Deep analysis of SEC filings — published weekly

The filing everyone skipped.
The story nobody told.

Every week we read the 10-Ks, 8-Ks, proxy statements and quarterly reports that move markets — and find what's buried on page 47. For sophisticated investors, board members, and family business owners.

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Latest issue — Issue #1

Lead · NVDA 8-K
NVIDIA just doubled the size of its business — again
Feb 28, 2025 · 6 min read
Secondary · COST 10-Q
The most boring balance sheet in America — and why that's the whole point
Jun 5, 2025 · 5 min read
Annual · BRK-A 10-K
Berkshire's $176 billion secret
Mar 2, 2026 · 7 min read

Latest issue — Issue #1

Subscribe for Issue #2 →
Capital Allocation · 10-Q · NVDA
Nvidia's
6 Billion Quarter Has Nothing to Do With Chips
Revenue nearly doubled to $81.6 billion, but the most consequential line on Nvidia's Q1 income statement is buried below operating income. The company is becoming a venture fund with a semiconductor business attached — and the math is starting to matter.
 ·  6 min read  · 
Lead · Earnings · NVDA 8-K
NVIDIA just doubled the size of its business — again
$130.5B in full-year revenue, up 114%. Blackwell is ramping. Gross margins are quietly compressing. And Jensen just introduced a new framing the market hasn't fully priced in yet.
Feb 28, 2025  ·  6 min read  ·  8-K
Secondary · 10-Q · COST
The most boring balance sheet in America — and why that's the whole point
Costco's accounts payable exceeds its inventories. That's not an accident. It's the most sophisticated retail model in the world.
Jun 5, 2025  ·  5 min read  ·  10-Q
Annual · 10-K · BRK-A
Berkshire's $176 billion secret — and why 2025 was more interesting than it looked
Operating earnings slipped. The letter was wise. Neither tells you what's actually happening inside the filing.
Mar 2, 2026  ·  7 min read  ·  10-K

Family business

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Proxy · DEF 14A · LVMH
How the Arnault family controls a $400B empire with 47% of the vote
Dual-class structures, board composition, and what the proxy says about succession planning.
Coming soon  ·  Family
10-K · Related parties · NVR
NVR's founder still controls the company 30 years later. The 10-K explains exactly how.
Share buybacks, compensation structure, and the mechanics of long-term founder control.
Coming soon  ·  Family

Governance & scandals

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Governance · 8-K · Boeing
Boeing's board knew. The 10-K said so three years before the crisis.
A forensic look at what the risk factors and audit committee disclosures were signaling.
Coming soon  ·  Governance
Red flags · S-1 · WeWork
Every WeWork red flag was in the S-1. Here's the checklist board members should use.
Related-party transactions, governance waivers, and the language that should trigger scrutiny.
Coming soon  ·  Governance

Worth watching — Issue #1

TSMC 6-K
Taiwan fab capacity guidance quietly revised down. Relevant to every AI hardware thesis. Nobody in U.S. media noticed.
Palantir 8-K
New $500M DoD contract filed at 4:58pm on a Friday. Classic news management. The timing alone is worth noting.
Rivian 10-Q
Going concern language softened for the first time in four quarters. Small change in boilerplate. Potentially meaningful signal.

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