I like and hear what you're saying because I do the same.  The only thing that I disagree with in this whole subject is the growing dividends part.  I believe that stocks with growing dividends are nice but I don`t buy for that.  I have stocks that I have held for years, that haven`t grown their dividends, or do so once in a while, but I still hold and like them.  They started high and years later are still high.  I believe that a good stock that pays 6 or 7% is better than one that pays 3% and grows a little bit each year.  I have one that has paid me $90- a month for seven years without much price gain.  I seldom sell anyway.