> "Even a company that's growing ought to pay dividends in most cases." That's not true. Companies have opportunities to invest money into things that a normal

> "Even a company that's growing ought to pay dividends in most cases." That's not true. Companies have opportunities to invest money into things that a normal investor cannot. If a company can invest the money at an above average rate it should. For US investors, it's even more clear cut as dividends would be taxed if payed out. If the company instead retains and prudently invests that money, the company in essence is able to generate a return on money that would have been payed as taxes. Over the long haul, that "float" is extremely valuable.