On February 13, 2016, The New York Times published a story by journalist Jeff Sommer entitled “Dividends, Wall Street’s Battered Status Symbol.” Sommer discussed the fact that firms had been reducing their dividend payouts at the highest rate since the market bottom of March 2009 during the global financial crisis. He noted that stocks paying high and stable dividends outperformed the S&P 500 since that date, but demurred about whether that was because such firms are inherently more solid or whether inves- tors prefer dividends instead. He concluded his article with a warning to investors who rely on dividends for income, suggesting that they not view dividends in the same way as the income from bonds because firms are not obliged to continue paying dividends. Analyze Sommer’s argument.