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10 by 10: A New Way to Look at Dividend Yield and Growth [View article]
David specifically mentions that dividend reinvestment would improve the return. I believe the reason David has not attempted to calculate the effect of dividend reinvestment is purely a practical matter: To do this calculation requires assumptions about the price of the stock during the reinvestment period. There are nearly an infinite number of possible price paths over the time period (40 calender quarters). The only possible study would be to review a number of stocks in retrospect (a ten year history).