You can play it either way. KMM trades in the range of $8 - $11, but the cycles are fairly long. So, buy at $8-$9 and sell at $10+to$11, OR buy between $8-$9 and hold for the long term while collecting all the dividends with little risk to capital invested.
It is too bad that we cannot change the name of this thread! KMM has been outstandingly steady for me. I'll take 9+% anyday. But on some of my purchases of KMM, the yield is much higher. A great one. I also have some KHI which has been a worse performer for me.
Since its original posting in Feb. 2009 in this thread, KMM has gained nearly 28% in capital gains, plus continued to pay the $0.065 monthly dividend --- another 6% so far this year since late-February.
While there have been other stocks that have gained more than 34% (28% + 6%) during that period, the risks of those investments was far greater than with KMM.
KMM is one of those stocks that doesn't get the headlines, isn't very sexy, but just keeps providing a steady income stream for savvy investors. It's a great stock to help balance a portfolio, especially because of its diversity of holdings and International component.