Dividend investors expect a payout to grow, not stay static. While your argument is in theory is correct it is far, far to simplistic. I invest in blue chip div payers. If their share price is cut in half as a group. The whole market is in trouble and there would be no safe haven anywhere in stocks, everything would be down. If that were the case at least the dividend holder would be getting paid as he weathers the storm. I could not disagree more with this article.