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I found your article of the greatest interest and have printed it off to keep. However, one thing I notice from a growth company screen of my own is how exceptionally useful positive FCF is in identifying really worthwhile and interesting companies which are often Rule Breakers or SA recommendations too (among the assortment of value traps which with some attention can be weeded out of the results). For example, my screen shows up both the current SA recommendations, COH and PNRA.

Therefore it seems self-defeating to me to eliminate FCF, precisely because it is so useful. It seems to identify strong companies.

Instead, the answer to the conundrum you pose could be to ensure that either the screen or the subsequent DD includes tests of performance and continuing growth. Thus getting the best of both worlds?

On the other hand you may be referring to bigger, blue-chip kind of companies, where the presence of FCF is indicating 'stalwart' as opposed to growth. I do not often look at these as most of my emphasis is on growth.

Could I just take this opportunity to say that I have been a subscriber to TMF for some years and have learned a great deal from your many articles; especially early on when the emphasis at TMF was on education and you were one of several outstanding writers; a much reduced element now.
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