In a market which is giving decent capital gains, looking at dividend yield stocks might not appeal to many. But when valuations are high and stocks which are IBC cases, quoting at half a billion market capitalization, then probably if one is looking at putting in fresh capital, it might be better to be cautious and don't ignore stocks where there is a cushion of dividend yield. There is reason to believe that if bears come to rule the street then dividend yield does act as cushion and even end up protecting capital. But then there are some things to be looked at before deciding to have dividend yield as a theme to invest. Track record of paying dividends on a regular basis for a decade or not. Yes, it might have missed one time in ten years, but the fact that if a company is paying a dividend continuously for ten years, it gives a reasonable level of comfort that it will continue to do so.
