Methodology
Evidence Before Interpretation
Institutional research quality depends on sequence: primary documents, structured facts, calculations, then judgment. Reversing that order produces narrative first and evidence second.
Evidence Before Interpretation
Institutional research quality depends on sequence: primary documents, structured facts, calculations, then judgment. Reversing that order produces narrative first and evidence second.
Primary sources first
For financial figures, Belvedere starts with SEC EDGAR submissions and XBRL companyfacts. Period, unit, form type and accession number are retained. Annual facts are not compared with quarterly facts. Restated or amended facts are not treated as silent replacements for previously stored observations.
Calculations must be labeled
Some measures used in screening—free cash flow, FCF margin, revenue growth, net debt—are Belvedere calculations. They may differ from company-defined non-GAAP measures. Where a figure is calculated, the formula and source facts are disclosed. Where a licensed market-data field is unavailable, it is omitted rather than estimated.
Primary sources first
For financial figures, Belvedere starts with SEC EDGAR submissions and XBRL companyfacts. Period, unit, form type and accession number are retained. Annual facts are not compared with quarterly facts. Restated or amended facts are not treated as silent replacements for previously stored observations.
Calculations must be labeled
Some measures used in screening—free cash flow, FCF margin, revenue growth, net debt—are Belvedere calculations. They may differ from company-defined non-GAAP measures. Where a figure is calculated, the formula and source facts are disclosed. Where a licensed market-data field is unavailable, it is omitted rather than estimated.
Human review remains the publication gate
Software can extract, normalize and flag changes. It does not determine an investment thesis, valuation assumption or editorial conclusion. Published research follows a draft, review and approval sequence. Numerical change detection is a data signal, not an automatic investment conclusion.