REH moat, page-116

"Lack of broker coverage means no big funds buying into the company, like BHP or Telstra. Therefore the stock is not liquid means less volatility for the stocks (stock can go up or down faster as other shares) less capital gain. "

I guess we'll have to disagree on that score.

Because my long-made observation is that what creates enduring shareholder value (or, "capital gain", as you describe it) is the degree to which companies growth their Revenues, Profits, Cash Flows and Dividends over time and - almost more importantly - what the quality of that growth, is.

And that the activities of the various market participants have zero impact on the financial performance of good-quality companies.