It's easy to misinterpret profit and loss, particularly if one looks only at the headline figures. To the untrained investor, understanding the financials is simple: profit or surplus means ‘good' or ‘buy'; loss or deficit means ‘bad' or ‘sell'.
But, as many readers of Professional Adviser will understand better than I, it is never as simple as that. One often-overlooked factor is where a company is in its ‘cycle', or business plan. The numbers...
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