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Through September, the Dow, under Mr. Bernanke, has gained 4.4 percent, annualized, without dividends.
Among all Fed chairmen, he presided over the Dow's worst performance, a decline of 33.4 percent annualized, without dividends.
That compares with an annualized gain of 5.7 percent, without dividends, over the 50 years through September.
During Mr. Greenspan's tenure, from Aug. 11, 1987, to Jan . 31 2006, the Dow gained 7.9 percent, annualized, without dividends, according to calculations by Mr. Hickey.
Still, an investor who bought only stocks without dividends would have done far better than one who bought shares of companies that paid dividends.
In fact, without dividends, you would have lost money by investing in blue-chip stocks, based on the S.& P. 500.
Similar(44)
If the stock is purchased between the date of record and the date the dividend is to be paid, the buyer does not receive the recently declared dividend, and the stock is said to sell ex dividend, or "without dividend".
X or XD A symbol used in newspapers to signify that a stock is trading ex-dividend (without dividend).
The Alerian MLP Index, their primary benchmark, was down 13% without dividend yields and 6.5% even with dividend yields.
Without guaranteed dividends, valuing the preference shares would be even harder — giving rise to a potential "complexity discount".
The raw numbers for the stock market are astonishing: Even without counting dividends, the Standard & Poor's index has risen more than 6percentt since New Year's Day, nearly 20percentt in the last 12 months and roughly 250percentt since the start of the bull market in March 2009.
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