What we hold and who pays us.

Our own position. Every piece of research carries a position line in its “Where this comes from” block, and that line always renders — including when the position is none. So there is no blank: either it says what we hold, or it says we hold nothing. Where we do hold a position, it also appears in one sentence in the opening notice, not at the foot of the document. Public positions that have exceeded 5 % of portfolio weight are listed on the public Products page.

Paid coverage. No research in this section is paid for by a third party. We do not accept payment to cover a company or to reach a conclusion.

Where the money comes from. This section is funded by membership. That is deliberate: when the reader pays, nobody else has a reason to influence what the text says.

If any of this ever changes, it will be written here and on the material concerned.