In most cultures, calling someone mature isn’t considered an insult. Among investors, however, calling a company mature is the equivalent of saying it’s a has-been. And conventional wisdom says that the surest sign of maturity is when a company starts paying a dividend.

That conventional wisdom is reinforced these days by investor fascination with the FANG stocks, Facebook, Amazon, Netflix, and Google. (Now that Google has created a parent company called Alphabet, maybe we should call this group FANA.) None of these issues pays a dividend.

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