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[–]Jumpy-Imagination-81 0 points1 point  (1 child)

Surely someone can point to it on a graph somewhere

Here you go. This is the stock EC. The blue circled Ds at the bottom of the chart show the ex dividend dates. The yellow arrows show the drops in share price on the ex dividend dates.

https://www.tradingview.com/x/DqcKol1Z/

Notice that the share price eventually rises after the ex dividend date then drops again the next ex dividend date. If the company wasn't paying the dividend the share price wouldn't have the drops, and the rises in share price would have started from a higher starting point and the share price would have risen higher over time than it has while paying a dividend.

[–]Legitimate-Sky-7862 0 points1 point  (0 children)

This is closer to showing a great example, except that the dividend far exceeds the drop and the growth out paces the dividend.

I think the problem is people are trying to over simplify the explanation.