For some companies reporting their second-quarter earnings, last week was one of fluctuating fortunes. What the market gave to their share prices on one day it took away the next, and running through earnings season was that consistently big subtraction – the effect of foreign currency translations – and the concern that it may yet accelerate.

Two iconic artists are brought together in unlikely combination at an exhibition that opens in Oxford this week. The patterns of William Morris's curtains and wallpapers have a sublime connection with Andy Warhol's prints of Marilyn Monroe – repetition. The theme of repetition also struck me in the most impactful clinical data release of last week.

In contrast to the SEC’s view that public companies’ regulatory filings give investors all the information needed to make an investment decision, the discount rate used to value a company may not reflect all its risks.