Small-Cap · Notes
Standardized memos. Three layers. Every sentence cited.
Each note separates fact (what the filing says), calculation (what the engine computes), and opinion (what the desk thinks). Every section lists its sources, and no memo publishes without passing the data-quality gate.
03.3·Index
Published memos
Most recent first. Click any memo to read with layer separation intact.
2026-04-18 · MERAMERA — FY25 deep-dive: customer concentration is the question
Standardized read of MERA's FY25 disclosures, with the customer-concentration lens decomposed and each statement traced to filing.
2026-04-15 · QORMQORM — CMS 2026-Q2 code update is a real number, not a marketing lineWalks the CMS code expansion against QORM's reimbursable-test mix and shows where the consensus model is stale.