Expected Dividend- D1 vs D0

[Onda]

I have a very stupid question to ask, yet it seems I keep doing the same mistake and I cant find an answer. When we calculate the expected return or the actual return on an investment, why do we always use D1 rather than D0?For example, in one of the exercises in the curriculum, they have asked us to calculated the expected return on an investment and the investor just received a dividend, plus had 4 quarterly dividend to come in the coming year. Ok, I get that the expected return is based on the expectation, but the dividend he has just received is still part of his return, so I am not sure why that particular dividend wasn’t included in the return calculation.

Can someone help me?

[fino_abama]

@Onda

but the dividend he has just received is still part of his return

This is now historical.

If you are calculating the realized return (i.e. actual return based on what was received), then you would include the dividend just received and the change in price (from last period to current period).