hard to stomach this , page-6

Even if dividends do fall, there is still a lot of value in the yields.

Lets say the dividend yield (as opposed to earnings) falls 20%, then at these levels ANZ will still yield 8.5% plus the franking credit.

Even if they reduce by 50%, that is a yield of around 5% plus the franking credit - a good comparable investment return compared to other investments.

Plus, you would have to assume that at these levels, the market has factored in a fair bit of bad news already so over the mid-term you would expect some capital growth and increased earnings (if you take the low earnings base the market is factoring in).

Now before every one jumps up and down, I know that in the very short-term things are not looking good, but even after the Great Depression and the 1974 Bear Market, things turned quickly and there is no reason to expect that the same will not happen after this bear market(eventually).

The problem imho is that everyone tries to pick the lows (and the highs) without taking a more pragmatic, longer-term (less greedy) approach to investing.

IMO at these levels, they are reasonably cheap (perhaps not the absolute cheapest they may get) and if you are in it for the longer term, you will make some good money.