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I've said it before. I'll say it again. Short-term volatility is a long-term opportunity. Another way to look at it? Short-term pain is a long-term gain. Why?

Well, if a stock is worth, say, $100, being able to buy it at $90 is great. But if the pricing collapses to, say, $60, all else equal, that's even better!

Stocks are a weird thing where people tend to want them less when prices go down. Conversely, people want to chase them after the prices have shot higher. But successful long-term dividend growth investors operate in a way that's completely opposite to this. They get excited when prices are below value, and they get even more excited when pricing drops further below value.

After all, lower prices should result in higher yields, greater long-term total return potential, and reduced risk. And since business value doesn't move as fast as stock pricing can, short-term collapses in pricing can sometimes present excellent long-term opportunities.

Today, I want to tell you about five dividend growth stocks that are down more than 20% from their recent highs.

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