  Suppose $(f,\mathcal{X},\nu)$ is a measure preserving dynamical system and
$\phi:\mathcal{X}\to\mathbb{R}$ is an observable with some degree of
regularity. We investigate the maximum process $M_n:=\max\{X_1,\ldots,X_n\}$,
where $X_i=\phi\circ f^i$ is a time series of observations on the system. When
$M_n\to\infty$ almost surely, we establish results on the almost sure growth
rate, namely the existence (or otherwise) of a sequence $u_n\to\infty$ such
that $M_n/u_n\to 1$ almost surely. The observables we consider will be
functions of the distance to a distinguished point $\tilde{x}\in \mathcal{X}$.
Our results are based on the interplay between shrinking target problem
estimates at $\tilde{x}$ and the form of the observable (in particular
polynomial or logarithmic) near $\tilde{x}$. We determine where such an almost
sure limit exists and give examples where it does not. Our results apply to a
wide class of non-uniformly hyperbolic dynamical systems, under mild
assumptions on the rate of mixing, and on regularity of the invariant measure.
