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Oxford Instruments has many of the characteristics of a high-quality business. It is going through a tough time at the moment, but it has a long-term strategy and exposure to attractive end markets that may reward patient investors

Never let gearing or financial leverage fool you into thinking a business is performing better than it is

Some measures of company performance are better than others. I look at the pros and cons of the most commonly used ones

The coffee chain is an example of a great profit brand. It is also an example of using buybacks to mask weak profit growth

How a company is managed is important but not excessively so.

Investors often deduct cash when calculating financial performance and valuing a business. It is more prudent not too.

Homeserve has a very profitable business model, but the decision to invest heavily in Checkatrade is not guaranteed to pay off and could dilute its profits growth in the US

Become a better investor with Phil Oakley’s insights into company annual reports - the most important document in any investors' toolkit

YouGov shares look very expensive, but they deserve to be. It is a quality growth stock that may continue to defy the valuation sceptics

Recent increases in stock markets can be justified by large flows of money and low interest rates. That is not the same as saying the good times will last