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Don't diss the dividend

30 December 2009 By Christopher Swann

Never before have investors in US equities ended a decade emptyhanded. Since 2000 the S&P 500 handed them a 0.8 pct average annual loss. Even in the grim 1930s the return was positive. Buybacks confuse the comparison, but the value of cash to shareholders has never been clearer.

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