What I said was the value of the company would go down not the stock price.
If a company is sitting on a $100 million in cash and pays it out in dividends, that is $100 million the company no longer has. From an accounting perspective the company has $100 million less in assets so, yes the value went down. If you would like to explain how that is not the case, I am all ears.
The net assets of the company do not equal it’s stock price.
That is determined by the expected future earnings of the company and how likely investors believe that company will achieve those earnings, to put it in very simple terms.
If you had read the rest of the article, you would have seen that the point is from an investor's perspective the only thing that matters is total returns (dividends + increase in share price).
The point was that putting an outsized weight on dividends rather than total returns is not “Rational”. That doesn’t mean you can’t make money with dividend investing strategies but between the tax inefficiencies of dividend investing (if held in a taxable account) and the loss of diversification (not all companies pay dividends), it’s likely not going to provide a better return than sticking your money in an index fund.