My article does not say or imply that real earnings growth only reflects retentions and that dividend growth must be zero or that all valuation techniques are out the window for firms that don't pay dividends.
( ( My article ) ( ( ( does not ) ( ( ( say or ) imply ) ( ( ( that ( ( real ( earnings growth ) ) ( only ( reflects retentions ) ) ) ) and ) ( ( ( that ( ( dividend growth ) ( must ( be zero ) ) ) ) or ) ( that ( ( all ( valuation techniques ) ) ( are ( out ( ( the window ) ( for ( firms ( that ( ( do n't ) ( pay dividends ) ) ) ) ) ) ) ) ) ) ) ) ) ) . ) )
(ROOT (S (NP (PRP$ My) (NN article)) (VP (VBZ does) (RB not) (VP (VB say) (CC or) (VB imply) (SBAR (SBAR (IN that) (S (NP (JJ real) (NNS earnings) (NN growth)) (ADVP (RB only)) (VP (VBZ reflects) (NP (NNS retentions))))) (CC and) (SBAR (SBAR (IN that) (S (NP (NN dividend) (NN growth)) (VP (MD must) (VP (VB be) (NP (CD zero)))))) (CC or) (SBAR (IN that) (S (NP (DT all) (NN valuation) (NNS techniques)) (VP (VBP are) (PP (IN out) (NP (NP (DT the) (NN window)) (PP (IN for) (NP (NP (NNS firms)) (SBAR (WHNP (WDT that)) (S (VP (VBP do) (RB n't) (VP (VB pay) (NP (NNS dividends))))))))))))))))) (. .)))
My article simply implies that real earnings growth reflects only retentions and that dividend growth must be zero or that valuation techniques are unused for firms which don't pay dividends.
( ( My article ) ( simply ( ( implies ( ( ( that ( ( real ( earnings growth ) ) ( reflects ( only retentions ) ) ) ) and ) ( ( ( that ( ( dividend growth ) ( must ( be zero ) ) ) ) or ) ( that ( ( valuation techniques ) ( are ( unused ( for ( firms ( which ( ( do n't ) ( pay dividends ) ) ) ) ) ) ) ) ) ) ) ) . ) ) )
(ROOT (S (NP (PRP$ My) (NN article)) (ADVP (RB simply)) (VP (VBZ implies) (SBAR (SBAR (IN that) (S (NP (JJ real) (NNS earnings) (NN growth)) (VP (VBZ reflects) (NP (JJ only) (NNS retentions))))) (CC and) (SBAR (SBAR (IN that) (S (NP (NN dividend) (NN growth)) (VP (MD must) (VP (VB be) (NP (CD zero)))))) (CC or) (SBAR (IN that) (S (NP (NN valuation) (NNS techniques)) (VP (VBP are) (NP (NP (JJ unused)) (PP (IN for) (NP (NP (NNS firms)) (SBAR (WHNP (WDT which)) (S (VP (VBP do) (RB n't) (VP (VB pay) (NP (NNS dividends))))))))))))))) (. .)))