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    What we mean by information arbitrage

    Sample draft — not investment advice. This letter is placeholder copy for the newsletter layout. Information arbitrage is not a tip and it is not a model. It is the lag between a public document and the price that has not finished reading it. Most of that lag is boring. A number in a filing...
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    Reading a press release against the filing

    Sample draft — not investment advice. This letter is placeholder copy for the newsletter layout. A press release is a speech. A filing is the minutes. The useful reading is the distance between them. Start with the headline, then ignore it. The headline is written for the wire. The filing is...
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    Where small-cap disclosure usually goes quiet

    Sample draft — not investment advice. This letter is placeholder copy for the newsletter layout. Small and micro-cap disclosure does not usually go quiet in the risk factors. Those are loud, and mostly recycled. It goes quiet in the places a reader skips because they look like housekeeping...
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