Fractional shares and dodgy pie charts

TLDR: When fractional shares are ranked and grouped in buckets, any ratio of successive bucket means >0.5 is suspect. ————– Listening to this interview with John Hempton reminded me of his forensic scepticism about the following pie chart, taken from an investor presentation about the pharma company Valeant. John wrote (in 2014, when Valeant was still riding high) that the chart looked implausible … Read more