On July 23, 2002, an article entitled 'Investors Appreciate Dividends Again, See Them as Safer Bets in Bear market, appeared on Associated Press Newswires. The article described two reasons why financial planners have routinely recommended that investors hold dividend-paying stocks, especially in bear markets such as the period 2001-2002. First, retired investors use quarterly dividends to augment their income find dividends to be more attractive during bear markets. Second, investors search for a bird in the hand, which dividends represent. In this respect, dividends provide investors with the ability to be patient, and wait out the market decline. The article quotes Steve Wetzel, a professor of finance at New York University's School of Continuing Education and a certified financial planner, and Arnie Kaufman, editor of Standard & Poor's newsletter The Outlook. Discuss both reasons mentioned above, in the context of the chapter text.