Alfie McCullen

About Business Fundies

Business Fundies is an educational project by Alfie McCullen. It brings together explanations of company operations, historical financial information, metric definitions and links to original disclosures.

Coverage is a collection of businesses to study. It is not a recommended portfolio. The site does not provide forecasts, price targets, investment recommendations or ratings.

Research and review

Figures retain their reporting periods, currencies, units and source references. Reported observations, calculations and editorial interpretation are labelled separately. Missing or incompatible disclosures remain identified rather than estimated.

The site supports automated source monitoring and owner-authorized data updates. Updates retain evidence references and revision records. A successful source check does not mean every figure has been independently verified. AI assistance is used in preparing and maintaining the website; it does not establish independent verification of the content.

Submitted reports are reviewed by the owner. Publishing a correction notice and verifying its implementation are separate steps. Published corrections remain available in the correction log. Automated AI fact-checking is not connected to the report service.

Read the source and verification record and dated review notes for their stated scope and limitations. Check the original disclosures before relying on a figure.

Different dates mean different things

• Editorial review: the date and scope of a recorded wording or research review. A website change is not a fresh review of every company.
• Financial reporting period: when the activity occurred, or the date of a balance-sheet observation. Annual, quarterly and cumulative periods are kept separate.
• Source publication: when the issuer or regulator released the document.
• Data update: when a substantive change was published to the site's dataset. A monitoring check can find no change.

Read the definition beside the number

Revenue describes income recognized under the stated accounting basis. Operating earnings, adjusted earnings and cash flow describe different aspects of a business. Company-defined measures are not automatically comparable across issuers.

Free cash flow and cash-conversion measures use the formulas and exclusions stated on each profile. For example, Atlas Copco's operating cash-flow KPI is company-defined, while Apple's cash-flow history separates standalone quarters from cumulative cash-flow disclosures.

Asset managers and investment funds also differ: Pershing Square's fee-paying capital and earnings describe the manager; PSH and PSUS report fund-level assets, returns and expenses. AUM is not the manager's revenue.

A dash or a missing observation is not zero. Period-end balances are not flows, and a reported historical price is not a live quote.