I've always failed to understand why high dividend stocks are perceived to be superior, even by professionals. How is a 5% div stock different than 0% div stock where the holder sells 5% of it every year (assume no transaction costs of course, let's also ignore tax because it is prevalent in regions without cap gain tax such as HK). It appears many of these fans are biased by the illusion of unchanged stock shares while gaining periodic payments. But we all know the cash is simply taken from the market cap on ex div (right?). So the characteristic of high dividend alone should not be a positive trait. I would even consider it slightly negative (assume the extreme case of a 100% dividend stock - why would anyone want to buy that?). Looking forward to hear your thoughts. Thanks.