"Investing for current income is very expensive."

Does it not depend on what you buy? My personal example is KMI. Years back when energy related stocks had a really bad stretch I started buying KMI in the low teens with close to a 7% dividend yield. As it kept going down I continued to buy...the stock price bottomed at just under $10 where much to my regret I only added a few hundred shares more. Fast forward to today and the stock price is $27 and every year there has been a small dividend increase.

Pretty simple philosophy that Rich Kinder has followed at KMI. Use free cash flow to continue to invest in and expand the business, bolt on acquisitions that are accretive to earnings, repurchase shares at opportunistic prices, and pay a dividend to shareholders.

Hard to believe that one could buy a dividend paying stock with income in mind and also end up with a nice capital return on it. UCMTSU