I really enjoy the cautious, well reseached, and well reasoned approach to 'value investing'. Thank you so much for doing the hard yards. However, I am not sure your 'system' is currently nimble enough to avoid subscribing investors like me taking major capital losses, when some recommended stocks become notable duds: from 'hero' to 'zero'. These would include MME / MVP / EML / OBL / TPG, and AD8 - that has simply returned to around its initial recommendation price. I think there could be a much stronger and earlier 'telegraphing' of when a once 'fancied' value stock, and all those favourable metrics that went with it, is suddenly going belly up. I have alas been left with ALL of those stocks, some now sold at a miserable loss. Maybe I was not paying attention, but the first / the second / and the third rule of investing is "First do not lose money". Can you, as a smart and highly respected value investment stock-picking group, who I admire enormously, please now think more about how best to not lose money, on a once recommended stock? I would much prefer this, than all the new effort you are now putting into US stocks, which I personally am not interested in, and did not sign up for. Thank you, Dr Anthony Brown < af.brown@uq.edu.au >