Strategy #0000000138 · Event-driven and special situations
Annual-report text changes and lazy prices
Enter whole-filing and risk-section change shares, threshold, both return scenarios and costs.
Lazy Prices compares changes in annual-report text and finds that new content in some risk-factor sections is associated with subsequent returns. Similarity measures can mistake formatting, boilerplate and irrelevant edits for signals; text measurement must also avoid using restated versions. This simulation accepts change percentages directly and does not download or compare filings.
No SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed.
Three ways in
Understand the story. Then inspect the risk.
Start with a familiar situation, check the payoff, then test how the numbers change.
The idea · in two minutes
When whole-filing or risk-section text changes exceed a threshold, what return scenario is entered?
Lazy Prices compares changes in annual-report text and finds that new content in some risk-factor sections is associated with subsequent returns. Similarity measures can mistake formatting, boilerplate and irrelevant edits for signals; text measurement must also avoid using restated versions. This simulation accepts change percentages directly and does not download or compare filings.
Enter whole-filing and risk-section change shares, threshold, both return scenarios and costs.
No SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed.
- Input assumptionsEnter whole-filing and risk-section change shares, threshold, both return scenarios and costs.
- Model outputNo SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed.
Illustrative research examples only. They are not live signals or a recommendation.
The mechanics · payoff and exposure
Signal=1_{Change_{overall}\geq c\;or\;Change_{risk}\geq c}
Text-change shares, threshold and high-/low-change returns are manual inputs.
Greeks: the directional intuition
- 模型
- Measures sensitivity to implied volatility.
- 合約
- Measures sensitivity to implied volatility.
- 執行
- Measures sensitivity to implied volatility.
Signal=1_{Change_{overall}\geq c\;or\;Change_{risk}\geq c}
Practical context · published observations
Annual-report text changes and lazy prices: read the record with its caveats.
The chart uses the published figures or explicitly labelled study inputs below. A historical index or model replay is not the same as an investor’s realised account return.
No SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed. Source ↗ · Methodology ↗
Change assumptions and inspect the scenario
Inputs illustrate the strategy mechanics; they are not live quotes, forecasts or investment advice.
Variants · same family, different risk levers
Models, contract terms and implementation can change results.
Compare relevant mechanisms and execution assumptions.
| Related strategy | Relationship | What changes | New cost or risk |
|---|---|---|---|
| Base scenario | Manual inputs | Lazy Prices compares changes in annual-report text and finds that new content in some risk-factor sections is associated with subsequent returns. Similarity measures can mistake formatting, boilerplate and irrelevant edits for signals; text measurement must also avoid using restated versions. This simulation accepts change percentages directly and does not download or compare filings. | No SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed. |
| Conservative version | Higher cost/loss | Stress higher costs, larger losses or lower liquidity. | May lower scenario returns. |
| Validation version | Data review | Test model inputs with consistent contracts and timestamps. | Needs licensed, representative data. |
No SEC filings, semantic similarity, version timestamps or historical portfolio returns are analysed.
Read beyond the summary
References
Primary sources and research used to describe the strategy and its limits.