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Over this longer term time frame you reference (10+ years) Dividends become increasingly important - especially so when growth is subdued as it has been since the GFC meaning companies need to retain less to fund growth. The only two industry sectors that have not surpassed their pre GFC highs according to their Accumulation Indexes are Materials and Energy. I appreciate your observed perspective but the big picture data paints a different picture.  Sure there is plenty of capitalist driven constructive destruction of individual companies but at the entire market level things have resumed tracking upwards.