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Original, source-led notes on companies, industries and corporate risk. Filter by topic or search by keyword.
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Case study: Kodak, when the invention is not the business
A widely documented example of a market leader whose core business was displaced by a technology it helped to invent.
Case study: Nokia, leading a market and then losing it
How a leading mobile-phone maker was affected when the market shifted from handsets to software platforms.
Cyclical or structural? Separating the cycle from the trend
Why a strong year is not a trend, and how to tell whether an industry's demand is rising with the cycle or for lasting reasons.
Five places working capital can hide risk
Receivable ageing, inventory build-up, supplier terms, advances and cash-flow divergence: where to look when profit looks better than cash.
Growth at what cost? Incremental returns and funding needs
Revenue growth is not the same as value creation. How to examine the capital a business consumes to grow, and what it earns on the extra capital.
How to read an industry in five questions
A simple, repeatable checklist for understanding how an industry earns its profits before looking at any single company.
Profit is an opinion. Cash flow is a test.
How to read the relationship between reported earnings, receivables, inventory and operating cash flow, and what deserves a closer look.
Reading the auditor's report: what to look for
The parts of an auditor's report worth reading closely: the type of opinion, key audit matters, emphasis paragraphs and going-concern comments.
Related-party transactions: what to look for
Why dealings between a company and its promoters, subsidiaries or associates deserve a closer read, and the questions to ask about each one.
Return on capital: how to read ROCE and ROE
What return on capital employed and return on equity measure, how leverage can flatter them, and what to compare them against.
The four engines of company growth
Volume, price, mix and new markets: a simple way to explain where a company's growth actually comes from, and how durable each source is.
What is free cash flow, and why does it matter?
A plain-English explanation of free cash flow, how it is commonly calculated, and the cautions that go with it.
Who captures the value in a sector?
Tracing profit along the value chain, from suppliers to manufacturers, distributors and customers, to see who holds the pricing power.
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