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<<Perhaps this can be further enhanced by using the standard deviation of ROE divided by the average ROE so as to 'size' this value relative to the other stocks being considered.>>

This dividing would normalize the variation; otherwise a company to an ROE of 10 would have an advantage over a company with an ROE of 30. Some backtesting would let us know, though I suspect the main differentiation would be between cyclical companies and non-cyclicals. (This is just handwaving, you understand....) So the question becomes, does BI get better returns from cyclicals or non-cyclicals?

By the way, the standard deviation divided by the average is called the coefficient of variation, or CV.
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