Money Migration.

[morganist]

Stocks are the last asset class worth buying. No doubt. But anything with yield has already been bid up, so further chasing is more relying on the ‘greater fool’.

Div doesn’t matter. The game has been shifted to buy backs long ago. You are from the UK? I understand the buy back game is not big in Europe yet compared to the US.

Yes I am from the UK and you are right buybacks aren't that big here yet. There is a reason why there would be a movement into more dividend chasing, the negative return from the low fed base rate interest. I anticipated this negative return from base rate linked investments would cause a migration of money into the high dividend paying companies, which in turn would push their share prices up. This would have given investors the opportunity to turn a profit from the new investment and the share price increase it would generate. The article put this cause for an increase in share prices and explained the opportunity for speculation.