"To all ARB holders, it looks like our company will continue to...

"To all ARB holders, it looks like our company will continue to grow consistently into the future."

Yes, sure. But at current nose bleed levels, for the stock, that's the very least we can hope for. At earnings yield of circa 3%, dividend payout of about 50%, that leaves earnings being retained to the tune of 1.5% of current share price. That paltry little 1.5% is going to have to be working awfully hard to grow the intrinsic value of the business to match its lofty price (regardless of how wonderful a compounding machine ARB is, which it most definitely is).

I don't know. I'm still a fully paid up member of the Church of ARB (one day I might even buy their product), but I might just have to pray that little harder, to ensure the miracles keep coming.