The AlphaSignal newsletter
Chasing Alpha
Essays on value, conviction, and the people who file Form 4s. Written for investors who'd rather read the documents than the headlines.
The sale on a schedule
A 10b5-1 plan is an insider selling on autopilot — set months ahead, executed no matter what the stock does. It's the most misread line in any filing, and the one AlphaSignal works hardest to ignore.
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All good investing is value investing
Growth, momentum, quality, special situations — strip the labels off and every strategy that works is the same strategy: pay less than it's worth.
The paperboy who read the filings
Warren Buffett filed his first tax return at 14, deducting his bicycle. The lesson of his whole career fits in one sentence: the documents are public, and almost nobody reads them.
Mr. Market and the insider
Benjamin Graham invented the most useful character in finance. He just never told us about the other man in the room — the one whose name is on the filings.