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That's a bit like saying everyone who weighs 90kg is fat. That might be true of a 1.6m tall pastry chef, it probably isn't true of a 1.9m rugby player.This strikes me as a flawed (floored?) analogy. Debt could be viewed as analogous to weight, but surely a debt to earnings ratio (which is what Mr Wilding is taking aim at) is more analogous to…

And there's the agency problem in a nutshell. RNSs should be presented in a way that works best for the shareholders - you know, the people that actually own the business. They shouldn't be spun to present information in a way that puts the directors in the best light possible. I think it's outrageous that there is a whole financial PR industry, effectively paid out…

Manolete Partners (LON:MANO) is a different kettle of fish to Burford Capital (LON:BUR) and Litigation Capital Management (LON:LIT) so I don't think the P/NAVs or P/Es can be directly compared. Manolete's niche (UK insolvency) has rules which allows them to be the principal in most of their legal cases, not just the funder. That means they control the timing of any settlements and their cases…

Manolete Partners (LON:MANO) - a miss on revenue and profits maybe but not a miss on earnings per share (according to Stockopedia; I've not seen any broker notes), With a historic PE ratio of 40+ I can understand why the share price has come off a bit, but those stonking margins and returns on capital are fully deserving of a PE ratio higher than normal.

Your distinction between internal and external option beneficiaries feels a bit artificial to me. From the company's perspective they should always want the vesting price to be as high as they can get away with whilst preserving the incentives they are intended to create. That applies regardless of who the option holders are so issuing options at lower target prices for insiders feels to me…


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