Ann: Resimac's normalised NPAT increases to a record $104 million, page-223

The key: Follow the trend.

The drawback: once the trend is established, the hesitant investor, meaning the person who waits until a trend is established, makes less money, and the trend is more probable to loose fizz or just about to run out; can lead to buying high.

The challenge: 1) Looking for value data / metrics doesn't identify a trend. 2) Stock that has trended for a while is not cheap, or is speculative (say IHL or APT), thus not qualifying for value investing 3) Value investing just by looking at data can lead to a 'value trap'; it can also lead to identifying 'falling knives'. 4) Value investors stay for a while with the investment, ... and the longer the time horizon, the greater the uncertainties about future developments impacting the company. 5) Time in the market is also an opportunity cost.

Apologies for my philosophical drivel; I was looking at my portfolio ... and felt the need to be platonic.