StratcapYou are absolutely right with reinvesting these excellent dividends.It is what l have always done to the benefit of my portfolio. Stocks and ETFs can go both up and down over the course of a year and if you are a buy and hold guy a non dividend payer can end up even but if you did reinvest a dividend payer such as FTN with a variance between 19 plus and 20plu percent , then look where you end up . At the end of a year your , say 100 shares are now 120 and in the case of FTN which is below NAV , should be at a 10% premium or more then you are so far ahead in the scheme of things. I used to invest in growth stocks , no dividend , but not anymore.My premise like yours , is if you don't need the immediate income then dripping , and patience will be rewarded in Spades.Cheers