Dividends are always going to be more Common shareholder friendly, While acquisitions are always going to be more insider corporate friendly. HPQ is another perfect example. The overvalued EDS purchase had to be practically written off from the balance sheet. Billions of dollars burned at the altair of capitalism for the purpose of enriching insiders with bonuses and other kickbacks at the expense of public common shareholders. Instead of paying those billions out as dividends, they chose to pick your pocket and steal some money. While common shareholders hold the bag. That is why when EDS was acquired, it raised a red flag in my opinion. Tip for investors, anytime you see a company spending big money on acquisitions, start unwinding your positions ahead of the train wreck. Or suffer the wrath. HPQ Investors have lost over 60% of their investment since the EDS acquisitions. APPLE is a perfect example of a company who has not recklessly perused acquisitions for the purpose of enriching insiders at the expense of public common shareholders. Notice how AAPL has grown and now did the prudent thing, announce a dividend program.