Dividends are not investment returns. They are not free money, and do not offer downside protection.

Dividends are not investment returns. They are not free money, and they do not offer any downside protection.

Professor Sam Hartzmark, who has studied this extensively, explains on the most recent episode of the Rational Reminder Podcast.

https://youtu.be/CHxNpN-2lmw?si=DLLVCqCRKnNT5vDg&t=2289

The Dividend Disconnect: https://doi.org/10.1111/jofi.12785
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