Beautiful chart, page-55

I was reflecting on your comment it takes a lot to average up. I agree always a challenge and definitely tougher than catching a falling knife. And arguably even harder if the primary motivation for holding the stock is strong dividend yield rather than future capital growth. If you buy shares at a higher price than those you currently hold then your resultant percentage dividend yield will always be less than the yield on stock already held. But if you're satisfied that even at current price the projected yield exceeds that of alternate investment choices then arguably still worth buying. If principal reason for holding a stock is the expectation of an increase in value, then averaging up is seldom a problem. We readily convince ourselves the market has simply failed to appreciate the real value of the company. And if reason for owning is both dividend yield and capital growth then you can rationalise the reduction in yield on the newly acquired shares will be offset by the expected increase in their value.