About

Owner Scorecard is an independent research publication. It lays out roughly a decade of a company's revenue, margins, returns on capital, owner earnings, buybacks, share count, and debt, every figure traced to the company's own filings.

The publication carries no ratings, price targets, or estimates.

The figures come from primary sources: annual and quarterly reports filed with the SEC, and the equivalent filings for the Japan and ADR catalogs. Where a number is computed, the Principles page defines the computation. Where a company's own disclosure is thin, the page says so.

Research Notes are written and signed by Ryan Reinsant, the publication's founder. A note that reaches a dated conclusion has that conclusion entered, verbatim, in the Ledger, where it is never edited, never removed, and never graded by the publication itself. Errors, once found, are corrected at the foot of the page, the note's updated date is changed to say so, and the change is logged in the public corrections record. The record pages refresh as the companies file.

Ownership and independence

Owner Scorecard is independently owned and is paid for by readers or by no one. Everything on the site today is free, and the record pages will stay free. There is no advertising, no sponsorship, and no broker referral; nothing in the publication's economics improves when a reader trades.

The people who write here may own securities discussed on these pages. Positions may change, and no position is ever announced, not when it is opened and not when it is closed. Around any company the publication writes research on, personal trading stops five days before publication and does not resume until ten days after it. A dated log of every personal trade is kept. The reasoning behind these rules is set out in The Founding Letter.

How the work is done

Owner Scorecard is one person, Ryan Reinsant, using the tools of his time. The research, drafting, and verification are done with AI systems working under a fixed process: every figure traced to a filing, every exchange rate named, every quotation checked against its source, every piece of writing adversarially reviewed before publication, every error corrected in the open. The judgment, the editorial decisions, and the responsibility for every published word belong to him.

Owner Scorecard is not registered as an investment adviser or broker-dealer. Nothing here is investment advice or a recommendation to buy or sell any security.