Under this model, an investor annually reinvesting in high-yield, Dow companies has the potential to out-perform the overall market. The data from Dogs of the Dow suggests that this has been the case since the turn of the century. The logic behind this is that a high-dividend yield suggests both that the stock is oversold and that management believes in its company's prospects and is willing to back that up by paying out a relatively high dividend. Investors are thereby hoping to benefit from both above-average stock-price gains as well as a relatively high quarterly dividend.