upside catalyst to counter the risks in the near term. Thus, there is likely more downside risk than upside potential in the months ahead.

Given this scenario, you may well ask why we should stay in the market at all if it’s too risky right now. Shouldn’t I be telling you to go into cash until the prognosis improves and then let you know when it’s safe to go back in?

Well, here’s the thing: Predicting the short-term gyrations of the market is a dicey business. Even if a person understands the environment and has a great feel for the market, unanticipated external events can render such analysis useless. That’s why trying to “time” the market has historically been a poor investment strategy.

Stocks may have already bottomed. Yet suppose you choose to get out of the market and it then goes up 10 percent. What do you do? You may end up waiting around for years for a sell-off that never comes. And what do you do for income in the meantime?

Suppose you exit and the market falls another 10 or 15 percent. Are you really going to try and catch a falling knife and get back in? If stocks fall 10 percent, prognosticators, in typical fashion,

2 TheHighIncomeFactor.com November 2015

About Tom HutchinsonI’ve worked in finance my entire career, from the back office of a Wall Street firm to the floor of the New York Mercantile Exchange learning how markets work. Eventually, I became a financial adviser where I met with thousands of investors and managed the portfolios of hundreds over the course of about 15 years. I left my career as a financial adviser, writing for The Motley Fool as well as StreetAuthority LLC, researching companies, industries, and markets. In The High Income Factor, I can bring you the full benefit of my years of investing experience.

Char

t 1

S&P 500 Index, One Year

The S&P 500 fell more than 11 percent in August, its first correction in four years. At this writing, the index is still down over 8 percent from its peak.

Oct ’14 Jan ’15 Apr ’15 Jul ’15

SOURCE: Yahoo Finance

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November 2015 NewsmaxFinance.com 3

will likely warn that the market will fall 20 percent. And if they fall 20 percent, some may claim the market is on its way to a 50 percent plummet. In my experience, people who get out of the market have little appetite to get back in when it tanks.

An investor’s worst enemy is the fear of Armageddon. Part of all of us secretly suspects that we’re headed for “the big one,” a market crash for the ages, after which no one will trust the market for a very long time. But crashes rarely occur and the U.S. isn’t going out of business any time soon.

It’s also likely that another sell-off will be relatively short-lived. It takes a high level of fear to chase investors into zero percent returns. While there could be an environment of fear for a time, fear always wanes. And money still has no place else to go to earn any sort of good return.

A great way to treat a further sell-off is by preparing to scoop up great investments on the cheap (as I mentioned in last month’s issue). It’s a great way to enhance returns going forward. Another huge element of return in the quarters and years to come will be dividends.

At above-normal valuations and without help from the Fed, stock returns could be flat in the quarters and years ahead. In such markets, dividends are an investor’s best friend. Take a look at Chart 2.

Since 1972, dividends have comprised 42 percent of the market’s overall return. But during times when prices aren’t moving up or are just limping along, these dividends make up a far larger share of investment returns. In the event of a further sell-off in the market, reliable dividends will be a very alluring proposition — once fear wanes — for money seeking a decent return.

Anything is possible, of course. The U.S. economy is still solid but it is likely not strong enough to propel stock earnings much higher in the quarters ahead. Flat earnings and looming uncertainty should drive investors to the most reliable dividends backed by predictable and defensive earnings. However, there is one concern with dividend stocks — the Fed.

The Fed Interest Rate ConundrumRising interest rates often have a negative effect

on not only bonds but income-generating stocks as well. As interest rates rise, a given dividend yield becomes less valuable because competing investments become higher yielding.

That fact raises the legitimate concern about investing in dividend stocks just ahead of a Fed rate-hiking cycle. In fact, as the Fed was expected to begin raising the discount rate this year, some of the more interest rate sensitive sectors of the market performed poorly (namely REITs and utilities).

The Utilities Select Sector SPDR Fund (XLU) is currently down over 12 percent from its high in January and the Vanguard REIT ETF (VNQ) is off over 18 percent from its 52-week high (as of October 7). These sector-tracking funds were down as much as 17 percent and 18 percent respectively from their highs last month. Many individual stocks in these sectors are down far more.

But I think fear in these so-called interest-rate-sensitive stocks is overblown. First, a big part of the reason these stocks had a bad year was that they got

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Char

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Dividends as a Proportion of Overall Market Returns

When stock prices fall or barely move, dividend returns comprise a greater share of market returns. Dividend stocks pay you to wait until markets move higher.

1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s

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Perc

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4 TheHighIncomeFactor.com November 2015

way overpriced in 2014. Instead of going higher, as anticipated when the Fed implemented its “taper,” rates went down as the global economy slowed. Then in the fall, the market sold off and investors fled to these safe havens — as a result, the stocks got overpriced. The recent pullback reflects much of the excess coming off these sectors.

