@turmoil77 Got you.
Surely there are cases where you can produce similar cashflows, but personally I wouldn't consider the two outcomes the same.
In the dividend example, you still retain the same amount of ownership of the company on a percentage basis, and you have the cash in hand meaning it is no longer influenced by the company management.
In the other example, you have less ownership, the ownership you do have is still influenced by those retained earnings, and the company management still in control (for good or bad) of those retained earnings. Mind you, if you don't trust them with the retained earnings you shouldn't trust them at all, but not all businesses are growth businesses.
Also, of course, there are the tax implications for taxable investing.
I'd be curious to see an analysis on this over a broad term.