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Diageo is cited by many as a great business. But is it really as good as some people say it is? Phil Oakley has a good look under the bonnet of this spirits giant

Continuing the theme of my column in the magazine, this week I delve into how provisions for bad contracts have fed into profit numbers at FirstGroup.

When a company makes lots of adjustments to its profits you need to have a way of working out whether to believe them or not – a way to work out a company's real underlying profits

Marks & Spencer is still too reliant on the custom of wealthy older people but if it can adapt, the shares might interest contrarian investors now.

A company's profits should be easy for people to understand. Phil looks at how companies try to pull the wool over investors' eyes and how they can spot the tricks they employ

Phil Oakley is a big fan of fund manager Terry Smith's style of investing but has reservations about his large holding in the social media giant.

Buying shares in good companies is not enough for long-term investing success – you need to identify growing companies and not pay too much for them

Building companies dispute they have earned windfall profits but the industry's fortunes are tied up with Help to Buy.

Hargreaves Lansdown is one of the most impressive companies on the London market. But can this great business stay great?

Phil Oakley looks at whether there were any warning signs