Sounds like a bad idea. (Unless you are buying Berkshire.)Alot of stocks are not screaming deals yet. Given the outrageous environment I think companies would be more likely than ever to feel OK in reducing their dividend. If you are leveraged and they reduce the dividend and then some of them take a further dive and then you get forced to sell on a margin call then you have wasted your time and sold at a loss. Better to buy a total market index, maybe make 3 purchases. If the high yields remain, you win. If emerging markets take off, you win. If stock prices fall further, make another of your three purchases. Sounds like you recently read The Unemotional Investor or some other Dogs of the Dow book.
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