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← Dividends, Buybacks and Total Return
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Question
What did John Bogle's research find about the contribution of dividends to long-run equity returns?
1
That dividends became irrelevant after the 1980s as buybacks replaced them as the primary return mechanism
2
That dividend-paying stocks always outperform non-dividend-paying stocks on a total return basis
3
That dividends contributed less than 10% of real equity returns, with the majority coming from price appreciation
4
That reinvested dividends contributed approximately half of the long-run real return from equities — making them far more important than many investors recognise
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