Dividend returns also have been a significant component of total stock returns, or dividends plus capital gains. Starting from 1950, total stock returns on the S&P 500 have averaged 14.14 per year percent without the reinvestment of dividends. In turn, dividend returns have been 4.11 percent or 29.07 percent of the total returns. Figure 1.3 describes the annual relationship of dividend returns to total returns. It can be seen that while total returns have been erratic from year-to-year, dividend returns have been rather stable. An interesting article from the famous Wall Street Journal written by Dorfman (1996) stated the next: