| Profitability | 69/100 |
| Growth | 65/100 |
| Momentum | 77/100 |
| Quality | 69/100 |
| Earnings Quality | 64/100 |
| Balance Sheet | 42/100 |
| Value | 50/100 |
| Risk (safety) | 100/100 |
| Overall | 50.1/100 |
| Symbol | IS Score |
|---|---|
| AJG | 52 |
| MMC | 47 |
| WLTW | 51 |
| BRO | 60 |
| ALL | 60 |
| AFL | 59 |
| AON | 50 |
Both readings sit above the midpoint — business quality at 50 and price structure at 66 out of 100 — so they are not in conflict. The fundamentals and the tape are saying the same thing, which is the case in which either one alone would have been enough.
| Trigger | Where it stands now | What it would mean |
|---|---|---|
| IS Score reaches 55 and holds two consecutive quarters | now 50.1 | would move us up one band |
| IS Score stops falling - one quarter higher than the prior | last four: 49 → 64 → 56 → 50 | the direction matters more than the level |
| Technical vote share back above 50% | now 55% | price structure no longer broken |
| Institutional holder count rises two quarters running | peak 1,277 → now 1,261 | fewer institutions willing to hold is our clearest warning |
This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.
| Quarter | Holders | 13F shares | Value | Reported own% |
|---|---|---|---|---|
| 2026 Q2 | 1,261 | 193.5M | $62.7B | 90.5% |
| 2026 Q1 | 1,251 | 187.1M | $59.8B | 87.5% |
| 2025 Q4 | 1,277 | 188.5M | $65.9B | 88.2% |
| 2025 Q3 | 1,235 | 185.3M | $65.6B | 86.7% |
| 2025 Q2 | 1,215 | 193.6M | $67.9B | 90.5% |
| 2025 Q1 | 1,257 | 192.9M | $75.3B | 90.2% |
| 2024 Q4 | 1,174 | 191.7M | $67.5B | 89.7% |
| 2024 Q3 | 1,130 | 190.0M | $64.4B | 88.8% |
| 2024 Q2 | 1,093 | 187.9M | $53.9B | 87.9% |
| 2024 Q1 | 1,069 | 171.2M | $55.5B | 80.1% |
| 2023 Q4 | 1,045 | 170.4M | $48.0B | 79.7% |
| 2023 Q3 | 1,028 | 173.5M | $54.4B | 81.1% |
| Insider | Role | Date | Type | Shares | Value | Post-Txn Owned |
|---|---|---|---|---|---|---|
| Knight Lester B | director | 2026-09-02 | BUY | 1,739 | $0.57M | 144,739 |
| Knight Lester B | director | 2026-09-02 | BUY | 5,097 | $1.66M | 149,836 |
| Knight Lester B | director | 2026-09-02 | BUY | 7,212 | $2.36M | 157,048 |
| Knight Lester B | director | 2026-09-02 | BUY | 4,145 | $1.36M | 161,193 |
| Knight Lester B | director | 2026-09-02 | BUY | 1,440 | $0.47M | 162,633 |
| Knight Lester B | director | 2026-09-02 | BUY | 367 | $0.12M | 163,000 |
| Virani Nadin | Interim CFO | 2026-08-26 | — | 893 | — | 0 |
| Zeidel Darren | General Counsel | 2026-07-28 | SELL | 700 | $0.26M | 12,704 |
| 6-mo decomposition (Form 4) | Txns | Shares | Value | Signal weight |
|---|---|---|---|---|
