An article that appeared in The Wall Street Journal in February 2001 described the experiences of several investors who held dividend-paying stocks.22 The article mentions two investors, Wayne Denny and George Gleghorn. Wayne Denny was 72 years old at the time of the article and had been living off $35,000 a year of annual dividends. His port- folio included AT&T, Edison International, and J.C. Penney Co. The point of the article was that all three firms had omitted their dividends during the past year. George Gleghorn was 73 at the time and had long preferred safe stocks that pay regular dividends. He too had invested in the California utility Edison International, as well as Pacific Gas and Electric. However, in the wake of deregulation in the electricity-generating industry, both stocks had fallen by more than 50 percent in the previous six months, and the two firms had omitted their dividends. Discuss the experiences of investors like Wayne Denny and George Gleghorn in the context of the chapter text.