Research that holds up after the stock has moved.
Black Stone Insights is an independent forensic equity research publisher. We investigate listed issuers whose public disclosures, in our opinion, do not match their economic substance, and we publish what the public record shows.
We are short sellers. We say so on every report, and you should assume we hold a position in any active issuer we cover on the day we publish. Our interest is aligned with being right, not with being loud.
Alongside our own work we maintain a library of closed cases and retrospectives on well-known campaigns by other publishers. The same mechanisms recur across markets and decades, and a reader who has studied Sino-Forest, Wirecard and Nikola will recognise them faster the next time.
How we work
- 1
Start from the filings
Annual reports, prospectuses, 6-Ks and 8-Ks, auditor letters, proxy statements. We read the footnotes before the press releases, and we track what changes between versions.
- 2
Check the record outside the filings
Court dockets, corporate registries in every jurisdiction the group touches, property and lien records, customs data, archived web pages, and the people named in the documents.
- 3
Look for the pattern, not the smoking gun
A single odd fact is noise. Auditor turnover plus related-party cash movements plus a share-structure change inside a short window is a pattern. We write up the pattern and say how confident we are.
- 4
Report the absences
Where a search finds nothing, we say so. A thesis that only lists what supports it is a pitch, not research.
- 5
Cite everything
Every factual claim carries a source a reader can open. Interpretations are marked as opinion.
Active coverage
Why “Black Stone”
Basalt is what is left when everything softer has weathered away. A report should be the same: once the narrative, the promotion and the price action have eroded, the documented record is what remains. We try to write only what will still stand.
Contact
Press, issuers who wish to respond, and readers with corrections can write to hello@blackstoneinsights.io.