Masters in Business At The Money: Finding the Hidden Alpha in SEC filings
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Dec 3, 2025 Michelle Leder, an SEC-filings researcher and founder of Footnoted, dives deep into the world of hidden information within corporate filings. She explains how companies often use subtle tactics to underplay bad news, like timing disclosures for minimal attention. Michelle also highlights the importance of understanding 'non-disclosure disclosure' practices and deciphering metadata red flags. With real-world examples from companies like Zoetis and Nikola, she emphasizes that careful examination of filings can reveal valuable insights for savvy investors.
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Disclosure Framework Is Deeply Rooted
- SEC disclosure rules date back to the 1933 Act and remain the foundational legal framework for public companies.
- The framework has been updated but still guides how companies and lawyers approach filings today.
Check The Right Filings Regularly
- Monitor 10-Qs, the annual 10-K and ad-hoc 8-Ks because each reveals different information timing and substance.
- Don't assume press releases equal formal SEC disclosure; companies may disclose material facts only in filings.
Materiality Is A Judgment Call
- Materiality is subjective and judged case-by-case, so companies exercise wide discretion on what triggers disclosure.
- That judgment creates ambiguity investors must navigate rather than a strict bright-line rule.
