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Etienne Vlok's avatar

This book (https://www.amazon.com/Ownership-Dividend-Daniel-Peris/dp/1032273194/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=) was published back in January, and while not an explicit examination of the rationale of dividends as a form of capital allocation, does make a reasonably interesting argument for why the 'cash nexus' (a terrible term, but basically the idea that investors' main benefit of owning stock in company will shift from being the retention/reinvestment of capital and enjoying principal appreciation, to principally a dividend-based relationship due to multiple appreciation being tapped out) will make a comeback over the next decade. Given your wide-ranging reading on the topic, it might be of interest to you. I'm not sure I agree with all points made, but found it an interesting history & a healthy alternative perspective to my own.

As always, thank you for the effort you put into your writing. Rational, indeed!

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JFH's avatar

Excellent article...clean and concise!

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