| S — Open-market sales | 8 | 8,750 | $3.1M | Counted |
| P — Open-market purchases | 6 | 20,000 | $6.5M | Counted |
| M — Exercises (paired A/D) | 7 | 6,490 | — | None — mechanics |
| F — Tax withholding | 18 | 5,825 | $1.9M | None — compensation |
| G — Gifts | 1 | 1,438 | — | None |
| Filed | Filer | Shares registered | Est. proceeds |
|---|---|---|---|
| 2026-07-28 | Zeidel Darren | 1,900 | $0.7M |
| 2026-07-17 | Zeidel Darren | 1,950 | $0.7M |
| 2026-07-07 | Zeidel Darren | 600 | $0.2M |
| 2026-06-04 | Goltermann Lori | 5,766 | $1.9M |
| Trailing 12 mo | 8 filings | 29,056 | $10M |
| Filed | Form | Reporting person | % of class | Shares |
|---|---|---|---|---|
| 2026-10-16 | SCHEDULE 13G/A | JPMORGAN CHASE & CO. | 6.70% | 14.3M sh |
| 2026-07-16 | SCHEDULE 13G | JPMORGAN CHASE & CO | 5.60% | 12.2M sh |
| 2026-04-29 | SCHEDULE 13G | Vanguard Capital Management | 7.32% | 15.7M sh |
| 2026-03-26 | SCHEDULE 13G/A | The Vanguard Group | — | exit/reporting change |
| Member | Chamber | Trade | Size band | Traded | Disclosed |
|---|---|---|---|---|---|
| Ro Khanna | House | SELL | $1,001 - $15,000 | 2026-09-25 | 2026-10-09 |
| Michael McCaul | House | SELL | $15,001 - $50,000 | 2026-04-06 | 2026-05-11 |
| Michael T. McCaul | House | SELL | $15,001 - $50,000 | 2026-04-06 | 2026-05-11 |
| Tommy Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-01-22 | 2024-02-14 |
| Tommy Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-01-22 | 2024-02-13 |
| Thomas Hawley Tuberville | Senate | SELL | $1,001 - $15,000 | 2024-01-22 | 2024-02-13 |
| Manager | Shares | Value |
|---|---|---|
| Pinestone Asset Management Inc. | 735,173 | $204M |
| Davenport & Co Llc | 328,524 | $91M |
| Vontobel Holding Ltd. | 214,416 | $59M |
| Ninety One Uk Ltd | 113,935 | $32M |
| Fjarde Ap-Fonden /Fourth Swedish N | 108,680 | $30M |
| Assenagon Asset Management S.A. | 106,740 | $30M |
| Fund | Weight | Position |
|---|---|---|
| VITSX | 0.1% | $1.9B |
| VTSAX | 0.1% | $1.9B |
| VSMPX | 0.1% | $1.9B |
| VTI | 0.1% | $1.9B |
| VFINX | 0.1% | $1.5B |
| VFFSX | 0.1% | $1.5B |
| ATS Venue (4-wk) | Shares | Avg trade |
|---|---|---|
| Incr Intelligent Cross Llc | 1.5M | 35 sh |
| Sgmt Sigma X2 | 1.4M | 30 sh |
| Mlix Instinct X | 1.2M | 44 sh |
| Ebxl Level Ats | 1.1M | 21 sh |
| Ubsa Ubs Ats | 1.0M | 37 sh |
| Bids Bids Ats | 0.9M | 345 sh |
| Region | Revenue | Share |
|---|---|---|
| UNITED STATES | $8.3B | 53% |
| Europe, Middle East, And Africa | $3.2B | 20% |
| UNITED KINGDOM | $2.2B | 14% |
| Asia Pacific | $1.7B | 11% |
| IRELAND | $185M | 1% |
Moat score 65/100 — Narrow; primary source Efficient Scale.
