Agree on the oversight. From his CFA perspective (which I'm not in any way), divs are somewhat diminished in the new normal (as your link shows), and minority of companies account for the majority of divs. Of course, fiscal policy also impacts div gains. Double whammy. Creates a great climate for the development of productive assets, rather than resting on protective assets.

But the "new normal" includes very low price inflation, while his analysis is based on a period of high inflation and high dividends. With that overlook, his predictions look very shaky to me.