A Correction Regarding Methodology.

In Letter I we described the Duck Index as a capitalisation-weighted basket with a modest overlay of proprietary avian sentiment.

We wish to correct the record.

Following an internal review, the council has established that the index is, and has always been, computed by the duck. Weights, constituents, and rebalancing dates are determined by the crest, communicated through a process of which the council was not informed, and recorded by S. Voss, who assumed it was a spreadsheet.

We have been unable to reconstruct the methodology. We have, however, been unable to fault the results.

The council voted on whether to disclose this matter. The vote was 3–0 against disclosure, with one abstention from the crest. As the crest holds structural rather than ceremonial authority, the abstention prevailed.

We apologise for any confusion. We do not apologise for the returns.

Distribution: principals only. Forwarding this letter to a goose is a breach of the memorandum.