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Dividend Aristocrats Will Continue to Outperform

The value of the dividend to investors is not the issue; dividends are a fine way to gain income. The question is why would a firm pay a dividend? There is likely to be a capital shortage in the future and dividends will become a luxury without which the business can do. Historically dividends were offered to lure investors to buy a stock and hold it for years and let it compound. Why is that likely to be effective in the future when business activity will be subdued to say the very least. I doubt dividends have any staying power and will become just a memory of a more stable market.