After all, if they thought that whatever expansion they were considering would only yield an internal rate of return of 5%, they would conclude that they should not engage in the expansion since it would cause them to lock in a guaranteed loss of 1% per year.

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As stocks fluctuate from "overvalued" to "undervalued" due to stock market or internal cycles, the dividend yield also fluctuates between excessively rich and excessively meager.

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