| Officer | Title |
|---|---|
| Gregory Clarence Case | President, Chief Executive Officer & Executive Director |
| Edmund J. Reese | Senior Advisor |
| Mindy Simon | Executive VP & Global Chief Operating Officer |
| Andrew Marcell | Deputy CEO and Senior EVP of Risk Capital & Human Capital |
| Period | EPS est. | EPS actual | EPS surprise | Rev est. ($M) | Rev actual ($M) | Rev surprise |
|---|
| YoY growth | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | +10.2% | +2.3% | +7.2% | +17.4% | +9.4% |
| Gross profit | +5.7% | +10.0% | +7.9% | +14.5% | +10.5% |
| Operating income | -24.8% | +75.6% | +3.2% | +1.3% | +13.3% |
| Net income | -36.3% | +106.3% | -1.0% | +3.5% | +39.2% |
| $B · FY ends | FY21 | FY22 | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|---|---|
| Revenue | 12.2 | 12.5 | 13.4 | 15.7 | 17.2 | |
| Cost of revenue | 6.7 | 6.5 | 6.9 | 8.3 | 9.0 | |
| Gross profit | 5.5 | 6.0 | 6.5 | 7.4 | 8.2 | |
| R&D expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| SG&A expense | 2.5 | 1.7 | 1.9 | 2.0 | 1.6 | |
| Operating income | 2.1 | 3.7 | 3.8 | 3.8 | 4.3 | |
| EBITDA | 2.6 | 3.8 | 3.9 | 4.9 | 5.3 | |
| D&A | 0.3 | 0.3 | 0.3 | 0.7 | 1.0 | |
| Pretax income | 1.9 | 3.2 | 3.2 | 3.5 | 4.8 | |
| Income tax | 0.6 | 0.5 | 0.5 | 0.7 | 1.0 | |
| Net income | 1.3 | 2.6 | 2.6 | 2.7 | 3.7 | |
| Diluted EPS ($) | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 | |
| Diluted shares (M) | 226 | 213 | 205 | 212 | 216 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | 0.7 | 0.8 | 1.1 | 1.2 | |
| ST investments | 0.5 | 0.4 | 10.5 | 1.6 | |
| Receivables (net) | 3.1 | 3.3 | 11.1 | 4.2 | |
| Total current assets | 20.7 | 21.7 | 23.4 | 25.8 | |
| PP&E (net) | 1.3 | 1.3 | 1.4 | 1.4 | |
| Goodwill + intangibles | 8.7 | 8.6 | 22.0 | 21.5 | |
| Total assets | 32.7 | 34.0 | 49.0 | 50.8 | |
| Accounts payable | 2.1 | 2.3 | 2.9 | 2.9 | |
| Short-term debt | 0.9 | 1.2 | 0.8 | 0.6 | |
| Deferred revenue | 0.2 | 0.3 | 0.3 | 0.0 | |
| Total current liabilities | 20.3 | 21.7 | 23.0 | 23.2 | |
| Long-term debt | 9.8 | 10.0 | 16.3 | 15.3 | |
| Total liabilities | 33.1 | 34.7 | 42.5 | 41.2 | |
| Shareholders' equity | -0.4 | -0.7 | 6.4 | 9.5 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Net income | 2.6 | 2.6 | 2.7 | 3.7 | |
| D&A | 0.3 | 0.3 | 0.7 | 1.0 | |
| Stock-based compensation | 0.4 | 0.4 | 0.5 | 0.0 | |
| Working capital change | 0.0 | 0.5 | (0.1) | (0.2) | |
| Operating cash flow | 3.2 | 3.4 | 3.0 | 3.5 | |
| Capital expenditures | (0.2) | (0.3) | (0.2) | (0.3) | |
| Investing cash flow | (0.4) | (0.2) | (2.8) | 0.3 | |
| Buybacks | (3.2) | (2.7) | (1.0) | (1.0) | |
| Dividends paid | (0.5) | (0.5) | (0.6) | (0.6) | |
| Debt issuance / (repay) | 1.4 | 0.4 | 2.4 | (1.9) | |
| Financing cash flow | (1.8) | (2.9) | 0.8 | (4.2) | |
