Open Letter to the SEC: Fiduciary Duties Need to Extend to Research

The SEC needs to offer a more concrete interpretation of the Duty of Care, one that focuses on the research upon which investment recommendations are based.  

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Podcast: Why Fund Managers Are in the Danger Zone

CEO David Trainer sat down with Chuck Jaffe of Money Life to talk about our Danger Zone pick this past week: Fund Managers That Don’t Analyze Details in 10-Ks.

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Danger Zone: Fund Managers That Don’t Analyze Details in 10-Ks

Investors deserve more diligence from fund managers, so we are putting those that don’t read SEC filings or lack the technology needed to thoroughly analyze those filings in the Danger Zone.

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Filing Season Finds: Week of March 12-17

Last week, analysts parsed 243 10-K filings and collected 29,109 data points. In total, they made 4,701 forensic accounting adjustments with a dollar value of $1.3 trillion. Analyst Jacob McDonough found a significant red flag in the footnotes of Centrus Energy’s (LEU) 2017 10-K.

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Filing Season Finds: Thursday, March 8

From yesterday’s research, analysts parsed 49 10-K filings and collected 6,142 data points. In total, they made 1,001 forensic accounting adjustments with a dollar value of $99 billion. The Robo-Analyst found an unusual item yesterday in Zogenix’s (ZGNX) 10-K.

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Filing Season Finds: Week of February 26 – March 3

Last week, analysts parsed 593 10-K filings and collected 92,555 data points. In total, they made 14,753 forensic accounting adjustments with a dollar value of $4.2 trillion. Analyst Eric Roll identified three significant red flags buried in the footnotes of Santander Consumer Holdings’ 10-K.

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Filing Season Finds: Friday, March 2

From yesterday’s research, analysts parsed 103 10-K filings and collected 16,510 data points. In total, they made 2,607 forensic accounting adjustments with a dollar value of $585 billion. Analyst Lindsay Bohannon found an unusual item yesterday in O’Reilly Automotive’s (ORLY) 10-K.

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Filing Season Finds: Thursday, March 1

From yesterday’s research, analysts parsed 127 10-K filings and collected 20,430 data points. In total, they made 3,369 forensic accounting adjustments with a dollar value of $1.4 trillion. Analyst Peter Apockotos found an unusual item yesterday in Alliance Data Systems’ (ADS) 10-K.

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Filing Season Finds: Friday, February 23

From yesterday’s research, analysts parsed 91 10-K filings and collected 15,216 data points. In total, they made 2,357 forensic accounting adjustments with a dollar value of $1.9 trillion. The Robo-Analyst found an unusual item yesterday in Tile Shop Holdings’ (TTS) 10-K.

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Filing Season Finds: Thursday, February 22

From yesterday’s research, analysts parsed 72 10-K filings and collected 11,789 data points. In total they made 1,985 forensic accounting adjustments with a dollar value of $1.7 trillion. Pete Apockotos found an unusual item yesterday in Six Flags’ (SIX) 10-K.

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The Real Earnings Season Starts Now

Corporate earnings season may be winding down, but the real earnings season – annual 10-K filing season – starts today.

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New Service: Filings Calendar for 10-Ks & 10-Qs

Get the latest on when and if companies have filed their 10-Ks or 10-Qs within the last two weeks or the next two weeks. Track the status of our analysis of the filings as well. It’s all on our home page.

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10-K Filing Season Recap

During filing season, our robo-analyst technology read through 2,139 10-K (or international equivalent) filings and collected 49,862 data points. Our analyst team used this data to make 49,862 adjustments with a dollar value of $16.1 trillion.

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Filing Season Finds: Week Of March 13–17

Last week, our analysts parsed 350 filings and collected 43,532 data points. Senior Analyst Lindsay Bohannon identified two significant hidden items that artificially depressed CODI’s reported GAAP net income in 2016.

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Filing Season Finds: Thursday, March 16

From yesterday’s research, analysts parsed 48 10-K filings and collected 6,034 data points. In total, they made 964 forensic accounting adjustments with a dollar value of $135 billion. Analyst Lindsay Bohannon found an unusual item yesterday in OraSure Technologies’ (OSUR) 10-K.

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Filing Season Finds: Tuesday, March 14

From yesterday’s research, analysts parsed 94 10-K filings and collected 11,843 data points. In total, they made 1,961 forensic accounting adjustments with a dollar value of $79 billion. Analyst Cody Fincher found an unusual item yesterday in Acacia Research Corporation’s (ACTG) 10-K.

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Filing Season Finds: Week Of March 4–10

Last week, our analysts parsed 452 filings and collected 58,771 data points. In total, they made 9,978 adjustments with a dollar value of $1.5 trillion. Analyst Hunter Gray made a number of adjustments to Royal Dutch Shell’s (RDS.A) 20-F that caused us to downgrade the stock from Dangerous to Very Dangerous.

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ICYMI: Updated Model Portfolios and Valeant’s 10-K Red Flags

Here’s what happened at New Constructs this week.

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Filing Season Finds: Friday, March 10

From yesterday’s research, analysts parsed 42 10-K filings and collected 5,533 data points. In total they made 965 forensic accounting adjustments with a dollar value of $108 billion. Analyst Alec Estrada found an unusual item yesterday in Ascent Capital Group’s (ASCMA) 10-K.

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Filing Season Finds: Week Of February 25 – March 3

Last week, our analysts parsed 700 filings and collected 102,289 data points. In total, they made 17,454 adjustments with a dollar value of $6.1 trillion. Analyst Allen L. Jackson found a few items in US Steel’s (X) 10-K that caused us to downgrade the stock from Dangerous to Very Dangerous.

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