'The Theory of Investment Value' John Burr Williams (1997)
http://www.numeraire.com/spec.htm

"As will be shown later, the longer a buyer holds a stock or bond, the more important are the dividends or coupons while he owns it and the less important is the price when he sells it. In the extreme case where the security is held by the same family for generations, a practice by no means uncommon, the selling price in the end is a minor matter. For this reason, we shall define an investor as a buyer interested in dividends, or coupons and principal, and a speculator as a buyer interested in resale price...To these speculators dividends are inconsequential because they hold for too short a time to receive many dividends."