One more thing. What's deceptive and misleading about those two graphs is that it's a comparison of the actual price of the S&P500 with dividends reinvested and the actual price of the index (dividends not reinvested).. If one understands that share price is reduced by the amount of the dividend on the ex-dividend date then the orange line underperforms because the dividend is being sucked out and used elsewhere. So reinvesting the dividend will absolutely outperform (the blue line). That then begs the question, if the dividends aren't reinvested in the S&P500 then what was done with them? How come they aren't accounted for? It's a specious conclusion by the author.