Dividends, eh? Who needs ’em? They are the equivalent of being bribed with your own money. The cash already belongs to the shareholders, and the business’s theoretical value drops by the amount of the payment.
Franco Modigliani and Merton Miller even won a Nobel Prize for their theory that dividends are irrelevant (there was a bit more to it than just dividends).
Instead, they argued, shareholders wanting income should peel off a slice of their holding and sell it because a growing company can make better use of the money than they can.
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