"This is a topic I spend a lot of time thinking about. I think the whole thing with dividends has to do with the circle of competence. It is definitely true that selling off a long term non dividend bearing stock is a more tax effective way of going about securing income, however, it brings the human element into the situation and for someone like me that doesn't want to have to think about when to sell it is a burden. I've structured my portfolio with dividend and non dividend assets in mind, this way I have income coming in and long term stocks I can buy and hold that I don't have to worry about selling. Whenever I purchase anything I try to add to whatever position is most undervalued at the time."

FULLMARKS!

That is succinctly stated my exact strategy, as well.

Thank you.

Rick