Not all companies are conserving cash in this difficulat credit environment; there were several dividend increases which reiterate my opinion that the dividend cuts might not spread to the non-financial sector.

Dividend investing in the classic implementation focuses on identifying solid companies with a record of growing their dividends each year; and an expectation that it will continue into the future. The focus is not solely on yield but a combination of yield and dividend growth. Often it is the lower yield, higher growth, security that will provide the best return over time.

The typical dividend aristocrat is a mature company with wide moat that has weathered the storms of many boom and bust cycles while continuing to increase dividend payments to shareholders. These companies as well as the dividend champions are the cornerstone to my dividend strategy.

Don't forget about your selling discpline during (cyclical) bull markets.