| Free cash flow | 3.0 | 3.2 | 2.8 | 3.2 |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| PROFITABILITY | |||||||
| ROE | 55.1% | 973.3% | -378.5% | 100.2% | 47.8% | 43% | |
| ROA | 3.9% | 8.0% | 7.7% | 6.4% | 7.4% | 7.3% | |
| ROIC | 13.3% | 30.7% | 31.2% | 24.3% | 15.3% | 13.2% | |
| Gross margin | 44.7% | 48.1% | 48.4% | 47.2% | 47.7% | 83.1% | |
| Operating margin | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% | 27.2% | |
| Net margin | 10.3% | 20.7% | 19.2% | 16.9% | 21.5% | 22.3% | |
| EBITDA margin | 21.2% | 30.7% | 29.2% | 31.4% | 31.1% | 38.3% | |
| FCF margin | 16.8% | 24.2% | 23.8% | 17.9% | 18.7% | — | |
| VALUATION | |||||||
| P/E | 51.33 | 23.69 | 22.55 | 29.30 | 20.68 | 16.0 | |
| P/B | 60.71 | -115.92 | -70.00 | 12.70 | 8.17 | 6.5 | |
| P/S | 5.28 | 4.91 | 4.32 | 4.95 | 4.45 | 3.53 | |
| P/FCF | 31.50 | 20.29 | 18.17 | 27.60 | 23.74 | 19.1 | |
| EV/EBITDA | 28.69 | 18.78 | 17.58 | 17.02 | 13.78 | 11.4 | |
| EV/Revenue | 6.07 | 5.76 | 5.14 | 5.35 | 5.25 | 4.4 | |
| Earnings yield | 1.9% | 4.2% | 4.4% | 3.4% | 4.8% | 6.26% | |
| FCF yield | 3.2% | 4.9% | 5.5% | 3.6% | 4.2% | 5.23% | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| LEVERAGE & SOLVENCY | |||||||
| Current ratio | 1.00 | 1.02 | 1.00 | 1.02 | 1.11 | 1.03 | |
| Quick ratio | 1.00 | 1.02 | 1.00 | 1.02 | 1.11 | 1.03 | |
| Debt / equity | 9.82 | -22.07 | -14.57 | 2.92 | 1.77 | 1.64 | |
| Debt / assets | 32.6% | 35.7% | 35.4% | 36.5% | 32.6% | 29.8% | |
| Net debt / EBITDA | 3.72 | 2.75 | 2.78 | 1.27 | 2.10 | 2.20 | |
| Interest coverage | 7.00 | 8.77 | 7.55 | 5.39 | 6.84 | — | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| EFFICIENCY | |||||||
| Asset turnover | 0.38 | 0.39 | 0.40 | 0.38 | 0.34 | 0.33 | |
| Receivables turnover | 3.96 | 4.07 | 4.25 | 4.45 | 4.29 | 1.0 | |
| DSO (days) | 92 | 90 | 86 | 82 | 85 | 377 | |
| DPO (days) | 114 | 121 | 116 | 114 | 139 | 279 | |
| Cash conversion cycle | -22 | -32 | -30 | -32 | -54 | 99 | |
| GROWTH (YoY) | |||||||
| Revenue growth | 10.2% | 2.3% | 7.2% | 17.4% | 9.4% | — | |
| Net income growth | -36.3% | 106.3% | -1.0% | 3.5% | 39.2% | — | |
| EPS growth | -33.5% | 118.0% | 2.6% | -4.2% | 40.4% | — | |
| FCF growth | -22.6% | 47.8% | 5.3% | -11.5% | 14.2% | — | |
| PER SHARE ($) | |||||||
| EPS (diluted, TTM) | 5.67 | 12.37 | 12.69 | 12.16 | 17.07 | 18.31 | |
| Book value / share | 4.80 | -2.53 | -4.09 | 28.04 | 43.20 | 45.42 | |
| Revenue / share | 55.12 | 59.62 | 66.22 | 71.91 | 79.36 | 82.21 | |
| FCF / share | 9.25 | 14.44 | 15.76 | 12.90 | 14.86 | 15.19 | |
| Cash / share | 3.78 | 5.46 | 5.68 | 53.24 | 12.92 | 5.93 | |
| SHAREHOLDER RETURN & SCORES | |||||||
| Buyback yield | 5.5% | 5.2% | 4.7% | 1.3% | 1.3% | 2.25% | |
| Altman Z-Score | 1.80 | 1.75 | 1.61 | 1.65 | 1.87 | 1.6 | |
| Piotroski F-Score | 6 | 8 | 6 | 4 | 8 | 8/9 | |
