Dan Taylor

This is why I study insider trading.

@BenFoldy @HindenburgRes anxiously awaiting your book!

another reminder that there can be a bit of a long tail with @HindenburgRes, given the pace of gov't investigations and the like. wsj.com/tech/super-mic…

Nates team was among the best professional fraud hunters out there. Sorely missed.

Happy Holding Foreign Insiders Accountable Day to all those that celebrate. 🦅 🇺🇸 Today all foreign companies had to disclose officer and director ownership on Form 3, and changes in ownership on Form 4 sec.gov/about/division…

@OddDiligence glad to see Holding Foreign Insiders Accountable is having an effect

$GRRR PRing that they are no longer able to hide behind foreign private issuer and now have to file Form 4s is lol

Disagree. For some companies there is a huge separation btw ownership and control. Companies that aren’t responsive to shareholders. Know any? :) They wont report quarterly even if shareholders want them to. They will use the excuse of “long term focus…avoiding myopia” But it is exactly these companies, the ones with the largest agency problems, who will not voluntarily report quarterly, where information flows in quarterly reporting is most valuable. It’s similar to the classic lemons problem, but in a market place that is objectively bad at sorting lemons. Which means a lot of folks will get hurt. I expect it will add to the edge of sophisticated investors, but hurt the unsophisticated. I also expect more extreme price pop/drops around earnings.

Speaking as a fundamental analyst rather than as a short seller, the @SECGov's proposal to stop requiring quarterly reporting is probably a good thing. Under the proposal, quarterly reporting wouldn't be off-limits, but just optional, meaning some companies would choose to do it and some wouldn't. If shareholders don't like semi-annual reporting, they'll lobby the company to change it. If shareholders don't care, the company will probably opt to go semi-annual, because why wouldn't they? Getting ready to report earnings is a massive headache for the finance/IR team and senior management, and the nonsense often trickles down all the way to the sales teams. Over time, the market will likely have dispersion: Some companies doing it one way, some doing it another, and shareholders getting signals either way. Dispersion in the stock market is a good thing for fundamental investors. Another word for this is a "stockpicker's market." I'll take all the points of differentiation between Company A and Company B that I can get. One of the market structure aspects that created so much opportunity for gain (or loss) in prior generations was the relative absence of all this regulation on companies. In the last 100 years, we've regulated everything from insider trading to quarterly reporting to mine safety disclosures in the 10-K (less useful for the other 99% of American companies not involved in mining). Some regulations are good, some are pointless, some are outright value-destructive. Quarterly reporting may actually be in the third category. If quarterly reporting is so important, good managements will be responsive to their shareholders and offer it. Semi-annual reporting will be stigmatized and result in discounted prices. If Berkshire, Wal-Mart and Costco all choose to report semi-annually if given the option, this discussion will be over. You see the downsides of quarterly reporting all the time. Why do companies stuff the channel? Because it results in good sales numbers in the short term. Why do companies offer discounts to customers at the end of the quarter? Why do analysts obsess about the otherwise arbitrary cutoff of the end of the quarter? Why do most publicly-traded stocks of any consequence have four predictably volatile periods of trading, with many investors "having to" drop everything to bury themselves in earnings seasons? Is any of this good for the country? For GDP? For employment (other than for sell-side analysts, conference organizers, accountants, and IR people, all of whom benefit by management being voluntold to talk directly to the public at least four times a year)? For shareholder value? For managers deciding on capital projects? For innovation? For the private company deciding whether to go public and undertake the burden of having to dedicate one out of every twelve of the finance team's weeks to answering the same tedious, useless questions about "what you're seeing over the first five weeks of the quarter" and "is June typically a period of back-end loading"? Quarterly reporting means PMs and analysts have to move their feet more often. It means investors are doing less work on who's winning (and deserves capital) and more work at who's better at guiding the next eight weeks. Quarterly reporting DOESN'T mean your companies are working any harder. It surely doesn't mean they're producing or selling more, what with all the time they're dedicating to preparing all these quarterly reports. I invite anyone with a different view to challenge this one.

Love to see it. Ongoing question will be rate of compliance and willingness of SEC / private plaintiff to enforce the new rules.

Alright China Shorts. Mark your calendars: MARCH 18! On that day there will be a flood of initial filings on Form 3 for all those mysterious CEOs and board members. The @ProfAnalytics Act's first act commences soon! sec.gov/about/division…

@BearBullDebate @ursustrades @GuastyWinds I will personally miss the @Ursustrades account

@BearBullDebate @ursustrades @GuastyWinds Did someone buyout his tech/tools ? He was always among the first to flag a report.

so what happened to @ursustrades and their website? yet another twitter account I've jinxed by being friendly with them... At least @GuastyWinds came back.

NEW: Pardon seekers are routinely being asked to pay $1m+ to lobbyists & lawyers claiming access to Trump, often with bonuses if clemency is granted. I investigated the Trump Pardon Industrial Complex, & detailed the backstory behind 1 interesting pardon nytimes.com/2026/03/06/us/…

Today in ACCT2700: Forensic Analytics class we start covering fraud detection by activist short-sellers. The first report is one of the most epic: Nikola(Milton). If there was a SHORT REPORT HALL OF FAME, which reports would be on it? Must upload report or link to qualify! hindenburgresearch.com/nikola

@PSully_mbs @SECGov Foreign 10% owners (still) exempt. Loophole for foreign 10% owners not closed.

@ProfAnalytics @SECGov Do any exemptions exist? Meaning were all loopholes covered.

I can not begin to describe the herculean effort to implement this common sense change, and end the “foreign insider” exemption from our insider trading rules. The @SECGov could have ended the exemption at anytime over the past 20 years but chose not to. Even now, the SEC has to be compelled by Congress to do it, and would not go willingly. For example, they STILL carve out an exemption for Chinese 10% holders. They didnt have to do that. We gave them the justification why they shouldn’t. But they did anyway. There is no planet where that makes sense, legally or economically. bloomberg.com/news/articles/…

But hey, not like these companies are involved in systematic pump and dumps, right? bloomberg.com/graphics/2026-… @nicola_m_white

Thats a -30% loss avoidance by large shareholder in US-listed Chinese companies. And the SEC JUST EXEMPTED THEM AGAIN FROM DISCLOSURE !

High IQ without high agency is anxiety.

You have been warned. @Kalshi takes these things seriously, and certainly moreso than other exchanges