who would buy 3 shares when even discount brokers would charge $7 for a trade? If they were buying for a child's birthday to own a stock, at least spend $100. . .rather funny on a slow day. Hope Armanino isn't selling a lot of pesto in China. . .I would guess it is not a big market for them, or not at all.
It was originally published in the London Observer - the WSJ should hang its head in shame for not doing this type of reporting.
As Liberace used to say - then he said, "I bought the bank" - I have owned SXL for 8 years, and "all I know" is that is puts so much money in my pocket each year that I DON'T CARE what the price is - Wall Street is often irrational, especially funds that need to show gains - that is where the "small time rich" can come in an buy and hold and make money!
The FT had an item that the Saudis are borrowing 57 BILLION in the bond market because they can't make money if oil is below $105 - essentially the Saudis declared war on North Dakota and Texas Shale Fields - I don't think people understand that oil independence is as important for the USA as the Navy and Army.
Obviously some big fund or computer driven trades here - SXL down $2.50 and other piplines are down Big Time - KMI, etc. some major fund selling???
The pipeline sector is in better shape than Big Oil like Exxon and Chevron - they also have a lot of nat gas transport to power plants and factories. . .I think most pipelines will muddle through this low oil price environment. . .Saudi Arabia is actually borrowing money to prop up its government spending, and that can't continue too long.
I have owned SWZ since 2006, so almost 10 years coming up. I am actually $2 underwater on my original shares, but because I reinvested ALL of the dividends and capital gains (the default position if you own this fund), I now have close to 5000 shares on my original 1600 share purchase. The problem with Yahoo "Historic Prices" for dividends is that they do NOT show capital gains. For example our "dividend" this July was .001 cents, but the capital gain was about .26 cents. The .26 doesn't show up on Yahoo, so one has to do more research on the SWZ website.
If there is a poster-boy for Buy and Hold, it is SWZ - let's hear it for compound interest!!