As investors, we are in new, uncharted territory. Near-zero-interest rates change everything. Whether we realize it or not, they force us to incur more risk. They boost valuations and thus cause asset bubbles. The need for income by our rapidly-growing retired population further contributes to risk. Companies, realizing that high dividends generate interest in their stock, increase payouts. When a business can’t support its dividend requirement out of free cash flow, or when the company needs that free cash flow to support growth, it borrows to cover the shortfall. Only the highest-quality companies can grow