Ian Nakamoto Divide Quotations

People own banks for consistency of results. Dividends keep increasing, that's what the banks are giving investors.

I use dividends rather than earnings because they more accurately reflect whether a company's board feels good about its business, balance sheet, ability to sustain working capital costs, and its future in general. Earnings tell you nothing about that, and can be manipulated.

It speaks well not only of the earnings, but also for confidence in the future. Companies do not raise dividends with the expectations of cutting them.