What doesn’t fit into a column or can’t be explained in three minutes on air

There are matters that cannot be dealt with in 1,700 words. When it is necessary to set out the figures, sources and assumptions, a column is simply not enough and a document must be written.

These notes began as internal working material: the sort of thing you need to have in front of you before making an investment decision. I’m publishing them because the reasoning is more valuable than the conclusion, and because an analysis that doesn’t reveal its assumptions cannot be properly discussed.

They are provided as PDFs, complete with charts and cited sources. They are not buy or sell recommendations: they are a way of looking at a problem, set out so that anyone can spot the flaw.