Core Insights - The Social Security Administration announced a 2.8% cost-of-living adjustment (COLA) for 2026, following a 2.5% increase in 2025, impacting 71 million Americans [1][2] - Dividend growth stocks have historically provided higher annual increases compared to Social Security adjustments, with several blue-chip companies consistently outperforming these adjustments [1][2] Dividend Growth Companies - **Caterpillar**: Achieved a 10-year compound annual dividend growth rate of 7.2%, with a quarterly dividend increase of 7.1% to $1.51 in December 2025, marking 32 consecutive years of increases [3][4] - **Coca-Cola**: Raised its dividend for 62 consecutive years, with a 10-year compound annual growth rate of 4.5% and a quarterly dividend increase of 5.2% to $0.51 in 2025 [6][8] - **Johnson & Johnson**: Also increased its dividend for 62 consecutive years, with a 10-year compound annual growth rate of approximately 6.5% and a quarterly dividend increase of 4.8% to $1.30 in 2025 [9][10] - **PepsiCo**: Maintained a 52-year dividend increase streak, with a 10-year compound annual growth rate of 7.1% and a quarterly dividend increase to $1.4225 in 2025 [12][14] - **Procter & Gamble**: Holds the longest streak with 68 consecutive years of dividend increases, averaging annual growth of 5-7% [15][17] Financial Performance - **Caterpillar**: Projected annual dividend increase from $1.84 in 2012 to $6.04 in 2026, a 228% increase over 14 years, with Q3 2025 operating cash flow of $3.7 billion [4][5] - **Coca-Cola**: Quarterly dividend increased from $0.16 in 1999 to $0.51 in 2025, a 219% increase, with Q3 2025 dividends totaling $2.108 billion [7][8] - **Johnson & Johnson**: Quarterly dividend increased from $0.25 in 1999 to $1.30 in 2025, a 420% increase, with Q3 2025 dividends of $3.132 billion [10][11] - **PepsiCo**: Annual dividend growth from $2.15 in 2012 to $5.55 in 2025, a 158% increase, with Q3 2025 dividends of $1.949 billion [13][14] - **Procter & Gamble**: Paid $2.549 billion in dividends in Q1 2026, with a current dividend yield of 2.93% and a 60% payout ratio [16][17]

01 整理 | 刀法内容团队 这些信息值得关注 「Netflix」计划收购华纳兄弟 12 月 5 日，流媒体巨头 Netflix 宣布将以 720 亿美元的的价格，收购华纳兄弟旗下的电影与电视制片业务、美国有线电视网络媒体公司 HBO 及其流媒体 平台 HBO Max。 这项收购计划随后引发美国各界强烈反应，派拉蒙迅速提出约 1084 亿美元的现金收购方案加入战局；一向不喜欢 Netflix ，现任导演工会主席诺兰紧急发 声，担忧院线窗口期消亡；美国总统特朗普则表示可能存在反垄断问题。 为什么重要 TA 们怎么看 "作为流媒体时代的定义者，它与华纳的整合在战略上顺理成章，但其健康的财务状况能承受交易压力。剥离CNN等非核心业务使交易结构清晰。然而， 交易带来的市场集中度问题必成为反垄断审查焦点，因为市场集中度测算落在28%—45%的区间，触及美国司法部审查的红线，且欧盟也会同步启动审 查。另外，股票报价在股市波动时吸引力可能减弱。此外，北加州硅谷科技公司与南加州好莱坞传统制片厂文化格格不入，并购后整合也是一大考验，这 也是不少并购交割完成后噩梦的开始。"——智通财经 《"抢亲"华纳：奈飞、派拉蒙，谁笑到最后？ ...

Coca-Cola is holding last-ditch talks with TDR Capital this weekend as its proposed sale of Costa Coffee faces the risk of collapse, the Financial Times reported, citing people with knowledge of the matter. https://t.co/aiNdgLkeqW ...

