what you say is true for most regular companies with a regular dividend, like Chevron or Exxon. . .BUT FRO and other tanker stocks pay a "floating" dividend. . .could be $8, could be nothing. . .it makes it much more difficult to value these companies. . .all one can do is buy at a good price, and hold for a long long time. . .As I mentioned yesterday, I bought late 2003, and dividends have already paid for my original purchase price. . .so everything I get from here is cream.