Two issues with a high dividend stategy:
1) dividends are taxable when received, as opposed to capital growth which isn't taxed until realized (buy and hold indexes, and you have virtually zero turnover)
2) because interest rates have been at historically low yields for some time, investors have largely switched to dividend stocks. This has, IMO, resulted in popular dividend stocks becoming over-priced, relative to other securities. It may be a while before that gets normalized, but I do believe it will happen sooner or later.
I think a diversified buy and hold strategy is best for most investors. There is a very simple way to outperform the markets: dollar cost averaging. All you have to do is save regularly (pay yourself first), and buy a diversified portfolio. The math will take care of the rest. And it doesn't require significant time or expertise.
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