Not sure what you mean by normalized profit Maverick but underlying earnings per share is the standard by which professional investors and analysts compare these retirement companies and ARV looks the least compelling of the options on this basis having earned just 4.32 cps in the latest half, up just 17% hence why I believe they will continue to underperform the sector. Their metrics don't cut the mustard for me. I haven't been a shareholder at any stage and extremely unlikely to be in the future. OCA my preferred stock in this sector and I see no valid reason to take a diversified approach at this stage. If SUM get down to the low $5's it might be worth rechecking my SUM's on that one and getting slightly more diversified again.