Your post is entirely historically focused Vaygor1 and while it might provide a good history lesson for SUM I have held RYM at times and done quite well out of it and left it alone at other times and done better SUM where else. Any quality growth stock bought about the time the GFC ended will have been a multi bagger, RYM better than most by a comfortable margin.

In recent years however as I have correctly called it for several years now it has underperformed as its relative value to the sector got stretched far too far and its relative value to the market was too stretched as well. It has underperformed the market as a whole and the sector over the last 4 years since Winner and I called it miles overvalued at ~ $8 4 years ago. This relative underperformance has come notwithstanding that real estate has been in a very strong uptrend so it will be very interesting to see how they go over the next 4-5 years with Melbourne in a strong downtrend and the Auckland market flatter than the Canterbury plains for the last 18 months and perhaps on the precipice of following Sydney and Melbourne down. Your $30 in five years look like a very fanciful price target to me, have you considered a career writing fantasy novels

I'm holding a really good sized stake in OCA (indefinitely just to annoy JT ) but actually the real reason is to enjoy really hedonistic long term returns far superior to what I expect to see out of RYM in the next 5-10 years. As Maverick has commented, there is nothing stopping him, I or any other shareholder reinvesting those dividends if we choose to so your dividend argument doesn't hold water.