What is James Montier’s basic conclusion about how much the dividend component of returns matters to investors and their total return [the dividend component is the combination of dividend yield and growth while the non-dividend or capital gain component consists of the change in value or price] ?

a. The dividend component drives about the same portion of the total return as the capital gain component (they both contribute about 50%) if considering short periods of time (1 year) or long periods of time (5+ years).

b. The capital gain component drives the largest portion of the total return if considering long periods of time (5+ years) whereas the dividend component drives the largest portion of return if considering short periods of time (1 year).

c. The dividend component drives the largest portion of the total return if considering long periods of time (5+ years) whereas the capital gain component drives the largest portion of return if considering short periods of time (1 year).