In the past five recoveries, the return from high-yielders has beaten that from low-yielders by an average of 29 percentage points in the six months after the trough.

拿过去五次市场回升来说，在走出低谷后的半年内，高收益股的回报率就比低收益股的高出29个百分点。

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But newbies chasing the highest yielders could be missing out on finer points of dividend investing.

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Returns for fat yielders were still more than double those of stocks with the lowest yields.

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It seemed odd, though, that sterling should behave more like those racy high-yielders than a stable reserve currency.

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