Ex-Dividend

A quick housekeeping note:  Clients may note unexplained swings in ETFs over the next several days.  That is likely due to many going ex-dividend for their final payments in 2011.  Stocks will generally decline by the price of the dividend on the day they go ex-dividend.  Case in point Vanguard MSCI Europe went ex-dividend today.  That means people that bought yesterday or before are entitled to the most recent dividend by the ETF.  Since it is scheduled to payout $1.908 in dividends on December 28 the stock will normally drop by the amount of the dividend.  Take that out of the equation and VGK was down about .16 cents on the day.

*Long VGK in client and personal accounts.