# Method

> From filing to report.

1. **Read.** AI agents read filings, investor decks and local press in the original language.
2. **Test.** Every company answers the same 82 questions, from moat to valuation. About one in twenty passes.
3. **Write.** The companies that pass become full reports, free to read.

## The pipeline

Six stages, five run by agents and the last by me.

| Step | Agent | Output |
|---|---|---|
| 01 | Universe Agent | candidate queue |
| 02 | Filing Agent | source pack |
| 03 | Extraction Agent | evidence table |
| 04 | Skeptic Agent | list of open risks |
| 05 | Valuation Agent | valuation deck |
| 06 | Human Analyst | final decision |

## Primary sources

Every number comes from a primary source.

- **Annual reports** (read): cash flow and segment notes
- **Investor decks** (parsed): guidance and capex plans
- **Filings** (checked): ownership and dilution
- **Transcripts** (indexed): what management commits to
- **Local language** (translated): sources in the original language

## The 82 questions

Same questions for every company, in the same order.

| Section | Name | Questions |
|---|---|---|
| I | Circle of competence | 6 |
| II | Moat and competitive advantage | 7 |
| III | Industry structure | 8 |
| IV | Earnings quality and cash flow | 10 |
| V | Balance sheet strength | 7 |
| VI | Capital allocation | 7 |
| VII | Management and governance | 9 |
| VIII | Specific and tail risks | 7 |
| IX | Valuation and margin of safety | 7 |
| X | Final decision | 8 |
| XI | Post-investment review | 6 |

## Valuation framing

- **Bear**: What breaks?
- **Base**: What is already visible?
- **Bull**: What is not in the price?

Read the results in the [reports](https://www.sifterresearch.com/md/reports.md).

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Independent research and personal opinion, published for informational and educational purposes. Not investment advice, not a solicitation to buy or sell securities. All analysis is based on publicly available information. The author may hold positions in the securities discussed. Investing involves risk of loss.