[dougSF70]

> Put another way, since 1928 dividends plus inflation accounted for 99.7% of the nominal wealth produced, as of 2008, by investing in stocks.

This would imply that the average investor will generate wealth by investing in equities that pay dividends...in other words profitable companies...

[kqr]

Net present value profitable -- it doesn't have to be profitable any particular year.

[dougSF70]

I was going on to make a comment about how many firms that have IPO'd of late are never been profitable. These firms have not paid any dividends and may never. Yet these firms are hyped up to lure in the retail investor, yet the evidence presented in this paper is that compound growth of dividends is the route to wealth.