But I think it's going to play out over the next several years, you know, the rest of this decade where equities will have to compete for investor support the same way cash, fixed income, government government securities private equity real estate

have on the basis of a cash nexus the cash nexus came back very quickly in

21, 22, 23 to funds, to fixed income instruments to government securities, hasn't come

back to the stock market yet.

Everyone is still content to harvest capital gains, growth, growth, growth.

I'm simply saying the forces that led to

that dominant paradigm over the last 40 years. I think have played themselves out.

I'm Mary Long and that's Daniel Paris, a senior portfolio manager at Federated Hermes and the author of a number of investing books, including most recently the ownership dividend.

My colleague Deidre Willard caught up with Paris

for a conversation about why dividend

they discuss a timely announcement from Meta,

the relatively recent rise of buybacks, and the coming shift

from Wall Street efficiency to Main Street efficacy.

Well, we were talking a little bit before we hit record here, and it seems to me that like this book is coming out at the perfect time

because as I was reading it, more companies started reinstating their dividend.

So interesting timing for you.

Yeah, and you know you can be good or you can be lucky and often good passes as the

rubric of luck or the other way around. I'll just claim I was

lucky. The book was published on January 31st the very next day a prominent

tech company which the book calls for them to begin to pay an increased

dividends.

Meta announced the dividend the very next day so somehow or other

...