The search for good-quality yield is becoming increasingly difficult. Many of the companies I recommended in my Income Investor newsletter at a time when their shares were paying 5 per cent or more have seen their yields fall to well below that level due to price appreciation.
One example is Moreau Shepell Inc. When I recommended it in 2011, the stock was yielding a handsome 7.6 per cent. But the share price has risen almost $7 since then while the dividend has remained unchanged, dropping the yield all the way to 4.6 per cent.