Income investors are frustrated with artificially low interest rates, but this chart really helps put that into perspective. Rather than being driven by earnings, S&P 500 stock returns are being driven by the size of their dividend yield. The bigger the yield, the better the return. At least that’s seems to be the case as shown by the five-year rolling correlation between S&P 500 companies’ dividend yield and the index’s performance.

Famous value investor Warren Buffett is often quoted for having said: “be fearful when others are greedy and greedy when others are fearful.” When it comes to dividend stocks, it seems some investors may be starting to get a little bit greedy...