| Beneish M-Score | -2.64 | -2.73 | -2.55 | -0.32 | -3.07 | -2.58 | |
| Model | Score | Zone | Note |
|---|---|---|---|
| Piotroski F-Score | 8 / 9 | Strong | |
| Altman Z-Score | 1.6 | Distress (<1.81) | Distress |
| Income quality | 0.89 | Accrual-heavy | OCF ÷ net income |
| Beneish M-Score | -2.58 | Non-manipulator | vs −2.22 threshold |
| DuPont Decomposition (TTM) | Value |
|---|---|
| Tax burden | 0.77 |
| Interest burden | 0.87 |
| Operating margin | 33.2% |
| Asset turnover | 0.33× |
| Financial leverage | 6.13× |
| = ROE | 45% |
| Growth Quality (live) | Value |
|---|---|
| Revenue stability | 0.92 |
| Earnings stability | 0.68 |
| Earnings persistence | 0.50 |
| Revenue CAGR 3y | 10.9% |
| EPS CAGR 3y | 12.0% |
| FCF CAGR 3y | 3.3% |
| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | Piotroski | 1-yr ret |
|---|---|---|---|---|---|---|---|
| AJG | $65.3B | 41.8 | 7% | 8.1% | +26.3% | 7/9 | -8.8% |
| MMC | $89.8B | 21.8 | 27% | 11.8% | +7.6% | 5/9 | -5.8% |
| WLTW | $24.7B | 14.3 | 20% | 9.3% | +6.7% | 6/9 | — |
| BRO | $23.2B | 19.2 | 10% | 17.2% | +39.6% | 7/9 | -20.4% |
| ALL | $62.7B | 4.9 | 46% | 17.6% | +5.4% | 7/9 | +27.8% |
| AFL | $60.2B | 12.9 | 17% | 20.2% | +11.6% | 6/9 | — |
| MET | $64.0B | 19.2 | 13% | 3.9% | +9.0% | 6/9 | — |
| APO | $65.4B | 24.0 | 14% | 12.1% | +34.6% | 6/9 | — |
| Consensus estimates | Revenue mean | High / Low | EPS mean | High / Low | # EPS est. |
|---|---|---|---|---|---|
| FY2026 | $17.91B | $18.16B / $17.62B | $18.55 | $18.81 / $17.80 | 14 |
| FY2027 | $21.53B | $22.14B / $20.89B | $20.30 | $20.96 / $19.11 | 12 |
| FY2028 | $22.74B | $23.58B / $20.70B | $23.47 | $29.42 / $20.27 | 5 |
| Window | Avg Target | vs. Price | # Targets |
|---|---|---|---|
| Last Month | $342.80 | +17.2% | 5 |
| Last Quarter | $376.00 | +28.5% | 16 |
| Last Year | $388.98 | +33.0% | 44 |
| All Time | $373.74 | +27.8% | 69 |
| Moving Average | Value | Distance | % Distance | Signal |
|---|---|---|---|---|
| SMA 20 | $277.70 | +14.85 | +5.35% | Above |
| SMA 50 | $311.56 | -19.01 | -6.10% | Below |
| SMA 200 | $326.95 | -34.40 | -10.52% | Below |
| EMA 9 | $280.51 | +12.04 | +4.29% | Above |
| EMA 21 | $284.41 | +8.14 | +2.86% | Above |
| EMA 50 | $302.63 | -10.08 | -3.33% | Below |
| EMA 200 | $326.40 | -33.85 | -10.37% | Below |
| Level | Value | Level | Value |
|---|---|---|---|
| Pivot / R1 / R2 | $285.04 / $290.23 / $293.66 | S1 / S2 | $281.61 / $276.42 |
| Bollinger (20,2) | $264.98 – $290.43 | Squeeze | Off |
| 52-wk range | $266.33 – $381.47 | Off 52-wk high | -23.3% |
| ATR (14) | $6.95 (2.4%) | Historical vol | 27.4% |
| Computed from live weekly prices | AON | S&P 500 |
|---|---|---|
| Weekly volatility (σ, 1y) | 3.82% | 1.83% |
| Best / worst week (1y) | +7.8% / -11.5% | — |
| Max drawdown (5y, monthly) | -36.2% | — |
| 1-week VaR (95%) | -6.8% | — |
