Pre-opening letters
Every two or three weeks we write to the interest list about what actually changed while we prepare to open. Here they all are, to read whenever you like.
Opening list
Get notified when we open
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Letter #2 ·
You set the assumptions; we bring the figures
What changed since the first letter: new tools, sharper figures and one error we fixed.
It's been two and a half weeks since the first letter. As promised, this one covers only what actually changed.
The idea
You build, we certify
A valuation isn't worth its final number but the assumptions behind it. That's how the new tools work: you decide the assumptions and Quantika Research brings the figures, taken from each company's official reports.
Why it matters: if the assumption is yours, so is the conclusion. Nobody sells it to you ready-made.
What's new
Inside the terminal
- Q-Strategies™ has been renewed: pages to read a company from several angles (what growth its price implies, your own discounted cash flow, comparables and whether it creates value over its cost of capital) and a valuation field you can share as an image.
- Q-Desk™, in the Quant plan: bond, project and options calculators to practice with your own numbers.
- Q-Portfolios™, in the Ultimate plan, is now built from the activity file you download from your account: performance, complete trades (not leg by leg) and your contributions and withdrawals, without typing position by position.
- Live Watchlist takes its fundamental figures from the same official reports as Q-Ledger™: the same figure on every screen.
- Q-Global Radar shows the same-day Treasury curve and the reference rates next to the Federal Reserve's target range.
Transparency
Figures reviewed, and one error fixed
We compared more than 11,500 figures from the annual reports of 443 companies, line by line, against what Q-Ledger™ shows: 99.2% matched exactly, and we reviewed the rest one by one. We also extended coverage to oil companies and to foreign issuers that report in another currency.
And one error: between October 9 and 14, the comparables page in Q-Strategies™ showed the P/E as blank. It's fixed, and that P/E is now exactly the same one you see in each company's key statistics.
The rule stays the same: if we can't verify a figure in the original report, we show it as "Not available". We never fill it with zero or estimate it.
What's next
The opening, unchanged
We're still preparing a gradual opening, in small groups, and the people on this list will get the invitation before anyone else. There's no date yet; when there is, you'll read it here first.
Letter #1 ·
What we've built, and how we'll open
What works inside the terminal today, what we fixed this week and what comes next.
This is the first of the letters we'll write to you while we prepare to open Quantika Research. They'll be short, they'll arrive every two or three weeks, and they'll cover only what actually changed.
The idea
Tools, not signals
Almost everything offered to people who trade the markets is a signal: someone else decides and you execute. Quantika Research does the opposite. We build the quantitative analysis tools hedge funds use and put them within your reach. The decision stays yours, with the numbers in front of you.
Why it matters: a signal stops working the moment you follow it. A method stays with you and gets better with your judgment.
What already works
Inside the terminal, today
- Q-Ledger™ extracts financial statements line by line from the official reports companies file with the SEC. Every ratio states its basis: trailing twelve months, fiscal year or quarter.
- Q-Global Radar brings the Treasury curve, volatility, credit, inflation and liquidity into a single dashboard, with the date of every data point in view.
- Q-Intelligence™ publishes up to three editions per market day (Midday, Closing and Overnight) with what moved and why it matters.
And as of this week, a notification center: you can get every new report on your phone, without relying on email. Turn it on here.
Transparency
Six bugs fixed
This week we fixed six bugs in Q-Ledger™: debt, interest, depreciation and trailing-twelve-month figures that came out incomplete for hundreds of companies. We're telling you because a number is only worth something if you know where it comes from.
The rule: if we can't verify a figure in the original filing, we show it as “Not available”. We never fill it with zero or estimate it.
Open research
Something to read in the meantime
Our reports are free and need no sign-up. Two to start with:
- Four companies were in that room. Here is what their accounts say.Fourteen charts built from their official filings, line by line.
- Cisco line by line: where every dollar that comes in goesOf every 100 dollars it bills, 18 end up as net income. The path of the other 82.
If you want to know how we calculate, every concept is explained in our methodology.
What's next
How we'll open
We'll open gradually, in small groups, so we can truly look after each person. People on this list will get their invitation before anyone else. We don't have a date yet and we won't make one up: when we have it, you'll read it here.