It’s the first day of the new month – right before we head off for the long Labor Day weekend (FYI, this newsletter will resume when the markets reopen Tuesday).
Markets are still highly uncertain right now, and despite the recovery over the past few days, they still ended August down.
On top of that, September has historically been a bad month for stocks, so it’s far from clear skies ahead.
So, in consideration of all that – plus the upcoming long weekend – today’s pick will be an income play…
A classic “weekend stock” you can just buy, forget, and collect passive income from.
It’s currently paying a very solid 8% yield…
And even though it’s in a cyclical industry, it’s managed to keep its stock price very stable – making it a true “buy and forget” income stock.
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Hess Midstream LP (HESM)
The midstream energy segment has provided a deep pool of extremely solid dividend players – and HESM definitely makes the cut. While a bit lesser known than some of its bigger counterparts (its market cap is under $2 billion) – I believe it’s just as good, if not better, than its more popular peers.
For one, its stock has been essentially flat for both 2023 and the past one year – while many of its peers have seen double-digit price declines instead.
HESM has high-quality infrastructure assets which supports steady EBITDA growth – plus long-term commercial contracts that go all the way till 2033. Its business model is mainly based on fixed fees, which removes its exposure to cyclical commodity prices.
One caveat is that HESM is relatively new, having gone public only in April 2017. But given how things have been going – its prospects look good. For those building an income-focused portfolio that they don’t want to spend a lot of time managing, HESM could be an ideal candidate.
To your wealth,
Felix @ Ace of Investing