We hear a lot of chatter in the business media about productivity these days—specifically how it could decline in the US (and, by extension, hit our gains from stocks—and stock-focused CEFs ). Today we’re going to look at why this fear is overblown, and how we income investors can profit—and collect a 6.7% dividend at a 13% discount—off that disconnect. US productivity, for its part, rises by about 2% on average per year. As we discussed a couple weeks back, the S&P 500 has posted a 10.4% annualized gain since the late 1980s, and we can say that rising productivity accounts for about a fifth of that, so about a 2% gain in stocks on an annualized basis.… Read more