7.22.2023

I'm so stupid I'm ashamed

I had to soothe my annoyance that the outcome does not exceed the forecast for our dividends. It turned out that I had forgotten to take into account the deduction for the foreign capital tax that every bank makes on every dividend.

Given that the US withholding tax is 15%, any deviation below 15% is a win. There are several special and supplemental dividends as well as some occasional increases in ordinary dividends that I have not adjusted for that may result in the full 2023 outcome exceeding the forecast after all.


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