Tragically, the lives of most of us have been touched by cancer and the battle to treat cancer has been ongoing for many years with varying degrees of success. The ubiquity of this disease led us to a Swedish organisation, Elekta. For the last twenty years this company has been the pre‑eminent designer and producer of linear accelerators (LINACs), the machines that are used to administer radiotherapy. The company’s commitment to R&D was impressive, and implied that it was always going to be a major player in what is, sadly, a growth industry. Whilst this excited us we were never able to get comfortable with their accounting policies and this deterred us from making an investment.