






Adventures In ESG Land
Where values matter, fees are huge and some of the holdings may surprise you

Learning From The Top 1%
Reflections on a year interviewing the world’s best investors and analysts


Doomed to crash?
This auto IPO (not Carvana) has been a disaster. Luckily, ther accounts told you it was coming

China Tech’s Dual Personality
A case study in finding out what really drives a company’s share price

The Future of Quality Investing
“The outperformance of this long-short strategy is surprisingly high”

Twitter’s $2.9bn black hole
“We have a number in the accounts that doesn’t reflect economic reality”

Decoding the Quality Factor
Compounders have ruled since 2010. Are they worth paying up for?


A Multi Decade Inflection Point
How a stock market legend is tackling the biggest investing theme of our lifetime.

Investing’s most neglected clue
It shocks me that investors don’t pay more attention to this…

Why Macro’s finally worth talking about
These five factors will define the next era of investing. Here’s what you can do today to prepare.

The Real Headwind for Airline Stocks
Qatar’s Airbus A350s have a problem with flaking paint.




What I learned from a £2000 investing course
Plus, the real secret to becoming a better investor

Aston Martin’s £142 million hangover
“Or why I prefer my finance chiefs to be old, grey-haired and conservative”



My big break as an equity analyst
How to be seen as one of the best analysts in your field






Jedi Research Tricks
How to read management’s mind and get “inside info” without breaking the law


Adjusted EBITDA – The Hut Group
The Hut Group stock has collapsed. There were some signals of the risks. We think the accounting is aggessive.

China Changes
Chinese tech stocks have been hit by recent Government action. We examine whether the derating is justified and what might come next.

Using Estimate Revisions to Research a Stock
Tracking estimate revisions is an essential element of the research process. This article explains how to monitor them and some of the nuances which can can sometimes give a false impression.

Does Your Portfolio Have Too Many Stocks?
What’s the right number of stocks and the right level of concentration for an equity portfolio? Spoiler…it’s difficult.

Greensill: What have we learned?
A recap of what we learned about Greensill and some new info – not one of the top 10 exposures appears to have been at arms’ length.

Why Ferrari will not race away
A look at Ferrari’s valuation and its longer term investment prospects.

Doc Martens and Operating Leases
BACKGROUND The intention behind IFRS 16, which brings notional lease liabilities on to the balance

Greensill Revisited
We revisit Greensill and re-examine the clues ahead of its demise and look at some broader implications as well as some other stocks tied up.

Amazon’s Cash Flow
INTRODUCTION We published a blog on Amazon around a year ago where we explored the

Netflix: Cooked? Episode 2
In this blog, we further examine how Netflix accounts for its spend on content and conclude that it’s neither conservative nor consistent with its accounting policies.

Stock Based Comp – The Disappearing Expense
INTRODUCTION Stock based compensation (SBC) presents a problem for investment analysts in a number of

The Art of the Deal – Trump’s UK Golf Assets
INTRODUCTION This is the latest of our series of educational blogs on accounting red flags,

Five Rules for Picking Winning Stocks
FIve rules for picking winning stocks, taken from our How to Pick Winning Stocks course

Greensill, Softbank & Cooking the Books
This month’s blog is a little different — it’s co-written with my friend Marc Rubinstein.

Netflix: Cooked?
BACKGROUND Twenty odd years ago, I was a significant junior partner in a UK clone

10 Changes from Investors post-Virus
Thoughts on issues we may have to think about when investing post crisis.

Amazon’s Free Cash Flow
INTRODUCTION Amazon is an unusual company in many respects, but one of its key differentiating

Audit Reform
We suggest four simple changes which would improve audit quality significantly

Patisserie Valerie
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.

Aramco IPO Mirage
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.

Closer Look at CAPE
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.
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