Been waiting for a while. Either the mean reversion is overdue by a dozen years, or "this time is different." But this time is not different; it never is. The explanation is an unprecedented rate environment & market sentiment driven by buybacks, not dividends. This paradigm will shift: rates have stopped going down, the bloom is off the buyback rose, and Silicon Valley has matured. It's time. H/t Jeff Weniger, CFA
20-year return differential: no dividend vs. high dividend stocks