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I consider a few things with dividend paying stocks. In most cases I purchased it for the dividends so it is a proxi bond. I don't intend to sell it. But sometimes they get away from themselves.

In that case, I look at having four years worth of dividends built into the stock price. In otherwords, if I sold it today, I could just sit on the cash for four years and I'd be no worse off (taxes not withstanding). I'll place a stop there. The next hurdle is the 366 day mark to lessen the effect of capital gains tax. Sounds like you've reached that point. The third thing is finding something else I want to buy. Give that some thought.

I'd like to build a position in DVY but so far it hasn't pulled back to a buy point for me. Each rate hike seems like it'll give me an opportunity. And each time I'm disappointed.

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