Ann: 1-Page Quarterly Commentary and Appendix 4C, page-24

I agree. There is a significant amount of statistical evidence over a very long period of time that backs up what you're saying.

Clearly some (but very very few) concept stocks work and you made extremely large returns, but on a whole buying concept stocks doesn't work, whereas buying cheap higher quality stocks has worked for the past 100 years (but clearly doesn't mean you will make money tomorrow, but over the medium term you very likely will). Clearly not as much fun though!!!

Even buying WOW AU at the moment which is facing a lot of issues currently will probably be quite good in the medium term (I don't own it though).