Benjamin Felix
speaker
5,943 appearances
22 recordings
1 series
first heard Apr 2026
last heard 5d ago
Benjamin Felix’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 22 in all, peaking in Aug 2026 with 5.
Appearances
Yeah, it's pretty hard to compete with the collective knowledge of the market, even if you're really, really smart.
It's hard to be as smart as everybody combined together mashed into the price of a stock.
So interesting.
Just another thing that causes people to behave badly with their investments.
Okay, the next myth.
I find this one so interesting because it's true, but it doesn't mean what people think.
Dividends explain 40% or whatever, some large percentage of the stock market's historical returns.
Now, this one's often used, and I've seen this many times in my own content where I talk about the irrelevance of dividends.
This argument's often used by dividend investors to explain why focusing on dividends is so important.
Its fundamental premise gets causation backwards.
And that's the main issue here.
Because it is true that dividends make up a large portion of returns, but whether they explain them, I think is the core of what I'm calling a myth here.
When a company
If a company pays a dividend, its returns are not increasing.
They are changing in character from capital to income.
The amount of the dividend income that you receive reduces the capital value of the stock you own roughly one for one.
It's not actually going to happen mechanically on the dividend date, but the value of the company is decreasing by the amount of the dividend.
That's totologically true.
So you end up with less capital and a dividend payment to make up the difference.
But the only thing that's changed is the characteristics of what you own, but not your return.
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