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The dividend trap in mature sectors
Look at the telecom or tobacco sectors. They have paid generous dividends for years, maintaining their status as 'reliable assets'. But look at their stock prices over a decade — they often stagnate or decline.
Dividends do not save you from a capitalization collapse.
An investor who receives 5% in dividends while the stock price drops 3% per year is effectively earning pennies. Payout stability creates an illusion of safety while the company's business model slowly dies under the pressure of new technologies.
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