Is dividend investing really NOT "free money"?

I am looking to buy shares of dividend paying companies. I have seen many articles, videos and others. Mentioning that dividends are "not free money". I understand that the share price falls on/after the ex dividend date by the amount of the dividend. However isn't this applicable only to people who buy shares just before the ex dividend date and sell them a little later? How does this affect long term holders, that also get capital gains from the stock? submitted by /u/ADG_98 [link] [comments]