AIMster, I also prefer dividend paying stocks. Inasmuch as I live on portfolio withdrawals, dividend income provides a little more stability than a pure growth portfolio.
I highly recommend that any investor read a book 'Fooled by Randomness' by Taleb. Strategies that work most of the time can prove to be catastrophic as Orange County, Long Term Capital Management, and countless other investors have discovered in a painful fashion. Backtesting AIM strategies can be problematic as most databases are composed only of the survivors. Even if one has successfully traded in a certain fashion for 20 years, there is no guarantee that, that once in a lifetime cataclysm doesn't lie just ahead. Even diversifying doesn't entirely solve the problem, unless you are sure that the individual stocks selected aren't in some fashion correlated. In other words, you may be AIMing 20 different stocks, with tight money management, ensuring that no one stock can cost you more than 5% of your portfolio. Even if in different industries, if you have selected high volatility, highly leveraged stocks, you may find that you have much more than one clunker in them. For that reason I tend to trade mostly ETFs and CEFs with an occasional large cap stock.
That said, eye popping returns are possible with low priced junior stocks. One just needs to take extra care to practice sound money management. Despite clear rules in Lichello's book, my guess is that no two people AIM in precisely the same fashion. Just as in almost any investment style, some will be more successful AIMing than others.
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