Ann: Program Development Progress Report, page-49

Increasingly, I focus on patterns of cause and effect regarding company activities/announcements vs the share price. If a company keeps making the same kinds of announcements, and the share price fails to respond, then it seems the company is stuck in a rut. With every passing announcement, and every passing year, the evidence for that mounts. This is what people are complaining about in these threads. Of course, this a medium term view.

Alternatively, you could take a long term view and say that the company is sowing seeds that will one day sprout. Personally, I don't have the trust or patience for that long-term approach - too much can go wrong in the meantime and there's huge opportunity cost. Also, it's like handing your power over to the directors.

I'd rather look for companies where there is a positive interaction between company activities/announcements and share price. This approach involves looking for dynamic entrepreneurial directors who communicate well with the market and where this is consistently reflected in the share price responses.