Insider intelligence, filed in public

They file. We watch.

Every weekday, hundreds of insider disclosures hit the public record. Reading them all would be a full-time job. Paper Trail does it for you: we flag the few worth knowing and explain why they matter.

Get the briefing See what we track

Monitoring public disclosures / Corporate insiders + Congress

SIGNAL, NOT SPECTACLE

The filing is public. The meaning is buried.

A sale can be routine. A purchase can be conviction. A cluster can say more than any headline. We separate what matters from what merely looks dramatic.

Executive trades.

Open-market buys and sells from directors, officers, and major owners, read in the context of role, size, timing, and plan status.

Congressional disclosures.

Periodic transaction reports from members of Congress, surfaced when they become public and tagged with the disclosure delay.

Conviction signals.

Discretionary buying, C-suite activity, insider clusters, and unusually large moves, without treating every transaction like a trade call.

THE PROTOCOL

Follow the money. Read the footnotes.

The raw feed is noise. The edge is knowing which details change the story, and which ones kill it.

Capture the disclosure.

We monitor official filing systems for newly reported executive and congressional transactions.

Interrogate the context.

Transaction type, dollar size, insider role, clustered activity, and 10b5-1 plan language all change the read.

Deliver the signal.

The notable moves arrive in a concise briefing built for understanding, not breathless buy-or-sell commands.

KNOW WHAT CHANGES THE READ

Not every insider trade is equal.

Paper Trail reads beyond the headline number, because a transaction without context is barely information.

Open-market purchase or grant? How shares were acquired matters.
Discretionary or pre-planned? A 10b5-1 plan can change the signal.
One insider or a cluster? Shared conviction carries different weight.
Trade date or disclosure date? We keep the timeline straight.