Core Viewpoint - The proposed sale of Costa Coffee by Coca-Cola is facing significant challenges, with last-minute negotiations taking place with private equity firm TDR Capital to salvage the deal [1] Group 1 - Coca-Cola is in discussions with TDR Capital to prevent the collapse of the Costa Coffee sale [1]

Investors looking for a reliable dividend and free cash flow grower could do a lot worse than Coca-Cola in 2026.In any given year, even the worst-performing sectors can be homes to some solid performers. That's been the case this year in the consumer packaged goods space. Previously prized for its low volatility traits, consumer staples is an epicenter of disappointment for investors in 2025.Thank goodness for Coca-Cola (KO +1.96%). Amid ongoing artificial intelligence (AI) hoopla and talk of restrained con ...

Core Insights - The article emphasizes the importance of dividend investing, highlighting that the best dividend stocks not only provide consistent payouts but also increase their dividends over time, benefiting long-term shareholders [1] Group 1: Dividend Growth Leaders - Johnson & Johnson (JNJ) has a 2.54% yield and has increased dividends for 62 consecutive years, supported by a diversified portfolio in healthcare [5][6] - Coca-Cola (KO) boasts a 2.87% yield with 63 years of dividend increases, demonstrating strong operational performance and pricing power [8][9] - Procter & Gamble (PG) leads with 68 consecutive years of dividend increases, offering a 2.96% yield and showcasing operational excellence [11][12] - AbbVie (ABBV) has the fastest dividend growth in this ranking, with a recent 5.5% increase, bringing its yield to 2.94% [15][16] - Realty Income (O) offers a unique monthly dividend structure with a 5.62% yield, supported by a strong rent recapture rate and a long history of dividend increases [18][19] Group 2: Financial Performance - JNJ reported Q3 2025 EPS of $2.80, with revenue of $24.0 billion, and raised its full-year guidance, indicating confidence in growth [6][7] - Coca-Cola's Q3 2025 EPS was $0.86, with revenue of $12.5 billion and a stable operating margin of 32%, reflecting its ability to pass costs to consumers [9][10] - Procter & Gamble's Q1 fiscal 2026 EPS was $1.95, with revenue of $22.4 billion and a free cash flow of $5.4 billion, indicating strong cash generation [12][13] - AbbVie's Q3 2025 EPS was $1.86, with revenue of $15.8 billion, and management raised its EPS guidance for the full year [16][17] - Realty Income's Q3 2025 AFFO reached $1.08 per share, with a full-year guidance increase and a quarterly revenue growth of 10.3% year-over-year [19][20]

Core Insights - The article discusses the leadership transition at Coca-Cola as CEO James Quincey steps down, highlighting his transformative impact on the company and the challenges it faces moving forward [1][3]. Group 1: Leadership and Achievements - James Quincey, who served as CEO for nine years, is recognized for adding over 10 billion-dollar brands to Coca-Cola, including BodyArmor and Fairlife [1]. - Quincey also expanded Coca-Cola's portfolio into the alcoholic beverage market with the launch of Topo Chico Hard Seltzer in 2021 [1]. - In 2020, Quincey led a significant restructuring that halved the number of brands and resulted in thousands of layoffs, aiming to streamline operations and focus on fast-growing products like Simply and Minute Maid juices [2]. Group 2: Challenges Ahead - As Quincey departs, Coca-Cola is confronted with challenges such as weak demand for its products in the U.S. and Europe, along with increasing scrutiny from customers regarding its ingredients [3]. - Following a suggestion from President Donald Trump, Coca-Cola announced plans to release a version of its classic Cola made with cane sugar instead of high-fructose corn syrup [3]. - The board expresses confidence in Henrique Braun, Quincey's successor, to leverage the company's strengths and pursue global growth opportunities [3].

