“Worst year for dividend cuts since 1938”

The Financial Times says so.  1938…

“marked a decline in S&P 500 dividends of 36.3 per cent, according to Standard & Poor’s. Dividend pay-outs for 2009 are forecast to slide at least 22.6 per cent, the worst year since 1938, said Howard Silverblatt, senior index analyst at Standard & Poor’s.”

What makes this especially painful is that the standard advice from many firms, including mine, has been to take refuge in safe, high-quality, dividend paying stocks.  Now we find out that such a thing does not exist.

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