Ann: JB Hi-Fi Sales up 8%, Profit up 16%, Dividen, page-9

re: Ann: JB Hi-Fi Sales up 8%, Profit up 16%,... Spot on Mike,
so the key to this stock is to buy it when its dividend yld becomes attractive, and for just moderate growth.

Preferably something like div yld + SUSTAINABLE growth>PE

If the growth rate does start to come down, the share price reaction will be directly proportional to the PE ratio at the time.

An interesting case is Harvey Norman.
Back in year 2000/01 this stock was being priced as a real growth stock with a PE of around 40. Yes thats right 40 HVN.

Now 10 years later and the stock price is still trading below its 2001 level. Earnings have gone up during that time.
Just shows how crushing the market can be when one overpays for a stock.