Deep, independent investment research for advisers — and a plain-language version of every report that you are licensed to hand to a client. Every number carries its source and its date.
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The full evidence, the arithmetic, the scenarios and the scorecard. Written for someone who does this for a living.
Three to five plain-language pages explaining the same research, built to survive your compliance review. Yours to send.
The meeting companion: the answer, three numbers, the routes, four talking points and the objections you will hear.
Every one is re-scored each quarter against eight measurable markers we name in advance. When a marker moves against us, we print that before we adjust the story. The executive summary of every report is free, in full.
Three markets wearing one name. Where the bubble mechanics actually sit, why electricity rather than chips is the binding constraint, and what each price already assumes.
Deployed, deploying, and merely promised — three businesses at three maturities, graded by what is contracted, what is operating, and what is only announced.
Money cannot compress a seven-year grid connection, so money is buying position in the queue. Contracted generation trades at 12.9× where the fuel layer trades at 66.5×.
Spot uranium is not the price anyone receives. The two largest producers realise about three quarters of it — and the equities are priced as though they capture all of it.
Cash, duration, and what is actually inside a bond fund. In fourteen completed ten-year windows since 1982 the cash roll never came out ahead — and mortgage exposure across funds sold into the same slot runs 18.9% to 89.1%.
The briefed hypothesis died and is printed as dead. Changing the unit from listing to revenue erases about 72% of the apparent home-bias gap; the currency position is 60:1 unhedged and unlabelled.
A shock's own market reaction explains 2.9% of the following year, and in 20 of 29 events the index recovered before the one-year low arrived. Eight funds sold as protection differ by 6,240× in cash weight.
The gate, the fee stack, and the mark. The gate is the product working as designed and it has already bound: 36 oversubscribed offers across 19 vehicles, one filling 48.5% of requests — built from 1,439 filings because no aggregator carries it.
What a stablecoin issuer actually earns: 95% of revenue is interest on short-dated dollar assets, and a 55.5 basis point fall in rates erases the annualised pre-tax profit.
The same crypto-treasury company reads as a 13.5% discount, an 8.8% premium or a 27.6% premium on identical filed inputs. The gap is exactly the $21.3bn of senior claims nobody subtracted.
The adviser industry read from 10,418 firms' own filed disclosures. The published price is 1.00%; the schedule bites between $1m and $5m and almost nowhere else; and the "average effective fee" is a denominator argument — 65.5% or 34.3% on the same firms.
Same retirement year, different fund, different portfolio. Providers disagree by 16.78 points of equity at the retirement date and by 20.00 points eleven years after it — and the spread is widest after retirement.
Direct indexing's decay curve. The median account harvests 7.72% of itself in year one and 0.58% in year seven, and passes half its ten-year total by the end of year two. Not one account of 42 harvests more in year seven than in year one.
Copper and the grid metals underneath the AI build-out. Board sanction to first production runs a median 40 months, range 15 to 82 — so the long wait happens before the board ever votes.
Eighteen national municipal funds sold into one slot, read from their own filings. Health care runs 0.37% to 22.27% of classified value, and eleven of the eighteen flag a defaulted holding — one at 4.115% of net assets.
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The executive summary of every report is free, in full. So is the methodology: what we verify, how we score ourselves, and what we do when a marker moves against us.
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Finnacl Research is Liron Avineri. Fifteen reports were researched, checked and written by one person — which is exactly why the method is published beside the findings rather than described in a sentence.
Each figure is traced to the filing it came from and carries its as-of date. A number that appears in four places is checked against its source in all four.
Every chart and table is re-read by an independently written checker that never sees the code that drew it — tens of thousands of automated checks across the fifteen reports. We plant deliberate errors to prove the checkers catch them.
When a number is wrong it is fixed at its source, the old figure is quoted beside the new one, and every copy that carried it is named. Several of those corrections are in the reports you can read for free.
Every claim carries its source and date; every number its calculation. Nothing is written from memory.
Eight markers per report that would prove us wrong, re-scored in public every quarter. One has already moved against us, and we printed it.
No fund, no issuer payments, positions disclosed in every report. Research is the whole business.