I agree. And, look at growth stocks vs. value stocks. You'll get a better "picture" once you know the true difference between the two and why one pays more dividends historically.
In bull markets investors make money on stocks with appreciating prices. In bear markets one realizes how flimsy nearly all the justification for stock prices are when one does not see a return. Earnings are largely theoretical, dividends are much more tangible.
Why don't all stocks pay dividends? Why should companies pay them? Investors weren't demanding them.
