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The studies I have read tend to point to yield being the least profitable, although still better than index returns. IIRC studies show the best returns in descending order are low; P/E, price to cash flow, price to book value and then price to dividend.

I have read similar. However, price/dividend isn't the same as yield/payout ratio. Read the paper I linked - it is very interesting. Yield by itself was good, but accounting for payout percentage really sorted returns.

Just another screwdriver in the toolbox.
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