In this low interest rate environment, it is normal for people chasing for higher yield investment instrument with comparative lower risk.
In this situation, mature industry which pay high dividend appear attractive. The business is stable and has lower risk. I think it is one of the main factor for their high valuation.
When people heavily benchmark stock dividend yield to risk free rate, interest rate risk become an important factor. Watch out when the interest rate start to rise. When that happen, those high dividend paying company's stocks will suddenly become vulnerable.
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