Ep. 117: Real Yield vs. Manufactured Yield — Which Dividend Checks Actually Last

6 sources on one throughline — real yield vs manufactured yield, and which dividend checks actually last. (1) II's own PZZA teardown: Papa John's 6.15% yield eating 100% of FY2025 free cash flow (1.00x coverage) vs Domino's 2.29% covered 2.84x — is the payout funded by the business? (2) 24/7 Wall St's 5 quality high-yielders on sale: AT&T ~4.55%, Energy Transfer ~6.71%, Pfizer ~6.93% (16yr growth), Realty Income, VICI — real yield trading below fair value, all analyst Buys. (3) TDAQ/TSPY: Tap Alpha's 17% zero-DTE covered-call ETFs claiming to beat QQQ — manufactured yield via daily option premium, mostly ROC. (4) VAI: VegaShares 16.5% weekly-income auto-callable structured-note ETF — high yield engineered from barriers + return of capital. (5) Beginner dividend masterclass: how to build a portfolio, the Verizon ~6.7% yield trap (flat since 1997), SCHD as honest compounder, the 4-part ETF checklist. (6) Altria (MO): dividend king down 9% after 7/30 earnings — real value or value trap? Dropped 2 overlaps: the 'chase the business not the dividend' philosophy interview and the Russ blue-collar 4% Simply-Safe screen video (redundant with the fundamentals + 247wallst screen lanes).