Second, if the Fed actually does ever raise rates, it’s talking about maybe a 0.25 percent hike in the discount rate (from 0.10 percent to 0.35 percent). Even that and several more rate hikes will still not make alternative investments competitive to strong dividend payers. Of course, the Fed announced its intention to continue raising rates for several years until the discount rate gets to a more normal historical level of 3 percent or 4 percent. That could be a problem.

The Fed has waited too long to begin raising rates. Before rates can get to a level that is problematic for interest-rate-sensitive stocks, the economy will likely start to cycle back downward. At that point, the Fed will likely have to stop raising rates or even lower them again. Meanwhile, investors will still be desperately searching this low-rate environment for a decent return. I believe strong and proven dividend payers will be right in the wheelhouse of investors’ appetites.

Four Investments to Thrive in the New Habitat

There are several High Income Portfolio positions that I believe will do well in both the near and long term. However, given the high level of recent volatility and the chance of a further downward leg in the market, I’m going to highlight the most conservative and defensive high-dividend payers. I believe these are the portfolio positions most ideally suited for the quarters ahead.

altria group (mo)

price: $55.41 (as of Oct. 6)target price: $50.00yield: 4.08%profile: Altria‘s dominant Marlboro brand is the number one cigarette company in the United States.

Altria (MO) is the largest cigarette maker in the U.S. It is the domestic part of the old Philip Morris that spun off the international division into Philip Morris International in 2008. The original Philip Morris was one of the best-performing large-company stocks of all time.

The company is in several businesses, including wines, cigars, and smokeless tobacco. But make no mistake about it, cigarettes are where it derives nearly 90 percent of revenue, and most of that is from its Marlboro brand.

Marlboro is an absolute monster in the industry with about a 44 percent of the U.S. cigarette market. That’s more than the next 10 brands combined.

You may quite reasonably wonder why it would be wise to invest in a cigarette company when smoking is bad for you and many people are sensibly quitting. In fact, the U.S. cigarette market is shrinking at about 3 to 4 percent per year and has been for some time.

The answer is that through Marlboro’s growing market share and pricing power, as well as the growing revenue of the ancillary businesses, Altria has been able to more than offset the shrinkage and should be able to continue to do so for the foreseeable future.

Altria is one of the all-time great dividend stocks because it sells addictive products that require a low level of capital investment. It generates a ton of cash, of which it returns 80 percent to shareholders in dividends.

The current dividend rate is $2.26 per year, which translates to a 4.08 percent yield at the current price of $55.41 (as of Oct. 6). But Altria is a company that consistently grows profits and the dividend. That $2.26 annual dividend is up from $1.46 in 2010.

Altria has absolutely blown away returns of the overall S&P 500. It has generated whopping average annual returns of 19 percent over the past 15 years, 16 percent over the past 10, 21 percent over the past five, and 22 percent over the past three. It’s also had double-digit positive returns in nine of the past 10 years. Among defensive dividend-paying stocks, it is a juggernaut and well worth owning if you can get it at or under $50 per share.

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6 TheHighIncomeFactor.com November 2015

duke energy (duk)

price: $73.09 (as of Oct. 6)target price: $75.00yield: 4.51%profile: Duke Energy is the largest regulated utility and the largest electric power company in the United States, with operations in the Southeast and Midwest.

North Carolina-based Duke (DUK) has 7.3 million electric customers in six states, posting $24 billion in revenue in 2014. It sells some energy internationally and commercially, but 85 percent of the business comes from the regulated side.

Regulated utilities are subject to limits on the fees they can charge customers, as controlled by the local governments in the regions they operate. The good news is that such utilities usually operate a near monopoly in their area. Everybody has to buy from Duke.

The two main issues to size up with a utility like this are the regulatory environment and the growth of the customer base. Duke scores high on both counts. Duke’s regulators have historically been accommodative in that they have allowed the utility to raise rates and recoup the cost of infrastructure investments and expansions. In the next four years it’s estimated that Duke will spend about $42 billion in capital improvement and about $30 billion of that will go toward growth capital. These investments include new power generation, infrastructure and upgrades.

Management anticipates earnings per share growth of 4 percent to 6 percent through 2017 and dividend growth of about 4 percent per year.

realty income corporation (o)

price: $46.99 (as of Oct. 6)target price: $40.00yield: 4.88%profile: Realty Income is a real estate investment trust (REIT) operating a highly diversified portfolio of retail properties across the country and is considered one of the very best in the business.

How great of a dividend payer is Realty Income (O)? It is so great that it actually calls itself “The Monthly Dividend Company.” What gives it the audacity to make such a claim?

