Beyond Bulls & Bears

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Equity

Why US Tax Reform Could Drive Dividends Higher

“Our research suggests that companies that grow their dividends tend to experience greater long-term stock price appreciation than companies that maintain their dividends or don’t pay one at all. And we have found that a consistently rising dividend tends to be an indicator of solid earnings growth, a resilient business model and a commitment by management to return cash to shareholders.” – Don Taylor, Franklin Equity Group

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Fixed Income

Will US Tax Reform Alter the Muni Landscape?

With a new US tax law now upon us, many investors are questioning what the potential impacts may be on their portfolios—and on their potential investment selections going forward. Rafael Costas and Sheila Amoroso, co-directors of Franklin Templeton Fixed Income Group’s Municipal Bond Department, address the major areas of potential impact the new legislation could have on muni bonds, and offer their thoughts around each of these areas.

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Equity

Shedding Light on the Utilities Sector

“We see many reasons to be optimistic about utilities today as we look out over the next 10, 20 or 30 years. In our view, most companies have established constructive regulatory relationships and should be able to adjust to the higher cost of capital assumptions that would develop due to rising interest rates.” – John Kohli, Franklin Equity Group

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Perspectives

US Tax Reform: This May Not Be the End

“As we have seen during prior tax reform efforts throughout US history, there are likely to be some impacts of this tax plan that legislators could not predict. And, there are likely to be some unintended consequences or even errors in the legislation that require correction. So, it would not surprise us to see a 'technical corrections' bill next year or beyond to clarify and fix certain issues.” - Pierre Caramazza and Michael Doshier

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Multi-Asset

The Market Implications of US Tax Reform a Bit Unclear

"Some market observers have expressed optimism that US tax reform will prove bullish for stocks—and the economy overall—but the reality is that there will be some winners and losers and we don’t ultimately know what the magnitude of the impact will be.” -Ed Perks, CIO, Franklin Templeton Multi-Asset Solutions

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Education

Our Request to Congress: Save Our Savings—and Our Retirement!

"What we’d like to emphasize is that if we are going to change the retirement system, those changes should be done with the exclusive goal of improving retirement readiness for all US citizens.” Yaqub Ahmed, Drew Carrington and Michael Doshier