The stated objective of the US SEC is to require issuers to provide “full disclosure” of all “material facts” about securities sold to the public or traded on exchanges. In fact, many relevant facts are indeed disclosed and are held in SEC files available to anyone via the Internet. However, it’s not always easy to find these […]

The focus and nature of investment analysis has gradually shifted over decades, as the amount and complexity of information available to the analyst has evolved. There have long been two schools of investment analysis. One school, concentrating on price information, is called “technical analysis”. The other school, focusing on facts about the issuers of securities and the terms […]

An examination of a typical Standard & Poor’s investment report reveals that it is, in large part, composed not of facts, but of opinion, often from third parties. […]