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Ben, you did a post how dividends don't matter as much anymore.

Care to explain yourself?

Sir?

Yeah, I kind of ran this one by you, and I wanted to figure out,

because buybacks have been so prevalent in the last,

especially, it started in the 1980s,

but especially over the last, call it,

10 years or so, I wanted to see what happened to the

dividend yield in the S&P so I went into Y charts I looked at the SPY and I looked at

QQQ which is the NASDAQ 100 and the NASDAQ yield right now with like 79 basis points.

The S&P is yielding 1.8% and the NASDAQ has crushed the S&P over most time frames you look back at.

So the idea was do dividends not matter as much

anymore in the US?

And what do you think?

Well, as dividends have come down,

total shareholder yield in the form of buybacks

has actually gone up, has it not?

Yes, that was the point that it's buybacks that matter more, but it's just my point is not that

dividends don't matter for individual companies just for the overall market.

And I looked back, the NASDAQ goes back to

1973 and it's actually outperformed the S&P by about 50 basis points

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