Here are a few reasons.• 542 consecutive monthly dividends paid for 46

years dating back to 1969.• 72 consecutive quarterly dividend increases.• 5 percent compound annualized dividend

growth since 1994.• Member of the S&P 500 High Yield Dividend

Aristocrats.Realty Income generates the cash flow from a

portfolio of 4,400 properties, mostly retail, in 49 states. The company buys established properties with a proven record of profitability and high-quality tenants. The business model is to generally use a “sale-leaseback” arrangement whereby Realty Income purchases the property from the tenant, and then the company remains there and pays rent under long-term leases of 10 to 20 years.

Most of these leases are also “net leases,” meaning the lessees pay all the costs associated with the property, including maintenance, insurance, and taxes. This arrangement frees Realty Income from unpredictable expenses and the REIT just receives regular rent payments with built-in increases over time — in other words, a steady and predictable cash flow.

Realty continues to grow through acquisitions for which it has ample credit. So far in 2015 the REIT has closed about $1 billion in new properties. Built-in rent hikes, along with accretive acquisitions, are what enables Realty to grow its dividend, a formula it has perfected over many decades.

ventas inc. (vtr)

price: $57.06 (as of Oct. 6)target price: $55.00yield: 5.12%profile: VTR is a large investor in healthcare real estate with nearly 1,500 properties through the country, including seniors’ living facilities, medical office buildings, and hospitals.

A reliable dividend payer earns a predictable income. In order to be predictable in an uncertain future, a company needs to profit from a bankable trend. Perhaps the most bankable trend in the country today is the fact that the

Continued on page 8

November 2015 NewsmaxFinance.com 7

Notes on all portfolios: In order to receive the dividend payment, you will need to own the stock several weeks before the pay date. The “Total Return” column includes all reinvested dividends at concurrent recommended buy prices. Returns calculated based on a purchase of $1,000 of the security on the listed entry date and price. The “Effective Yield” column reflects the yield investors receive assuming they bought at the entry price and followed all subsequent recommendations. #Denotes recommendation not yet purchased. To see the chart of previous “sold” positions, subscribers can log onto www.highincomefactor.com (under the “Portfolio” tab). All chart data is as of close Oct. 6, 2015.

THE HIGH INCOME PORTFOLIO

Recommendation Ticker Entry Date Entry Price Recent PriceBuy at or

Under Current

YieldEffective

YieldDividend Pay Date

Total Return

Terra Nitrogen TNH 01-Apr-12 $249.75 $108.00 $150.00 8.07% 3.49% 12/3/15 -37.86%

Williams Partners WPZ 01-May-12 $57.30 $34.83 $45.00 10.65% 6.47% 11/13/15 -16.79%

Teekay LNG Partners LP TGP 20-Dec-12 $38.30 $26.08 $30.00 10.74% 7.31% 12/14/15 -17.79%

Main Street Capital MAIN 21-Aug-13 $29.21 $28.51 $32.00 7.58% 7.39% 10/26/15 14.54%

LinnCo LNCO 27-Oct-14 $23.25 $3.07 $25.00 40.65% 5.37% 10/26/15 -84.52%

Blackstone Group BX 07-Jul-15 $40.00 $33.80 $40.00 10.53% 8.90% 11/4/15 -15.50%

Digital Realty Trust DLR -- -- $67.33 $50.00 5.05% -- -- --

INCOME STRATEGIES PORTFOLIO

Recommendation Ticker Entry Date Entry Price Recent PriceBuy at or

Under Current

YieldEffective

YieldDividend Pay Date

Total Return

BlackRock Enhanced Cap Fund CII 01-Jan-12 $12.50 $13.70 $13.00 8.76% 9.60% 10/30/15 44.57%

PowerShares Sr Loan Port BKLN 25-Sep-13 $24.77 $23.11 $25.00 4.15% 3.88% 10/19/15 2.71%

People’s United Financial PBCT 25-Aug-14 $14.90 $15.72 $16.00 4.27% 4.51% 12/17/15 11.41%

Duke Energy DUK 06-Mar-15 $75.00 $73.09 $75.00 4.51% 4.40% 12/16/15 -0.48%

The High Income Factor Portfolio

THE WEALTH BUILDER PORTFOLIO

Recommendation Ticker Entry Date Entry Price Recent PriceBuy at or

Under Current

YieldEffective

YieldDividend Pay Date

Total Return

PepsiCo PEP 01-Apr-12 $66.74 $97.07 $85.00 2.90% 4.21% 10/30/15 59.82%

Eli Lilly LLY 01-Apr-12 $40.48 $84.17 $65.00 2.38% 4.94% 10/9/15 136.75%

Vodafone VOD 27-Sep-12 $28.72 $32.39 $34.00 5.40% 6.09% 11/20/15 15.92%

Riocan REIT REI-UN.TO 20-Mar-13 $26.97 $19.43 $29.00 7.29% 5.25% 10/19/15 10.43%

General Mills GIS 19-Apr-13 $49.94 $55.70 $50.00 3.16% 3.52% 12/3/15 18.71%

Kinder Morgan KMI 22-May-13 $35.62 $31.78 $35.00 6.17% 5.50% 11/18/15 0.08%

Brookfield Infrastr Ptnrs BIP 03-Jun-13 $36.00 $38.69 $42.00 5.48% 5.89% 10/28/15 19.69%

