RE:RE:I had a dreamVet could always take on more 5 year debt as necessary since the term would be long enough to overcome a short term crisis of any sort. Also the PDP reserves of 5 years or more give a high degree of protection.
Lastly, the investment climate has improved immeasurably. Dividends as you know can always be stopped, But the short term consequences could be harsh. One of the reasons other than low share valuations and tax efficiency, ,that I am a big fan of share buybacks
Personally, I am against deleveraging . We are truly in a golden age and my greed has few bounds !!
I do not pay the groceries with dividends, I try to do it by borrowing on margin. Others may do it by selling calll options . But my bankers tell me that is way outside my area of expertise !! LOL !!