JPMorgan just added (https://www.cnbc.com/2026/07/03/jpmorgan-names-high-dividend-stock-among-its-top-july-ideas.html) to July favorites, but here's what they're missing: dividend payers only work when the underlying business isn't eroding. Energy refiners like MPC posted 23.8% net margins last cycle; now they're fighting structural demand destruction as EVs eat into gasoline. EPR Properties sits on real estate but faces secular headwinds in experiential retail.

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