Congratulations to Neil Macneale on reaching the 20th anniversary of his monthly 2-for-1 Stock Split Newsletter, which as the name implies, focuses exclusively on stocks that have announced upcoming splits. Here, he looks at the latest monthly addition to his model portfolio.

What have I learned over these twenty years? Patience is the most important virtue any investor can have, and that time is your greatest friend.

I’ve also learned the wisdom offered up by just a few writers, past and present, is worth paying close attention to and absorbing to the best of your ability.

Benjamin Graham, John Bogle, Warren Buffett, Jason Zweig, Mark Hulbert, and Jonathon Clements are all giants in my eyes.

A common thread through all their teachings is “investing need not be complicated”. Another message, over and over, is “find a strategy that makes sense to you and then stick with it through thick and thin.”

Our twenty-year record of over a 10% annualized return is something I’m very proud of and is an indicator that 2 for 1 has much to offer the investor searching for a strategy that really works for the long term.

The economic landscape has changed over these twenty years, and will continue to change, but I believe searching out and owning a diverse list of thirty great companies will always be a sound investing strategy. And the split signal will always provide a great way to find that special list.

It’s ironic, on the eve of the twentieth anniversary of 2 for 1, there were no splits considered worthy enough to add to the 2 for 1 portfolio -- until the last possible moment, when Lakeland Financial (LKFN) announced a 3 for 2 split payable in early August.

I am willing to overlook the fact that this is only a 3-for 2-split, because all the other numbers look very good.

Lakeland is the fourth largest bank in Indiana, and the largest bank 100% invested in that state.

It has been growing its earnings at over 15%/year for the last five years, it is far more profitable than its industry average, and its balance sheet is absolutely one of the best.

Add to this a 2.33% dividend and a measure of volatility far lower than the market and I think we have a real winner here. I will be adding LKFN to the portfolio next week.

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By Neil Macneale, Editor of the 2-for-1 Stock Split Newsletter