When it comes to stocks, I am primarily a dividend growth investor. I have been dating back over two decades, and I expect that I will continue to focus on high quality stocks at attractive valuations paying consistently growing dividends well into the future. I know well the virtues of dividend growth investing, and if you are a long-time dividend growth investor, so do you. But I’ve noticed something in recent years that has me increasingly concerned. Some dividend growth investors have come to exhibit notably high level of confidence. This troubles me, for when hubris begins to seep into any investment process, pain can often follow.
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