Where did all the dividends go? In this episode, I explain how dividend-free growth investing became the norm in the US stock market. For dividend-focused investors, how we got to this state of affairs should be of some interest. And they make take some comfort in the realization that cashless investment is to a great extent a historical, and I would argue, a logical anomaly. For growth investors content with the current situation, knowing whence they came serves at least some utility, even if I do not believe that those conditions will persist.