<p>这个前提看起来有些表面上的道理——如果你购买股息收益率最高的股票，你将获得最高的股息收入。事实上，这个理论在一段时间内甚至可能成为现实。</p>
<p>然而，正如古老的谚语所提醒我们的，事情总是有更多的故事。作为投资者，你的工作是识别和权衡任何尚未实现的隐藏成本或风险。</p>
<p>在这种背景下，在仅仅因为它们现在支付的股息最大而跳入 <strong>纳斯达克综合指数</strong> 的高股息股票之前，先仔细看看它们。你可能会在下决定之前改变主意。</p>
<h2>纳斯达克的高收益股票每个都需要附注</h2>
<p>直截了当地说，目前纳斯达克的高收益股票（不包括小盘股和交易所交易基金）是 <strong>Icahn Enterprises</strong>（IEP 0.92%）、<strong>AGNC Investment</strong>（AGNC 0.94%）和 <strong>Torm PLC</strong>（TRMD 2.54%）。它们的前瞻性股息收益率目前分别为 16%、15% 和 21%。这些数字非常庞大，尤其是与 <strong>标准普尔 500</strong> 的历史股息收益率 1.3% 相比。</p>
<p>这些数字也是投资者无法依赖的。</p>
<p>哦，这并不是说你永远不会在你投入的这三只股票中看到这种收益。事实上，你可能会，至少在短期内。这些类型的分红不太可能持续，尽管即使它们持续，你的资本在此期间也面临着不小的风险。</p>
<p>以前面提到的 Icahn Enterprises 为例。这家由激进投资者 Carl Icahn 领导的企业，自 1987 年上市以来享受过几次牛市的辉煌时刻。但其缺乏多元化的问题比好处更为突出。例如，它在能源和汽车相关股票上的重仓投资，在错误的时间坚持这些持股太久。不仅 Icahn Enterprises 的股票回到了 2004 年的交易水平，而且该股票的股息已被削减至 2023 年初水平的四分之一，因为 Icahn 急于采取防御措施。这实在是为时已晚，且力度不足。</p>
<p>这是一个关于当选择股票的投机性方法突然——且毫无预警地——停止有效时可能发生的事情的故事。AGNC Investment 提供了同样的教训，尽管原因完全不同。</p>
<p>AGNC Investment 是一家房地产投资信托，简称 REIT。这意味着它持有房地产投资，并将大部分利润分配给股东。REIT 可以拥有从公寓大楼到办公楼再到酒店的各种资产。即使在 REIT 标准下，AGNC Investment 也是个异类。它购买、持有，有时出售由 <strong>房利美</strong> 和 <strong>房地美</strong> 等政府机构发放的抵押贷款捆绑。</p>
<p>可以想象，利率的快速变化和房地产价格的波动对该 REIT 的商业模式造成了严重影响。尽管 AGNC 每股 0.12 美元的月度股息自 2020 年初降低以来没有变动，但该 REIT 并不总是能筹集足够的资金来完全支付这些股息。对该组织可持续性的担忧是导致该股票自 2013 年底以来持续抛售的重要原因。</p>
<p>最后，请知道，尽管 Torm 预计未来一年的股息转化为巨大的前瞻性收益，但其分红的历史一致性绝对不存在。</p>
<p>这并不完全是公司的错。Torm 运营着大约 90 艘油轮，但对原油和其他石油产品的需求本质上是不稳定的。这些运输服务的定价也是如此。在这种情况下，Torm 也从未暗示其股息支付会保持稳定。它只是分享其季度净利润的一部分，无论这些利润是多少。</p>
<p>这并不一定是个不合格的理由。只是大多数投资者无法消化，因此该股票自 6 月高峰以来回落了 40%，当时原油价格开始下滑，至今仍在继续。</p>
<h2>这里没有什么特别的</h2>
<p>这并不是说每个投资者都应该毫无疑问地避免这三只股票。如果你能承受风险或看到其他人看不到的看涨因素，可能会有独特的理由进入至少其中一只股票。</p>
<p>然而，对于绝大多数投资者来说，这些纳斯达克上市的股票带来的风险超过了它们的价值。这种风险是股息支付减弱与资本永久损失的结合。</p>
<p>然后是更大局面的道德教训。也就是说，在几乎所有情况下，如果某件事情看起来好得令人难以置信，那就一定有问题。良好的选股——无论你的最终目标是什么——都需要具备识别这些缺陷的洞察力，才能在下决心之前做好准备。</p>

美国资本代理公司

TRMD

<p>这篇文章讨论了投资纳斯达克三只最高股息股票的风险：Icahn Enterprises、AGNC Investment 和 Torm PLC。虽然这些股票分别提供高达 16%、15% 和 21% 的股息收益率，但它们伴随着显著的风险。Icahn Enterprises 面临股息削减和缺乏多样化的问题，AGNC Investment 则受到利率波动影响其房地产投资信托模型，而 Torm 的不稳定派息与波动的石油需求相关。文章建议谨慎投资，强调高收益往往伴随着隐藏的成本和风险</p>

