On 18 December 2014, the results of the U.K.’s Research Excellence Framework (REF) evaluation exercise were released. This extensive and very costly exercise is intended to take the pulse of U.K. university-based research and now happens once every six years or so. It is also the principal tool used to determine the allocation of approximately £1.6 billion of quality-related (QR) research funding which maintains the fabric of research activity in U.K. HE institutions. Given the fiscal consequences of REF performance it is not surprising that that universities expended considerable time and effort preparing their submissions in the run-up to the exercise and that the results were pored over by academics and their managers across the country. This was a very complex set of runes to read.