I think the point is that, in theory at least, the price would have been higher at the point of value recovery by the dividend amount.

Of course, it’s never exactly that simple in practice, as there are many other factors affecting share price. But there’s a point in dividend payout being referred to as forced fractional share sale.

Dividends are basically a last resort for boards. They are what you do with the money when you can't find a more productive use for it. Companies that aren't paying dividend are re-investing revenue in future growth.

Dividend companies don't have anything better to do with their profits than pay them back to investors. Sure, many successful companies will end up there at some point. But there's not much correlation with that and an investment that's good starting today.