All shares fall by the amount of the announced dividend on the xd date.

Whilst in the short term it may be correct, although in a strong market some shares do not fall by the amount of the dividend announced, after every xd date the share price was higher than before the xd date.

In times of market stress it may take several years for the above to be true but true it is, if you own the right share, MRCH is a dividend hero.

But not true if you pick the wrong share.