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Most Abused Quote Award
From "Future for Investors" pg 126: "From 1871 through 2003, 97 percent of the total after-inflation accumulation from stocks comes from reinvested dividends. Only 3 percent comes from capital gains." This quote has been universally misquoted to read "97% of returns come from reinvested dividends" The misquote is used to promote the practice of buying high-dividend paying stocks and DRIPS.
In fact ANY type of profit, removed from its original portfolio and reinvested in a second, will eventually account for 99.999% of the combined value. It is math, not dividends. Since capital gains are almost always a greater portion of yearly profits than dividends, reinvesting the capital gains is far MORE important than reinvesting the dividends.
If exactly the same exercise is done with reinvesting capital gains, as is done by Siegel with dividends, the capital gains portfolio will be larger than the dividend portfolio, given the same time span.
Returns are never affected by what you choose to do with your income/profits. A retiree is not earning a lower rate of return just because he does not reinvest his dividends.
See details at: retail investor.org
Siegel is not of German origan but the name is derived from Jewish lineage
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