詹鲲杰和柏瑞凯均于1996年加入可口可乐公司，并曾在全球范围内担任可口可乐的领导职务。 现年60岁的詹鲲杰于2017年出任CEO，助力可口可乐转型为"全品类饮料公司"，并带领公司渡过了疫情 带来的挑战，更有媒体统计显示，自詹鲲杰接任首席执行官以来，可口可乐股价已攀升近63%。 "詹鲲杰是一位具有变革性的领导者，"可口可乐首席独立董事大卫·温伯格在一份声明中表示。"我们相 信柏瑞凯将利用公司现有优势，开启更多增长机会，提升可口可乐系统的强大力量。" 12月11日，可口可乐宣布，首席运营官柏瑞凯（Henrique Braun）将于2026年3月31日起接替詹鲲杰 （James Quincey）出任首席执行官。詹鲲杰将转为担任董事会执行主席。 现年57岁的柏瑞凯自今年1月起担任可口可乐COO一职。彼时，此前就有媒体猜测，柏瑞凯会是下一任 CEO，不仅是当时可口可乐全球所有的区域负责人都要向其汇报，还有两任掌门都是从COO的位置被 提拔起来的。 可口可乐公司表示，在新职位上，柏瑞凯将优先考虑全球增长机遇，更贴近消费者需求，并扩大技术应 用以提升业务表现。 "在为公司服务30年后，我将辞去首席执行官一职。能为这家伟大而 ...

（央视财经《天下财经》）当地时间10日，全球饮料巨头——美国可口可乐公司宣布，公司执行副总裁 兼首席运营官柏瑞凯明年将接替现任首席执行官、也就是CEO詹鲲杰的职位。 编辑：令文芳 现年57岁的柏瑞凯于1996年加盟可口可乐，起初在位于美国亚特兰大的总部工作，随后在北美、欧洲、 拉美及亚洲地区担任多个重要职务，职责覆盖供应链、新业务开发、市场营销、综合管理及装瓶业务等 领域。2013至2016年，柏瑞凯担任可口可乐大中华区及韩国业务部门总裁，深度参与中国市场经营。今 年年初，升任公司首席运营官。 即将卸任的詹鲲杰现年60岁，2017年5月起出任首席执行官，此前，詹鲲杰曾在全球多地担任管理职 务。在其任期内，可口可乐优化品牌和产品组合，砍掉旗下200多个效益不佳的子品牌，增加了10多个 价值10亿美元的品牌。詹鲲杰重塑了公司的战略和运营模式，重点推进数字化转型和营销现代化。 有分析指出，可口可乐目前面临着行业竞争加剧、消费者支出减弱等挑战。中国是可口可乐在全球的第 三大市场，面对当前亚太等多个市场消费疲软的挑战，即将出任首席执行官的柏瑞凯有望凭借在中国市 场的丰富经验调整公司战略，以应对市场激烈竞争。 转载请注明 ...

Core Viewpoint - The article discusses the evolving landscape of investment strategies, particularly the tension between growth and value investing, emphasizing the need for a nuanced understanding of these concepts in the context of modern economic changes [6][8][9]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft and Google [8]. - The article highlights that while growth and value investing appear divergent, they share fundamental principles, such as the importance of honest long-term cash flow estimation and risk awareness [9]. - Anderson emphasizes the need for a longer time perspective and serious company research, valuing patience and governance sensitivity inherent in value investing [9][10]. Group 2: Historical Context and Literature - The article notes a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has a rich tradition and numerous classic texts [11][13]. - It references Benjamin Graham's views on growth stocks, indicating that while he recognized their potential, he also warned of their speculative nature and preferred investing in larger, less popular companies [13][14]. - The article argues that the realities of the past decade have diverged from Graham's observations, with growth stocks outperforming traditional value stocks [15]. Group 3: Future Investment Landscape - The article posits that future returns are highly uncertain, urging a reevaluation of investment beliefs and strategies in light of complex market dynamics [18][30]. - It suggests that understanding structural changes in the global economy is crucial for predicting long-term investment outcomes, rather than focusing solely on short-term financial metrics [33][34]. - The piece warns against relying on historical volatility to forecast future performance, advocating for a mindset open to exploring various possibilities [38][39]. Group 4: Case Studies - The article compares Coca-Cola and Facebook, illustrating how traditional value metrics may misrepresent the potential of high-growth companies [64][69]. - It highlights that Coca-Cola's growth has stagnated, while Facebook has shown significant growth potential, challenging the notion of which company represents true value [66][70]. - The automotive industry is used as a case study, showcasing how different companies within the sector exhibit varying growth and value characteristics, with General Motors and Ferrari serving as contrasting examples [82][88].