Essentially this is a partisan document. It is a summary of Nunes interpretation of secret information. However we all know that Nunes is a partisan hack and the people around this are partisan hacks. The trouble is that we cannot see all of the information that this relies on. The information used in the memo was declassified however the underlying information was not declassified. It is impossible to see the context.
Also another column points out that the memo gets publicly available information wrong.
This was part of Comey's testimony.
COMEY: The president called me I believe shortly before he was inaugurated as a follow-up to our conversation, private conversation on January the 6th. He just wanted to reiterate his rejection of that allegation and talk about—- he’d thought about it more. And why he thought it wasn’t true. The verified — unverified and salacious parts.
Comey testified there were 3 parts to the dossier. Information that the FBI had verified, information the FBI had been unable to verify and salacious information. testimony shows that.The founder of Fusion GPS said that he had thought that the FBI had the same information already. Comey's testimony confirms this. Also the FISA warrant is secret. If it were based on verified information then the whole argument falls apart.
Worth noting that Kelly thinks this is "meh" and overhyped. Even Paul Ryan has lowered expectations for this.