We write on investment and financial reporting. Most of these blogs pre-date our Substack newsletter. We love to hear ideas or suggestions – please get in touch.
“Or why I prefer my finance chiefs to be old, grey-haired and conservative”
How to read management’s mind and get “inside info” without breaking the law
The Hut Group stock has collapsed. There were some signals of the risks. We think the accounting is aggessive.
Chinese tech stocks have been hit by recent Government action. We examine whether the derating is justified and what might come next.
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.
What’s the right number of stocks and the right level of concentration for an equity portfolio? Spoiler…it’s difficult.
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.
A look at Ferrari’s valuation and its longer term investment prospects.
BACKGROUND The intention behind IFRS 16, which brings notional lease liabilities on to the balance
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.
INTRODUCTION We published a blog on Amazon around a year ago where we explored the
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.
INTRODUCTION Stock based compensation (SBC) presents a problem for investment analysts in a number of
INTRODUCTION This is the latest of our series of educational blogs on accounting red flags,
FIve rules for picking winning stocks, taken from our How to Pick Winning Stocks course
This month’s blog is a little different — it’s co-written with my friend Marc Rubinstein.
BACKGROUND Twenty odd years ago, I was a significant junior partner in a UK clone
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
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.
