A Form 4 becomes public.
METHODOLOGY
The receipt starts with the filing.
Research priority helps us work. The public publication gate decides what becomes a brief. Neither is a recommendation or conviction score.
The primary SEC filing is the source of truth.
The public gates are applied without a daily quota.
A qualifying brief gets a permanent receipt.
The source facts and publication time are locked.
Forward outcomes are attached without rewriting the receipt.
RESEARCH ELIGIBILITY
What enters research
01
verified transaction code P; acquired/disposed indicator A (not transaction code A)
02
positive shares and reported price
03
primary filing URL and required filing/owner fields
04
common/ordinary stock before public packaging
05
not affirmatively flagged as a Rule 10b5-1 transaction when that field is available
06
filing lag of four calendar days or less for normal research priority; older filings require manual exception review
PUBLICATION GATE
What clears the published screen
01
Verified Form 4 transaction code P and acquired shares
02
Own-cash purchase of at least $25,000; large purchases are allowed but do not receive an automatic mega-buy premium
03
Trade-to-filing lag of no more than four calendar days
04
Filing no more than one calendar day old when screened
05
Verified market data, plausible transaction price and normal liquidity
06
Recent return and drawdown are context and ranking inputs, not binary publication blockers
07
Primary SEC accession and source resolved
08
Affirmative Rule 10b5-1 transactions excluded
HISTORICAL OUTCOMES
What happened from the public-entry clock
7,832 price-scoreable open-market insider purchases from SEC filings between July 2025 and March 2026. Each result starts at the first market open after disclosure, not the insider's earlier purchase price.
5D
Average +1.37% · median +0.41% · 54.4% finished higher
21D
Average +3.65% · median +1.21% · 56.2% finished higher
63D
Average +5.70% · median +1.62% · 55.2% finished higher
Straight stock returns from the public-entry price. Historical descriptive results, not a forecast.
EMPIRICAL NOTES
What the research changed
01
The strongest broad association appeared closer to the filing; longer holding periods were less stable.
02
Five-plus-day filing lag was materially weaker in the 2026Q2 holdout and is penalized or excluded from ordinary priority.
03
Dollar size was non-monotonic. Purchases of $1M+ did not justify the old automatic top weighting.
04
Cluster status alone did not show a stable advantage over solo purchases, so the old cluster-conviction assumption was removed.
05
Moderate drawdowns and recent declines were more informative than simply being far below a high; extreme distress remains a risk flag.
06
Role effects are retained as context rather than treated as automatic conviction.
THE PUBLICATION CONTRACT
What we don't do
01
No retroactive live picks or backfilled calls.
02
No public conviction score, price target or “strong buy.”
03
No deleting a published receipt because the outcome aged badly.
04
No forced daily quota. Up to five distinct high-priority stories can enter review; fewer are shown when fewer qualify.