As I mentioned before, I think investors do understand that multiple expansion drives a significant portion of the total return on an investment. (investing501.com)
If you are looking for a high capacity expansion drive, then this is a device you will undoubtedly find useful. (thatvideogameblog.com)
Of course, if a company doesn't pay a dividend AND borrows more, this is not true, but that's not the scenario in your question, and generally mature companies with mature earnings may as well pay dividends as they aren't on a massive expansion drive in the same way. (money.stackexchange.com)