Total Return

[crimsonghost747]

A lot of people are planning on selling their portfolio at some point: most likely liquidating it slowly at a few % per year during their retirement. In that case it is total return that matters, not only dividend income. Now if you plan on leaving all of your portfolio as inheritance then you can worry about dividends and leave the capital gains as the worry of your children. But even in that case, total return will make a difference in their lives.

I too emphasize dividend income since it is something that is fairly predictable, whereas capital gains are not. But that doesn't mean that I completely disregard capital gains either... even though I don't think I will ever sell my shares.