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footnotes

June 23, 20250Comments

Don’t Be Misled by Flawed Metrics

The only way to truly understand the health of the underlying business of a company is to go through the footnotes in the filings.
by Hakan Salt, Associate Investment Analyst
May 30, 20250Comments

ICYMI: New Long Idea, FREE Stock Pick, Earnings Watch Replay, Beware Fake Dividends, The Importance of Footnotes, Focus List Stocks: Long Updates and Position Closes, Model Portfolio Updates & More

Here's what happened at New Constructs during the week of May 26, 2025.
by Hakan Salt, Associate Investment Analyst
May 29, 20250Comments

Why Footnotes Are More Important Than You Think

Data in the financial statements is most meaningful when you consider the information in the footnotes.
by Hakan Salt, Associate Investment Analyst
May 21, 20250Comments

1Q25 Footnotes Season: Created $2.5 Million in Value

During 1Q25 footnotes season, we parsed 2,805 10Q and 10K filings and created $2,524,500 of value for clients.
by Kyle Guske II, Senior Investment Analyst, MBA
April 4, 20250Comments

4Q24 Footnotes Season Recap: Created $2.1 Million in Value

During 4Q24 Footnotes Season, our Robo-Analyst helped us make 38,492 Core Earnings, balance sheet, and valuation adjustments worth $21.8 trillion.
by Kyle Guske II, Senior Investment Analyst, MBA
March 26, 20250Comments

An Undervalued Gem Upgraded During 10-K Filing Season

This week’s Filing Season Finds report highlights a Technology company for understating its profits by $164 million (12% of GAAP earnings)
by Kyle Guske II, Senior Investment Analyst, MBA
March 19, 20250Comments

Overstated Profits and an Expensive Valuation Lead to an Unattractive Stock Rating

This week’s Filing Season Finds report highlights Venture Globa for overstating its profits by $365 million (25% of GAAP earnings).
by Kyle Guske II, Senior Investment Analyst, MBA
March 11, 20250Comments

Hidden Data in 10-K Helps This Stock Get our Very Attractive Rating

This week’s Filing Season Finds report highlights Merck & Co. (MRK) for understating its profits by $1.3 billion (8% of GAAP earnings).
by Kyle Guske II, Senior Investment Analyst, MBA
March 5, 20250Comments

Hidden Profits During 10-K Filing Season Don’t Always Lead to a Good Stock

This week’s Filing Season Finds report highlights AstraZeneca (AZN) for understating its profits by $1.1 billion (16% of GAAP earnings)
by Kyle Guske II, Senior Investment Analyst, MBA
February 27, 20250Comments

Uncovering Hidden Profits During 10-K Filing Season

This week’s Filing Season Finds report highlights Pilgrim’s Pride (PPC) for understating its profits by $283 million and its cheap stock valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
March 28, 20240Comments

10-K Filing Season 2024 Recap: The Worst Red Flags In the Footnotes

During the Real Earnings Season our Robo-Analyst analyzed 2,314 10-K and 10-Q filings and collected 263,722 data points.
by Kyle Guske II, Senior Investment Analyst, MBA
March 20, 20240Comments

Finding Hidden Gems in the Footnotes to Understand True Profits During 10-K Filing Season

This week’s Filing Season Finds report highlights how hidden and reported unusual items can understate true profits.
by Kyle Guske II, Senior Investment Analyst, MBA
March 13, 20240Comments

Red Flags in the Footnotes From 10-K Filing Season

This week’s Filing Season Finds report highlights how hidden and reported unusual items can materially overstate true profits.
by Kyle Guske II, Senior Investment Analyst, MBA
March 7, 20240Comments

The Magnitude of the Problem

If everyone is relying on bad research, then does it do an investor any good to use better research? 
by David Trainer, Founder & CEO
March 6, 20240Comments

Getting the Footnotes Data to Calculate Core Earnings During 10-K Filing Season

This week’s Filing Season Finds report highlights how hidden and reported unusual items can materially understate true profits.
by Kyle Guske II, Senior Investment Analyst, MBA
February 28, 20240Comments

Uncovering Hidden Value During 10-K Filing Season

This week’s Filing Season Finds report highlights Cummins Inc. (CMI) for its profits being understated and its cheap stock valuation.
by Kyle Guske II, Senior Investment Analyst, MBA
February 16, 20240Comments

The Real Earnings Season Starts Now: Time to Read Filings & Footnotes 2024

Quarterly earnings season may be winding down, but the real earnings season – annual 10-K filing season – is ramping up.
by Kyle Guske II, Senior Investment Analyst, MBA
ICYMI
March 17, 20230Comments

ICYMI: New Long Idea, The Next Zombie Stock, More 10-K Season Revelations & Model Portfolio Updates

Here's what happened at New Constructs this past week.
by Kyle Guske II, Senior Investment Analyst, MBA
March 15, 20230Comments

Red Flags in the Footnotes – 10-K Filing Season 2023 Recap

During the Real Earnings Season, our Robo-Analyst analyzed 1,852 10-K and 10-Q filings, from which we collected 258,477 data points.
by Kyle Guske II, Senior Investment Analyst, MBA
March 9, 20230Comments

Holding Management Accountable & More Insights from the Real Earnings Season

We found interesting footnote disclosures in the filings of Teladoc, Rivian, Lucid and other companies during The Real Earnings Season.
by Kyle Guske II, Senior Investment Analyst, MBA
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