Realty Income O 18-Dec-13 $39.14 $46.99 $40.00 4.88% 5.86% 10/28/15 31.45%

Verizon VZ 21-Feb-14 $47.27 $44.06 $43.00 4.99% 4.65% 11/4/15 -1.46%

Northern Tier Energy NTI 26-Mar-14 $26.00 $25.00 $28.00 15.04% 14.46% 12/2/15 18.13%

Ventas, Inc. VTR 23-Apr-14 $56.55 $57.06 $55.00 5.12% 5.16% 12/2/15 2.26%

General Motors GM 23-Dec-14 $33.43 $32.22 $36.00 4.47% 4.31% 12/23/15 2.12%

BHP Billiton BBL 10-Mar-15 $42.28 $32.69 $43.50 7.59% 5.87% 1/4/16 1.42%

Altria Group MO 26-Mar-15 $50.00 $55.41 $50.00 4.08% 4.52% 10/12/15 11.98%

Seagate Technology STX 23-Jun-15 $53.80 $46.20 $55.00 4.68% 4.01% 11/23/15 -13.20%

Care Capital Properties CCP 18-Aug-15 $34.97 $33.50 $32.00 6.81% 6.52% 12/2/15 -2.42%

Merck & Co. MRK -- -- $49.80 $45.00 3.61% -- -- --

8 TheHighIncomeFactor.com November 2015

Continued from page 6

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population is getting older.As people live longer and birth rates have

fallen, the fastest-growing segment of the population is 65 and older. There is an average of 10,000 baby boomers turning 65 every day, a trend that will continue for the next 15 years. Older citizens require more healthcare and specialized services.

Ventas (VTR) is one of the largest REITs specializing in healthcare properties. The company operates a huge portfolio of senior housing facilities, medical office buildings, and hospitals across the country. And demand keeps increasing.

The stock has been down this year, but business is good. Ventas announced second-quarter free cash-flow growth of 20 percent from the prior quarter and 9 percent year over year. The REIT also recently spun off its skilled nursing facility (SNF) properties into a separate REIT, Capital Care Properties (CCP).

The spinoff helps VTR in several ways. For one, the REIT is now smaller and the accretive acquisitions it continues to make will grow the bottom line faster. Second, the SNF properties carried exposure to uncertain government reimbursement levels from Medicaid and Medicare.

This is a stock that has provided an average annual return of 20 percent over the past 15 years and business should continue to be strong if not strengthen. Meanwhile, VTR is still selling near its 52-week low with a better than 5 percent yield.

Actions to Take NowAction No. 1: If you don’t own them yet

or have additional capital to put to work in the market, watch for an opportunity to buy Altria (MO) at or under $50, Duke Energy (DUK) at or under $75, Realty Income (O) at or under $40, and Ventas (VTR) at or under $55.

Action No. 2: Per an email trade alert issued on Oct. 14, we have sold Intel (INTC). It was originally added to the Wealth Builder Portfolio Nov. 27, 2012 at $19.98, and we exited Oct. 14 at $32.86 for a total gain (including dividends) of 78.12 percent. If you haven’t done so yet, sell it upon receipt of this issue.

Sincerely,

Tom HutchinsonEditor, The High Income Factor

DISCLAIMER: This publication is intended solely for informational purposes and as a source of data and other information for you to evaluate in making investment decisions. We suggest that you consult with your financial adviser or other financial professional before making any investment. The information in this publication is not to be construed, under any circum-stances, by implication or otherwise, as an offer to sell or a solicitation to buy, sell, or trade in any commodities, securities, or other financial instruments discussed. Information is obtained from public sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. In no event should the content of this letter be construed as an express or implied promise, guarantee or implication by or from The High Income Factor, or any of its officers, directors, employees, affiliates, or other agents that you will profit or that losses can or will be limited in any manner whatsoever. Some recommended trades may (and probably will) involve commodities, securities, or other instruments held by our officers, affiliates, editors, writers, or employees, and investment decisions by such persons may be inconsistent with or even contradictory to the discussion or recommendation in The High Income Factor. Past results are no indication of future performance. All investments are subject to risk, including the possibility of the complete loss of any money invested. You should consider such risks prior to making any investment decisions. See our Disclaimer, as well as a list of stocks that the Senior Financial Editor owns by going to highincomefactor.com.

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