Seeking Alpha: AFP Provida - A Very Different Dividend Play

There aren't too many companies out there quite like AFP Provida (PVD). Provida is part of the Chilean pension system; a system that requires Chilean workers to contribute to privately-run pension plans that manage the money on their behalf for retirement. With a growing population and a lucrative fee-collecting business, Provida is an interesting way for American investors to collect significant dividends from a company heavily levered to economic growth in one of the more stable Latin American economies.

A Weird Mix Of Private And Public
There is nothing especially normal or straightforward about the system in which Provida operates. A long time ago now, the Chilean government decided to scrap its public retirement system in favor of a system that would let private pension companies invest and manage money on behalf of workers.

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AFP Provida: A Very Different Dividend Play

Seeking Alpha: Is A Stronger FINRA A Good Thing For Investors?

Regular investors don't always seem to know who's minding the store when it comes to supervising brokers, brokerages, and asset managers. While the Securities and Exchange Commission (SEC) gets a great deal of attention, and arguably has the most power, there are a host of other agencies and associations that play significant regulatory roles. Now one of the largest of them, FINRA, is reaching for even more power and authority. While more regulation of such an aggressive industry as financial services may seem logical to some, particularly after the abuses of recent years, FINRA's track record should give investors a moment or two of pause.

What FINRA Is
FINRA, short for Financial Industry Regulatory Authority, came into being in 2007 with the merger of the National Association of Securities Dealers (NASD) and the New York Stock Exchange's regulatory arm. Though many investors assume that FINRA is a government body, it is not – it is a private corporation that regulates financial services firms that deal with the public (in other words, brokerages and registered representatives like brokers and sell-side analysts).


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Is A Stronger FINRA A Good Thing For Investors?

Investopedia: Questions Of Success And Value At Charles Schwab

It is an unfortunate reality of investing that figuring out whether a company is top-notch is not especially helpful in figuring out whether the stock is a top candidate to buy. True, it often makes sense to own the best businesses that you can find, but the metrics that mark quality and value are not the same. 

In the case of Charles Schwab (Nasdaq:SCHW) it is not hard to argue that this is one of the best brokerage and financial service companies out there. The trick, though, is in figuring out what that quality is worth and the probable path of earnings and cash flow in the coming years. As a growth stock, it looks intriguing, but a return-to-equity valuation shows a different sort of story. 


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http://stocks.investopedia.com/stock-analysis/2011/Questions-Of-Success-And-Value-At-Charles-Schwab-SCHW-AMTD-ETFC-TROW-BEN-BLK-IVZ-WDST0720.aspx