Subject: Re: Chevron Buyback & Dividend Raise
It's surprising how many people don't realize that a share is worth less after a dividend is paid.
The people who like dividends the most seem to think that all share prices are completely random, so the dividend is a complete "extra" on top of what would have happened otherwise.

This idea is so pernicious, that Mr. Market rewards steady dividend payers, esp. consistent dividend growers with a higher valuation, than non dividend paying companies with higher growth. Many investors use dividends as a short cut to value companies as earnings are more easily manipulated. So maybe there is a bit of a free lunch after all with dividends.