Back in Fashion: Dividends

Here's a revealing tale that was on everyone's lips in the financial world early this month. If you invested $1,000 in Nortel Networks a year ago, you would now have stock worth less than $100. If instead you spent $1,000 on Budweiser and drank it, you would have not just the obvious reason to smile but a subtle one too. On the basis of a nickel-per-can deposit, the empties would be worth $91. How's that for a New Economy slap in the face?

Nortel isn't alone. From Internet equipment to Internet retailing, the new new thing hasn't workednot...