I like dividend yield as a valuation measure. I would rather own a company that pays out 90% of earnings than one distributing 40% ceteris paribus. Cheap, high growth, high return-on-equity (ROE) companies make the best investments as they return a large and growing stream of cash to shareholders. A high dividend yield often indicates cheapness and high ROE so is a good starting point. Debt needs to be considered as some companies temporarily sustain high dividends by leveraging their balance sheets. ALU, JIN, PME, DDR and KME all had dividend yields greater than 5% at one time.