Ep. 110: Real Income vs. Manufactured Yield — The Durable Dividend Lens

5 sources on one throughline — real income vs. manufactured yield; how to tell a durable, cash-covered dividend from a headline number that's really ROC, a value trap, or one cut away from disaster. (1) Our own MO vs PM '6% Cigarette Dividend' — Altria's 5.88% yield vs Philip Morris's 3.03% + growth; split from one company in 2008; FCF coverage MO 1.30x/PM 1.24x; MO less-levered (~2.0x vs ~2.7x). (2) AT&T (T) — the 2022 46% dividend cut (52c->27c), $15B->$8B payout, net debt $190B->$152B deleveraging, no raise since. (3) Dividendology 4 high-yields w/ a coverage metric each — VZ 6.4% (57% FCF payout), MAIN base-vs-total BDC yield trap (~8% shown but ~6% base covered 1.26x NII), WES MLP 8% (DCF-covered), IIPR 9% cumulative preferred (covered 48x). (4) FDVV — Fidelity High Dividend ETF that beat SCHD by holding AAPL/MSFT/NVDA/AVGO (~18%); 12-mo div-growth screen; the outperformance is a tech tilt. (5) CHPY — YieldMax semiconductor weekly-pay covered-call ETF; option-premium 'yield' + ROC + semis outlook. Dropped 247wallst (Cloudflare 403), Global X EDGX/EDGQ + Kyle grab-bag (redundant).