BACKGROUND Twenty odd years ago, I was a significant junior partner in a UK clone of US DVD rental company, Netflix. I persuaded easyJet founder Stelios, then seeking to expand…

Thoughts on issues we may have to think about when investing post crisis.

INTRODUCTION Amazon is an unusual company in many respects, but one of its key differentiating factors for many analysts and investors is its founder’s emphasis on Free Cash Flow, the…

We suggest four simple changes which would improve audit quality significantly

We were upset to hear of the demise of Patisserie Valerie and our sympathies to all those affected. I presented at Mello London in December, 2018 about the stock and I was shocked that so many smart retail investors had lost money. This video may help you avoid such traps in future.

An IPO of Saudi Aramco in late 2018 at a valuation of $2 trillion (tn) has been widely trailed in the Press. We believe the Aramco IPO is unlikely to happen in 2018, if at all, for three main reasons: timing, the oil price, and valuation.

Value investment blogs have been complaining that the CAPE on the S&P 500 is outrageously high. Last I checked the median EV:sales was now above 3x. But I am not convinced by some of the commentary on the extreme valuation of the CAPE, here’s why.