"While the current yield on a stock might be only 2 or 3%, that's for people buying the stock right now at the current price. For those who bought it long ago at a lower price, and who are getting that same current dividend, their effective yield is higher. And over time, it can grow very high indeed."
http://www.fool.com/investing/dividends-income/2009/05/11/how-im-grabbing-20-dividend-yields.aspx
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