| Beta (5y) | 0.66 | 1.00 |
| Reading | AON | Insurance - Brokers n=53 | Financial Services n=24,134 | All US symbols n=70,435 |
|---|---|---|---|---|
| Overall | -11.8 | -5.5 | -16.3 | -20.5 |
| Trend | -7.9 | -5.2 | -12.5 | -21.3 |
| Momentum | +49.3 | +6.5 | -4.4 | -15.8 |
| Volume | -52.3 | +0.0 | +0.0 | -3.8 |
| Executive | Total comp | Structure |
|---|---|---|
| Gregory C. Case President and Chief Executiv | $73.7M | 97% equity+incentive |
| Edmund Reese Executive Vice President and Ch | $9.5M | 79% equity+incentive |
| Lisa Stevens Executive Vice President and Ch | $8.0M | 87% equity+incentive |
| Andy Marcell Executive Vice President and CE | $7.6M | 86% equity+incentive |
| Mindy Simon Executive Vice President and Chi | $5.7M | 60% equity+incentive |
| Pillar (live disclosure scores) | Score |
|---|---|
| Environmental | 52 |
| Social | 64 |
| Governance | 60 |
| Composite ESG | 59 |
| Filed | 8-K contents | Items |
|---|---|---|
| 2026-09-22 | Material Agreement; Termination of Agreement; Financial Obligation; Ex | 1.01,1.02,2.03,9.01 |
| 2026-09-17 | Other Events; Exhibits | 8.01,9.01 |
| 2026-09-11 | Other Events; Exhibits | 8.01,9.01 |
| 2026-08-31 | Material Agreement; Regulation FD; Exhibits | 1.01,7.01,9.01 |
| 2026-08-17 | Officer/Director Change; Exhibits | 5.02,9.01 |
| 2026-07-29 | Earnings Release; Exhibits | 2.02,9.01 |
| 2026-07-01 | Officer/Director Change; Shareholder Vote; Other Events; Exhibits | 5.02,5.07,8.01,9.01 |
| 2026-05-01 | Earnings Release; Exhibits | 2.02,9.01 |
Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.
| Data domain | Source | Coverage for this report |
|---|---|---|
| Price & volume | market_db.historical_prices | 52 rows |
| Fundamentals | income_statements_annual | 6 rows · 2020 to 2025 |
| Reported vs consensus | fact/earnings_calendar | 24 rows · 2020-10-30 to 2026-07-29 |
| Analyst estimates | dim/forward_estimates | 3 rows · 2026-12-31 to 2028-12-31 |
| Institutional ownership (13F) | holdings_db.institutional_ownership_summary | 50 rows · 2013 to 2026 |
| Insider transactions (Form 4) | edgar/form4 | 12 rows · 2026-07-17 to 2026-09-02 |
| Proposed sales (Form 144) | edgar/form144 | 1 record |
| Beneficial ownership (13D/G) | edgar/13dg | 4 rows · 2026-03-26 to 2026-10-16 |
| Short-sale volume (FINRA) | edgar/short_volume_daily | 60 rows · 2026-07-23 to 2026-10-15 |
| Dark pool (ATS, tier 1) | edgar/darkpool_weekly | 12 rows · 2026-06-15 to 2026-08-31 |
| ETF & fund holding | etf_holdings_changelog (30d) | 1 record |
| Peer set | stock_peers_dynamic | 8 rows |
| Industry medians | industry_medians | 1 record |
| Congressional trades | congress_db (House + Senate) | 1 record |
| ESG | fact/esg_disclosures | 1 record |
Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.
Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.