<p>The premise makes enough superficial sense -- if you buy stocks with the highest dividend yields, you'll collect the highest-possible dividend income. In fact, the theory may even be reality for a while.</p>
<div class="lb-trans"><p>这个前提看起来有些表面上的道理——如果你购买股息收益率最高的股票，你将获得最高的股息收入。事实上，这个理论在一段时间内甚至可能成为现实。</p>
</div><p>As the old adage reminds us, though, there's always more to the story. Your job as an investor is to identify and weigh any hidden cost or risk that's yet to be realized.</p>
<div class="lb-trans"><p>然而，正如古老的谚语所提醒我们的，事情总是有更多的故事。作为投资者，你的工作是识别和权衡任何尚未实现的隐藏成本或风险。</p>
</div><p>With that as the backdrop, before diving into the <strong>Nasdaq Composite</strong>'s highest-paying dividend stocks simply because they're dishing out the biggest dividend right now, here's a closer look at each of them. You may well end up changing your mind before pulling the trigger.</p>
<div class="lb-trans"><p>在这种背景下，在仅仅因为它们现在支付的股息最大而跳入 <strong>纳斯达克综合指数</strong> 的高股息股票之前，先仔细看看它们。你可能会在下决定之前改变主意。</p>
</div><h2>The Nasdaq's highest-yielding stocks each require a footnote</h2>
<div class="lb-trans"><h2>纳斯达克的高收益股票每个都需要附注</h2>
</div><p>Cutting straight to the chase, the Nasdaq's highest-yielding names right now (excluding small caps and exchange-traded funds) are <strong>Icahn Enterprises</strong>(IEP 0.92%), <strong>AGNC Investment</strong>(AGNC 0.94%), and <strong>Torm PLC</strong>(TRMD 2.54%). Their forward-looking dividend yields currently stand at 16%, 15%, and 21%, respectively. Those are enormous numbers, particularly in comparison to the <strong>S&amp;P 500</strong>'s trailing dividend yield of 1.3%.</p>
<div class="lb-trans"><p>直截了当地说，目前纳斯达克的高收益股票（不包括小盘股和交易所交易基金）是 <strong>Icahn Enterprises</strong>（IEP 0.92%）、<strong>AGNC Investment</strong>（AGNC 0.94%）和 <strong>Torm PLC</strong>（TRMD 2.54%）。它们的前瞻性股息收益率目前分别为 16%、15% 和 21%。这些数字非常庞大，尤其是与 <strong>标准普尔 500</strong> 的历史股息收益率 1.3% 相比。</p>
</div><p>They're also numbers investors can't afford to count on.</p>
<div class="lb-trans"><p>这些数字也是投资者无法依赖的。</p>
</div><p>Oh, that's not to suggest you'll never see this sort of yield on any capital you commit to any of these three names. You probably will, in fact, at least for a short while. These sorts of payouts aren't likely to persist, though, and even if they do, your capital is put at an uncomfortable amount of risk in the meantime.</p>
<div class="lb-trans"><p>哦，这并不是说你永远不会在你投入的这三只股票中看到这种收益。事实上，你可能会，至少在短期内。这些类型的分红不太可能持续，尽管即使它们持续，你的资本在此期间也面临着不小的风险。</p>
</div><p>Take the aforementioned Icahn Enterprises as an example. The conglomerate steered by activist investor Carl Icahn has enjoyed a few moments of bullish brilliance since going public all the way back in 1987. But its lack of diversification has proven more problematic than not. It's remained heavily invested in energy and automotive-related stocks, for instance, sticking with these holdings for too long at the wrong time. Not only are Icahn Enterprises shares back to where they were trading in 2004, but this stock's dividend has been cut to a quarter of its early 2023 level as Icahn scrambles to play defense. It's just too little, and too late.</p>
<div class="lb-trans"><p>以前面提到的 Icahn Enterprises 为例。这家由激进投资者 Carl Icahn 领导的企业，自 1987 年上市以来享受过几次牛市的辉煌时刻。但其缺乏多元化的问题比好处更为突出。例如，它在能源和汽车相关股票上的重仓投资，在错误的时间坚持这些持股太久。不仅 Icahn Enterprises 的股票回到了 2004 年的交易水平，而且该股票的股息已被削减至 2023 年初水平的四分之一，因为 Icahn 急于采取防御措施。这实在是为时已晚，且力度不足。</p>
</div><p>It's a tale of what can happen when a speculative approach to picking stocks suddenly -- and without warning -- stops working. AGNC Investment serves up the same lesson, albeit for completely different reasons.</p>
<div class="lb-trans"><p>这是一个关于当选择股票的投机性方法突然——且毫无预警地——停止有效时可能发生的事情的故事。AGNC Investment 提供了同样的教训，尽管原因完全不同。</p>
