Sashkinw By Valuentum Analysts. Dividend growth investing has been a boon for many investors. Not only do investors benefit from the capital appreciation of a dividend payer, but the reinvestment of dividends allows these investors to further compound their capital over time. Dividend growth investors can also garner an attractive dividend yield on cost over time as dividend growth ensues over years, sometimes decades. Here's what we mean by yield on cost. We've used Microsoft Corporation (MSFT) as the  ...