A research publication is only as good as what it tells you about itself.
Sonde is written by a small group of private investors with more than fifteen years of putting our own money into public equities. It grew out of a private research process: the valuation models, the SEC filing pipeline and the screening tools behind these reports were all built for our own use long before they were built for anyone else.
None of us is a licensed investment adviser. We hold no securities licence, no professional charter, and no analyst role at a bank, a fund or a research house — and we are not going to imply otherwise in order to borrow authority we have not earned. What we have instead is the arithmetic, published in full: every model on this site is open, every assumption is exposed as a control, and every derived figure shows its derivation on the page. Judge the work by whether it holds up. That is the only claim we are making for it.
Reports publish under the Sonde name rather than individual bylines. That is deliberate while this publication is new, and temporary — named, accountable authorship is a reader's most basic protection, and it will be in place before the first paid subscription is charged. Until then, accountability sits where you can check it: every rating stays on the track record whether it flatters us or not, and corrections are published on the report itself with their date.
The work is done with tooling we built ourselves, including a direct SEC filing pipeline, and every figure is checked against primary filings before publication. The position held by whoever wrote a given report is disclosed at the top of that report, whether or not one exists.
The author's position in the covered security is disclosed on the report itself, at the top, whether or not a position exists.
No position in a covered name is opened, closed or adjusted in the 72 hours before or after publication of a report on that name.
We accept no compensation from issuers, their affiliates, or anyone with an interest in the coverage. If that ever changes it will be disclosed prominently, not in a footer.
Reports are not shown to the issuer before publication. If a factual correction is made after publication, the change and its date are shown on the report.
Any position exceeding 0.5% of an issuer's share capital is disclosed explicitly, along with its direction.
Errors are corrected on the page with a dated note. We do not silently edit published research.
Sonde is an independent research publication at sondemarkets.com. It produces impersonal investment research, published to the public on a regular schedule for information and education. It is not financial advice. It does not provide personalised advice, does not manage money, does not take custody of client assets, and has no clients. Sonde is not a licensed investment adviser and nothing here is tailored to any individual's circumstances. If you want advice about your own situation, get it from someone regulated to give it.
General questions or feedback: hello@sondemarkets.com.