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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 does not match the number in the release. A risk factor changes by a sentence...

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 written for the record, and the record is where the hedges live: the customer...

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. The customer concentration table that loses a name. The related-party note that...