At The Money: Finding the Hidden Alpha in SEC filings

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 3 December 2025

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is there Alpha to be found hidden in SEC filings? Management does seem to hide lots of bad news by just barely complying with the law. Recent indicators are this is getting worse.

Michelle Leder is a researcher covering Corporate SEC-filings; she founded the research service “Footnoted” focusing on uncovering material information hidden in corporate SEC filings. She's the author of the book, financial “Fine Print, Uncovering A Company's True Value.”

Each week, “At the Money” discusses an important topic in money management. From portfolio construction to taxes and cutting down on fees, join Barry Ritholtz to learn the best ways to put your money to work.

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	I'm Hannah Frye and I'm on a mission to find out about a mysterious day called Q Day,
0:06.3	which experts think could be the moment our most precious encrypted data is suddenly at risk.
0:12.7	Learn more later in the podcast.
0:17.1	Hello, I'm Caroline Hepka, introducing you to the new stockmovers report from Bloomberg.
0:23.1	There are so many big names in equities to keep track of and our stockmovers report is the best way to find out which individual names are making the biggest moves every day.
0:33.7	Stock Movers consists of short audio reports, they're five minutes or less, delivered right to your podcast feed throughout the day.
0:41.3	We'll bring you conversations on the day's biggest winners and losers in equity markets and explain the news and the data that's driving those gains and losses.
0:50.8	Listen a couple of times throughout the day to find out what's moving equities and why.
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1:01.6	Get the latest stock news and data backed by reporting from Bloomberg's 3,000 journalists and analysts across the globe.
1:08.6	Subscribe to Stockmovers wherever you get to your podcasts.
1:16.2	Bloomberg Audio Studios.
1:18.9	Podcasts Radio News.
1:21.3	Thank you.
1:22.9	Honesty is such a lonely word.
1:29.3	Everyone is so untrue.
1:34.3	Have you ever wondered what management buries in their SEC filings?
1:42.3	Do they faithfully follow their obligations to their shareholders,
1:47.8	or do they see how much they could get away with, either not disclosing or hiding?
1:54.4	To help us unpack all of this and what it might mean for your portfolio, let's speak to Michelle
1:59.8	leader. She is an SEC filings wonk and specialist
2:04.3	and founder of the research service footnoted focusing on uncovering material information
	...

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