Dividends and payout policy. A cut is management's confession; growth compounds into the majority of long-run returns.
What to watch: Dividend growth; cuts and suspensions. It arrives quarterly, and the effect typically lasts years.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Corporate fundamentals
- Aggregate earnings and guidance
- Corporate profit margins
- Analyst earnings revisions
- Capital expenditure plans
- Share buybacks
- Hyperscaler capex, depreciation, and AI monetisation
- Healthcare cost inflation
- Hyperscaler cloud growth and backlog
- Software seat counts and net revenue retention
- App downloads, time spent, and ad load
- Advertising spend and ad prices
- Patent expirations and loss of exclusivity
- Box office, concert grosses, and ticket prices
- Sports betting handle and casino win
- Senior-living occupancy and care wages
- Death rates and cremation share
- Net equity supply
- Earnings dispersion between AI and non-AI cohorts