Subject: Re: Barrons and dividends
From 1973 through the end of last year, companies that grew or initiated dividends returned an average of 10.2% a year, versus 4.3% for nonpayers and negative returns for dividend cutters and quitters, according to data compiled by Hartford Funds. Since 1960, dividends have contributed 85% of the S&P 500’s total returns, such is the long-term power of compounding.

Any analysis that starts with 1973 or 1960 is going to be skewed by the fact that stock buybacks weren't much of a thing before 1982. Dividends were the only game in town.