</div><p>AGNC Investment is a real estate investment trust, or REIT, for short. That just means it holds real estate investments and passes along the bulk of its profits to shareholders. REITs can own a wide array of assets ranging from apartment complexes to office buildings to hotels. Even by REIT standards, AGNC Investment is an oddball. It buys, holds, and sometimes sells bundles of mortgage loans made by government agencies like <strong>Fannie Mae</strong> and <strong>Freddie Mac</strong>.</p>
<div class="lb-trans"><p>AGNC Investment 是一家房地产投资信托，简称 REIT。这意味着它持有房地产投资，并将大部分利润分配给股东。REIT 可以拥有从公寓大楼到办公楼再到酒店的各种资产。即使在 REIT 标准下，AGNC Investment 也是个异类。它购买、持有，有时出售由 <strong>房利美</strong> 和 <strong>房地美</strong> 等政府机构发放的抵押贷款捆绑。</p>
</div><p>As you can imagine, rapid changes in interest rates and real estate price volatility have wreaked havoc on this REIT's business model. Although AGNC's monthly dividend payment of $0.12 per share hasn't budged since being lowered in early 2020, the REIT hasn't always cleared enough money to fully fund these payments. Concerns over the organization's sustainability are a big part of the reason the stock's sell-off that began in late 2013 is still underway.</p>
<div class="lb-trans"><p>可以想象，利率的快速变化和房地产价格的波动对该 REIT 的商业模式造成了严重影响。尽管 AGNC 每股 0.12 美元的月度股息自 2020 年初降低以来没有变动，但该 REIT 并不总是能筹集足够的资金来完全支付这些股息。对该组织可持续性的担忧是导致该股票自 2013 年底以来持续抛售的重要原因。</p>
</div><p>Finally, know that while Torm's expected dividends for the coming year translate into a huge forward-looking yield, there's absolutely no historical consistency to its payouts.</p>
<div class="lb-trans"><p>最后，请知道，尽管 Torm 预计未来一年的股息转化为巨大的前瞻性收益，但其分红的历史一致性绝对不存在。</p>
</div><p>This isn't exactly the company's fault. Torm operates a fleet of about 90 oil tankers, but demand for crude and other petroleum-based products is inherently inconsistent. So is pricing for these transportation services. In this vein, Torm has also never suggested its dividend payments would remain stable. It simply shares a piece of its quarterly net profits, <em>whatever</em> those profits may be.</p>
<div class="lb-trans"><p>这并不完全是公司的错。Torm 运营着大约 90 艘油轮，但对原油和其他石油产品的需求本质上是不稳定的。这些运输服务的定价也是如此。在这种情况下，Torm 也从未暗示其股息支付会保持稳定。它只是分享其季度净利润的一部分，无论这些利润是多少。</p>
</div><p>That's not necessarily disqualifying. It's just not something most investors can digest, hence this stock's 40% pullback from its June peak when crude prices began a slide that's still going.</p>
<div class="lb-trans"><p>这并不一定是个不合格的理由。只是大多数投资者无法消化，因此该股票自 6 月高峰以来回落了 40%，当时原油价格开始下滑，至今仍在继续。</p>
</div><h2>Nothing out of the ordinary here</h2>
<div class="lb-trans"><h2>这里没有什么特别的</h2>
</div><p>This isn't to suggest every investor should unquestioningly avoid all three of these stocks. There may be a unique case for stepping into at least one of these names if you can stomach the risk or see something bullish others don't.</p>
<div class="lb-trans"><p>这并不是说每个投资者都应该毫无疑问地避免这三只股票。如果你能承受风险或看到其他人看不到的看涨因素，可能会有独特的理由进入至少其中一只股票。</p>
</div><p>For the vast majority of investors, though, each of these Nasdaq-listed names brings more risk to the table than they're worth. This risk is a combination of weakening dividend payments in addition to a permanent loss of capital.</p>
<div class="lb-trans"><p>然而，对于绝大多数投资者来说，这些纳斯达克上市的股票带来的风险超过了它们的价值。这种风险是股息支付减弱与资本永久损失的结合。</p>
</div><p>Then there's the bigger-picture moral of the story. That is, in almost all cases if something seems too good to be true, there's a catch. Sound stock-picking -- regardless of your ultimate goal -- requires the sort of discernment needed to spot these drawbacks before taking the plunge.</p>
<div class="lb-trans"><p>然后是更大局面的道德教训。也就是说，在几乎所有情况下，如果某件事情看起来好得令人难以置信，那就一定有问题。良好的选股——无论你的最终目标是什么——都需要具备识别这些缺陷的洞察力，才能在下决心之前做好准备。</p>
</div>

你是否应该购买纳斯达克中收益最高的三只股息股票？