Is income investing in the share market a dying concept?

The following article will appear in shortened form in the Australian Financial Review form on Monday online and perhaps in print on Wednesday, presuming it makes the editors cut.

Over a decade ago income investing in the share market was an oxymoron. On a risk adjusted returns basis, conservative investors had other options to satisfy their income needs.

But in the decade of the 2010’s, anemic interest rates, non-existent inflation and over inflated company cash levels meant that many income investing archetypes were forced to enter the world of riskier equity investments, and so the idea of income investing in the market was born.

However, since the RBA re-commenced this rate rising cycle, many new structured ‘bond like’ products have emerged and now provide income investors with a choice.

Notwithstanding the above, dividends have been a key component of total returns even John D Rockefeller reminded us in 1908, “Do you know the only thing that gives me pleasure? It's to see my dividends coming in."

Looking deeper into this somewhat narcissistic perspective, it’s important to remember that a dividend represents the fruit of a company’s labour. That is, its profits from operations, its ability to generate cash and remain as...