Ann: Preliminary Final Report, page-44

Best thing, I think, is to try to understand the principles behind the method, and try to adapt to suit yourself (or ignore).

Very true that to understand the principles is key to any learning.

So on reflection, I guess the main take away principle from the method in Rogers book for me is - when a company is able to generate high returns on retained profits over many years and pays no dividend, it is worth far more to shareholders than the same company that pays dividends.

The principle is sound. Berkshire Hathaway is the prime example. High ROE over half a century with no dividends paid. Retain all profits and deploy them at high rates of return and let compounding work its wonders for shareholders wealth.