然而，近年来这种策略面临巨大挑战，最大的缺点在于错失了全球股市（尤其是美国科技股）带来的庞大资本利得。此外，单纯依赖股息来维持生活水准的难度逐渐增加，因为派息金额波动不定，且企业愈来愈倾向透过股票回购而非发放股息来回馈股东。
尽管收益投资不再是万能的财务解决方案，但它在个人投资组合中仍具有资产配置与分散风险的作用。专家建议投资者在选择高殖利率股票时，应审慎检查股息覆盖率和每股自由现金流，以避免落入价值陷阱，或者可以考虑将优质的高收益债券纳入配置。
The core philosophy of income investing is to live on dividends without touching the principal, a concept with deep historical roots in the UK. Traditionally, this strategy has provided investors with a sense of security and simplified financial management, which explains why the UK stock market remains heavily influenced by this yield-driven approach.
However, this strategy has faced significant challenges in recent years, with the biggest drawback being the massive opportunity cost of missing out on capital gains from global equity markets, particularly US tech stocks. Furthermore, relying solely on dividends to sustain a living standard has become increasingly difficult due to fluctuating payout amounts and a growing corporate preference for share buybacks over dividends.
Although income investing is no longer a catch-all financial solution, it still plays a valuable role in portfolio diversification and asset allocation. Experts recommend that when selecting high-yield stocks, investors should carefully examine dividend cover and free cash flow per share to avoid value traps, or consider incorporating higher-quality high-yield bonds into their portfolios.