@travelightor As is so often the case, I sympathise with much of...

@travelightor

As is so often the case, I sympathise with much of what you are saying. Yes, I prefer ARB and REH. But then, it's a tough ask to compare well against those two. NCK looks good too, but I'm not interested in buying into discretionary household goods retail at this point (and thus increasing my exposure to this segment).

ARB and REH are close to perfect. They are also priced to match. ONT isn't cheap either, but I believe it exists in a space where industry tailwinds, going forward, look attractive (small market share in an industry that is ripe for consolidation). Ultimately, if I limit myself to perfection, I will be overly concentrated in some very pricey assets.

Whatever foibles ONT may have (and acknowledging that Mr Holmes is only human, as I suspect I myself am) the positives are stark. Incentives that are properly aligned with a track record of prudent stewardship of shareholder capital demonstrated by tight (obsessive?) cost control and an immovable intent to allocate capital for expansion only when the planets align to create value.

Much as the language has been cagey, fluid and a little too "shareholder friendly" - I cannot ignore this reality. He hates reporting "bad" numbers. For most managers, the numbers would have to be far worse to be considered bad.

Should I throw the baby out with the bath water?

So, I think I'm with @jg123456, and I agree that the future looks better than the recent past.