Ann: December 2012 Appendix 4D , page-7

A good post again, Camden, as usual.

There is a variant to investing in companies with intrinsic value growth.

One can also make money in companies with no intrinsic value growth, as long as the price paid is cheap enough (to me means returns must exceed cost of capital, cost of capital being opportunity costs). I have in mind companies that are paying out all excess capital as they have no reinvestment opportunities, and their basic businesses are not growing anymore.

RHG comes to mind.

Still, for the lazy investor community, of which I count myself as one, life is much easier if intrinsic value keeps growing.