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Illustrative Comment To Jeff Paul Article "Finding High Yield, Low-Payout Outperformers" (12 Feb. 2012)

Jeff Paul published good "Finding High Yield, Low-Payout Outperformers" article ( analysis of 2009 report by Credit Suisse (NYSE:CS) - see link in his article. At page 25 of this excellent report esp. for dividend zealots ( I found interesting table I reproduce here for convinience:

Click to enlarge

Jeff Paul used the most right column and corretly concluded that over an 18-year period, from 1990-2008 the "High-Yield, Low-Payout" (HY-LP) split shown in pink in the table above offered the best return.
I ploted HY-LP position for each year from the table (+5 than it is the best performer and -5 than it is the worst performer, +1 than it is just a level above and -1 han it is just a level below average) and got the following graph:

In my mind this is quite a rollercoaster because of often (quarterly) rebalance and I'd stay away from this. I think a dividend investor should not chase most promissing approach and should keep long-term perspective. I prefer to have a broad portfolio of different dividend stocks and ignore noise.