Editorial guidelines

Coverage decisions are made by the research desk and are not influenced by issuers, advertisers, or any third party with an economic interest in the conclusion. We do not accept paid placements, sponsored coverage, or compensation tied to a rating or fair-value range.

The automated methodology has no brokerage account or positions. We do not currently publish a verified employee-holdings register, pre-clearance system, or cooling-off control, so readers must not infer those human conflict controls from this page. Such claims require an auditable policy and operating evidence before they can be added.

Published complete reports are evaluated against the versioned methodology (currently v2.5), described at /methodology. The framework is deliberately archetype-aware so a hyper-growth software business and a mature compounder are not forced into the same model; the archetype is named explicitly in the assumption ledger of every report.

Fair value is always expressed as a range, not a point estimate, with a confidence number attached. The range is the convergence band of multiple independent valuation models; the confidence score reflects data quality, model agreement, balance-sheet integrity, and accounting-quality gates.

Reports should expose the source and retrieval or as-of date for material inputs. Primary sources such as regulatory filings, company releases, and central-bank series are preferred when available; configured data providers can be used for standardized and market data. Missing provenance is a data-quality limitation, not permission to imply certainty.

Reports do not attempt to forecast macro variables (GDP, inflation, interest rates) outside the scenario window disclosed in the assumption ledger. When a thesis is contingent on a macro outcome, the contingency is named explicitly in the risk section.

Every report is structured bear-case-first. The risks section and the explicit kill scenarios are written before the bull case so anchoring on the bullish narrative cannot suppress disconfirming evidence. The order is editorial discipline; the substance is the same in either order.

A confirmed factual correction must be entered in the public record at /corrections with the date, affected content, original error, resolution, and materiality. The current ledger is source-controlled; automatic attachment to an original report and a correction-driven report timestamp are not yet claimed as launch behavior.

Errors are categorized as material (changes the rating, fair value, or a load-bearing claim) or non-material (typo, broken link, formatting). Material corrections trigger a ratings review; the rating may stand, may change, or may be withdrawn, and the post-correction state is recorded explicitly.

Blog and original-research publication is role-gated: an assigned author submits a revision, a different reviewer approves the exact content hash, and an assigned publisher releases it. Direct status changes are rejected, and create, edit, review, publish, archive, translation, and role changes are recorded in an audit ledger.

The accountable functions are Editorial publisher for the blog, research publisher for original research, methodology owner for the methodology changelog, and editorial publisher for corrections. Research has a quarterly operating target, not a guaranteed release date. Translations require a separate assigned translator, reviewer, and publisher and remain outside the English launch surface until locale readiness is approved.

This operating contract is effective 2026-07-12. Public guidelines are reviewed quarterly and whenever the operating contract changes; production staffing and mailbox ownership must still be evidenced by operator assignments rather than inferred from this page.

We are not a signal service, copy-trading platform, or personalized advisor. The core product is educational equity research, with an optional weekly email digest for users who opt in. Readers must apply their own judgment about whether a thesis matches their risk tolerance and time horizon. Nothing on this site is a personal recommendation.