[coliveira]

Removing dividend does make sense because dividends are taxed. You cannot reinvest all dividends, unless you're using a tax advantaged account.

[MichaelDickens]

This might justify discounting dividends (eg reducing them by 20%), but not removing them entirely.

[nwiswell]

Moreover the more modern approach is share repurchases, which are largely not subject to the tax drag and use the same money that was used historically for dividends.

[ClumsyPilot]

It is worth noting that until 1982, stock buybacks were illegal—deemed as market manipulation

[coliveira]

It is still market manipulation, but made legal by the US gov, like other crimes such as lobbying.

[joshlemer]

And since a few years ago they are highly taxed in Canada.

[NovemberWhiskey]

So are bond coupons, and (within the current regime) at a disadvantageous rate relative to dividends!

[lexapro]

Price increases are taxed as well (eventually), do you also remove them?

[fshbbdssbbgdd]

Stepped-up basis takes care of that. Buy, borrow, die!

[xwolfi]

Dividends aren't taxed where I am, and it skews our investment, even towards US stocks. I find it interesting to include.