Subject: Re: UBS Cuts 2025 & 2026 Estimates
to reflect lower investment income driven by a decline in dividends and cash yields

Is that true? Apple dividend was 0.6%. BAC 2.65%. Treasuries are 4.3%.
They lost $20-25B in capital gains taxes that won't earn anything now.


They might lose some capital appreciation on those shares.

I agree it stinks that they can't buy shares back at a low price but finding a CEO that doesn't throw capital at borderline investments is the holy grail.

9% overvaluation, I understand. I just question their reasoning.