A year ago, I wrote an article about a possible dividend bubble.

Dividend yields were falling, I wrote, as low interest rates on bonds pushed investors into dividend-paying stocks. That set up a dangerous environment of lofty valuations. 

In some cases, that's still true. But there's more to the dividend story than I once thought.

In this video, Fool analyst Matt Koppenheffer and I discuss the dilemma, which has been a long-running debate between the two of us.