What is Returnolio? A publisher with a real portfolio on the page

Returnolio is a stock research publisher. Each month we publish the Monthly Top 10: a real portfolio of ten companies we manage, with the thesis, the risks and every change since the last edition. Behind it, we score just under a thousand companies on quality, RTEP (our own measure of economic profit, which charges a business its full cost of capital and treats research spending as the asset it is), value, momentum and insider activity. Every input behind a score sits on the company's page with its date, so you can check our work; how the inputs combine into one number is ours.

Behind the write-ups is one workspace for people who invest on fundamentals. It pulls the filings, runs our own valuation work, and puts macro and sector context around every company, so you stop flipping between ten tabs and start writing down theses, your plain-words reasons for owning what you own, that you could still defend in five years.

That is what it does. This page is about why it exists, because that explains the shape of it better than a feature list would.

Who it is for

The honest answer is one person: the founder, ten years earlier.

Somebody who has had a win and mistook it for skill. Who is now taking positions on the strength of what a confident stranger said online. Who is looking at a company page full of numbers and does not yet know which of them is the one that matters.

That person is not stupid and is not lazy. He is uninstrumented, driving at night with the dashboard lights off. The whole product is an answer to that, and it is why the methodology pages explain the reasoning rather than just printing a verdict.

Who it is not for

• Day traders, options gamblers and technicians, the people who trade off chart patterns. There is no intraday data here, on purpose.
• Anyone who wants to be told what to buy. Returnolio is a publisher, not an adviser, and the difference is not a legal technicality.
• Anyone who wants a number without a method behind it. Every figure links to how it was produced, which is slower to read and much harder to fool yourself with.

What that buys you

A score on every company, with every pillar and every input visible, so you can disagree in detail rather than in general. Our own economic-profit measure, which charges each business its real cost of capital (what the money it runs on actually costs it, in interest and in what shareholders expect) and treats research as an asset. Up to four fair-value methods, routed by business model, with the honest answer sometimes being that we decline to give a number at all.

And a portfolio held with real money, published monthly, with the months behind the target shown alongside the months ahead of it.