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What you are unfortunately forgetting in your presentation is that you cannot choose whether to buy Microsoft with or without a dividend and the dividend discount is usually quickly made up. It may still be easy to find a similar alternative with Microsoft. But if you want to invest in utilities, consumer goods, real estate, finance or industry, for example, then it's difficult to choose a company that doesn't pay dividends and invests everything itself. You are therefore limited in your choice when it comes to avoiding dividends. Of course, today everything can be done via ETFs, but that doesn't change anything else.
Just don't draw the two camps into extremes. There is not just black and white. I'm happy about my dividends. From Microsoft, Siemens or Waste Management. I certainly didn't buy the shares solely because of the dividends, but that way I don't have to discriminate against entire sectors.
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@erT As I mentioned in my post, I don't mean shares with dividends, but shares that are only bought because of their dividends