This study aims to test the viability of dividend yield investing as an alternative investment strategy to exploit observed overreactions in the• market. The study adopts the Dogs of the Dow investment strategy that entails a buy and hold strategy of the highest dividend yielding stocks in the market. A back-testing approach is adopted from the period 2006 to 2015. The findings from this analysis show that there appears to be limited effectiveness of the DDS portfolio in beating the market or generating abnormal returns. As such, the study concludes that the Dogs of the Dow is not viable as an alternative investment strategy. The study further posits that any observations to the contrary may be as a result of data mining as was proposed by Fischer Black (1993).