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Hello, Tom and David,

I just finished off the book last night. Enjoyed it, a good read. Interesting how different is your qualitative analysis of "Rule Breakers" and quantitative analysis of "Rule Makers". I think the thing I got most out of the book is your analysis of "business direction". I look forward to using your spreadsheet to review some of my investments with my new insights!

I do have a question. I was surprised Tom didn't include Return-on-Equity in his metrics for Rule Makers. My business-school-educated investment club colleagues emphasis this as more important than net margins. My own education in fundamental analysis is still developing, but I got the sense that all the quantitative measures used for Rule Makers does cover ROE; i.e., you'll get nothing new from ROE when you've already considered net margins, cash-to-debt, flow ratios, and the other measurables.

Thanks again, I hope to put the book to good use, and I hope I can join some of the discussion boards regarding the development of your investment principles.

Best regards,

Tim Klepaczyk
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