"In 2008 we had one of the largest cuts in dividends in the history of the S&P 500. Now the dividends don't seem to be coming back, even though the earnings have. What are the corporations trying to tell us? I don't know. Maybe they're trying to tell you that these earnings are phony, and we don't have money to pay you dividends. Corporations play games with earnings. I just don't believe them. Operating earnings are always higher than reported earnings after write-offs, because corporations are always making investment decisions that are bad. They always have write-offs and tell us they're 'nonrecurring.' Except they recur year after year after year."
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