The quote you give is irrelevant. One would expect cash-rich dividend holdouts to outperform dividend payers on the basis that dividend holdouts are often companies whose shareholders expect, often based on past performance, will deliver better than market returns with any cash they're allowed by shareholders to keep.
At the same time, dividend payers are valued on the basis that they have distributed part of the assets of the company. Looking at the share price on its own is fairly uninteresting, as that does not take into account the total value to shareholders. If you want to look at total value to shareholders, take the share price and assume that every dollar paid in dividends is immediately re-invested in more shares in the company. Once you do that, companies that pay dividends perform substantially better than if you look at the share price alone.
At the same time, dividend payers are valued on the basis that they have distributed part of the assets of the company. Looking at the share price on its own is fairly uninteresting, as that does not take into account the total value to shareholders. If you want to look at total value to shareholders, take the share price and assume that every dollar paid in dividends is immediately re-invested in more shares in the company. Once you do that, companies that pay dividends perform substantially better than if you look at the share price alone.