Teniq
about

Know what you hold.

You own something for a handful of reasons. Companies file hundreds of pages a year, and somewhere in them is the sentence that undoes one of those reasons. We read the filings, write down the reasons, and tell you what each new filing did to them.You own something for a handful of reasons. We read the filings, write those reasons down, and tell you what each new filing did to them.

not a screener · not a feed · not a dashboard
what happens
01
We read the filing.
Every sentence of it, once — the annual and quarterly reports a company files, and nothing else. No transcripts, no news, no analyst notes.
02
We write down the reasons.
A handful of plain claims about why the business is hard to displace. Each one comes from the filing, not from an opinion, and each is shown with the sentence it came from.
03
We watch them.
A condition is set on each reason — the thing that would change our mind. When the next filing lands it is read against those conditions, and you are written to either way, including when nothing moved.
a reason someone owns American Expressmoved · direction unstated
nothing here is invented
Owning the closed-loop network (issuing, acquiring, processing on a single rail) allows Amex to capture discount revenue directly from merchant spend rather than splitting interchange with separate acquirers and issuers. This integrated model concentrates economics on premium spend and provides superior transaction-level data for credit decisioning. The thesis breaks if merchant discount rate compression accelerates faster than volume growth.
what the newest filing did to it

The disclosure continues to describe volume growth outpacing merchant discount rate compression, with Q2 billed business growth at 9 percent versus 10 percent in Q1, bearing on the thesis condition regarding rate compression versus volume growth.

the sentence it rests on
“driven by increases in billed business of 9 percent and 10 percent, respectively, partially offset by lower average merchant discount rates”

The report says this changed. It does not say whether that is good or bad, so neither do we — and that is often the more useful finding, because it tells you where to look.

The argument in full →

the four things we can say
holds
The filing said something about this reason and it still stands.
weakening
The filing weakened it. Not gone — less true than it was, and the sentence that changed is shown.
moved
The report says this changed. It does not say whether that is good or bad, so neither do we.
not readable
We could not read the filing well enough to say. That is about our reading, not about the company, and it never looks like one of the three above.

Four things, and a fifth that is not a state: read, and nothing in the filing bore on this reason. A quiet filing is written up as work performed, not left blank.

what we do not do
We do not tell you what to buy or sell.
We report what a filing did to a reason. What you do about it is yours, and we never see your positions.
Nothing here is written to move you.
We do not explain why a company changed.
The filing states a change; it rarely states a cause. Where it does not, we say so and stop rather than guessing.
No cause is invented to sound knowing.
We do not watch prices, or news, or anything but filings.
If a letter arrives from us, a filing caused it. Nothing here reacts to a share price.
A letter always has a document behind it.
We do not rank, score, or rate anything.
There is no number on a company and no league table. The arguments are grouped by the kind of advantage they rest on, never ordered by strength.
No number stands in for reading the reason.
We do not read every company.
The reading stops somewhere, and the page that says where is one click away. If we have not read yours, we tell you that instead of showing you a shell.
The filings we do read are read in full.
We do not keep a finding we cannot support.
A reading we could not place in the filing is dropped rather than shown with a hedge. What you see has a sentence behind it.
Every sentence traces to a document.
the close
Read one before you decide anything about us.

Any company in the index, in full, without an account: every reason, every finding, and the sentence each one rests on. Then the only question left is whether you want the next filing read for you.