Momentum rewards those who follow the trend, right up until the moment it turns. Macau’s casinos have been a case in point. High rates of growth, strong cash flows and generous payouts of 100 per cent (and more) were catnip to the market for years. Dividend yields of over 6 per cent were supplemented by special dividends from Sands China and SJM Holdings. Share prices doubled in 2013.
动量总是奖励那些跟随潮流的人，一直到它发生转折的那一刻。澳门赌场就是这样一个例子。高速增长、强劲现金流、100%（甚至更高）的慷慨派息，多年吸引着市场。金沙manbetx3.0 (Sands China)和澳门博彩控股(SJM Holdings)的特别股息使本来就高达6%以上的股息收益率锦上添花。2013年期间股价上涨一倍。
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