Knowledge that runs deep
The RADAR reads the market in breadth: the trading day, the implications, the threads connecting the news — the wide horizon, which on FINBEAR stretches beyond finance itself. The Istruttoria makes the opposite move: it takes a single stock and goes deep — the company, the accounts, the primary sources, all the way down to where the numbers stop answering.
Two axes, one body of knowledge: the RADAR tells you what is happening out there; the Istruttoria tells you what is really underneath.
The tribunal of the verifiable
Every stock arrives with a story. Some are true, some are merely well written — and you only find out which is which by opening the file. The Istruttoria FINBEAR puts the company on the stand: it doesn’t listen to the narrative — it cross-examines the documents on record.
The sources are primary: the filings lodged with the SEC (10-Q, 10-K), official company releases, public registries such as ClinicalTrials.gov. Every number you read is verified at the source or declared unavailable — never estimated from memory, never merely “plausible”. In the live trial run on Voyager Therapeutics, it was the 10-Q that corrected the summary figures on the finance portals: real liquidity was $171.7 million, not $141 million; the “debt” on the books was leasing — the company was in fact free of financial debt. That is the difference between reading about a company and reading the company.
How the Istruttoria works
It is not an opinion: it is a procedure — always the same, whatever the ticker.
The anchoring.
First, the identity check: price, share count and market cap must reconcile. If the opening arithmetic doesn’t add up, the case doesn’t open.
The classification.
Every company is assigned to a category by economic regime, not by sector: a pre-revenue biotech and an exploration-stage miner have more in common than their industry codes suggest — cash being consumed, value hanging on an event. Different categories, different decisive questions.
The double cross-examination.
Prosecution and defence: the strongest opposing thesis is written down in black and white, together with the fact that would overturn the verdict. If we can’t say why we might be wrong, the work isn’t finished.
The cap on the verdict.
The decisive fact of the category — for a pre-revenue company, cash and dilution — sets a mechanical ceiling on the judgement. No enthusiasm for the platform, the pipeline or the management can break through it. A rule learned the hard way, and turned into procedure.
The verdict record.
Every istruttoria closes with statements verifiable by a set date: facts checkable today, forecasts with a deadline, conditions that would invalidate the judgement. At review, every line will have one outcome only: true, false, or not yet determined.
Don’t trust us: check (us too)
The Register of Verifiable Statements is the Istruttoria’s signature. We don’t ask you to trust the judgement: we hand you the list of what we claimed, the date by which it will show, and the public source where anyone can check. It is a method that agrees to be audited over time — the exact opposite of the analysis that forgets it was ever written.
Two reports, one path
The Quick Report
A few pages, readable on your phone: who the company is, its category, the decisive fact, the verdict with its three reasons, the chart read line by line, risks and catalysts, the register of statements. It is the gate: it tells you whether the stock deserves the deep dive — or whether it’s wiser to save your time and move on.
The Full Report
When the Quick Report shows promise (or on request), the whole file opens: the extended analysis of the company and its business, the accounts rebuilt from primary sources, the peer comparison, the scenarios, the multi-layer charts, the navigable index. The work in depth, for readers who want to see all of the reasoning — not just the conclusion.
The real example: VYGR on the stand
The thesis in one sentence: “A company trading below its own cash, debt-free, with clinical catalysts one semester away — but with dilution already under way, while the decisive data sit beyond the runway.”
And, in the register, the statements by which this judgement agrees to be tested.
→ Browse the sample Quick ReportThe missing piece of the workshop
FINBEAR teaches the way a workshop does: you learn by doing, on the real case. The Academy teaches you to read markets; the RADAR delivers the day’s case to read — in breadth. The Istruttoria completes the path vertically: you watch the method at work on a single company, from the identity check to the verdict, and you learn how to read a business and how a judgement is built.
It is not an order to execute: it is applied fundamental analysis, for learning — practice grafted onto theory. The verdict tells you what we concluded, and shows you how; the sentence on your money remains yours to sign.
→ Discover the AcademyIt’s for you
If you want to understand what you own (or are about to own): if you’d rather see the documents before buying the story; if what interests you in an analysis is the reasoning, not just the conclusion; if you already have the RADAR’s wide horizon and want the instrument that goes deep.
It’s not for you
If you’re after the quick tip to execute, the stock “about to double”, or someone to decide in your place. Here you learn to judge — you don’t outsource the judgement.
Where it sits on the ladder
The Istruttoria is the crown of the FINBEAR ladder: the work in depth added, at the top, to the intelligence in breadth.
Questions before you choose
Does the Istruttoria tell me whether to buy or sell?
Every istruttoria closes with a verdict on a five-grade scale, from strong sell to strong buy. But it is a didactic judgement — it explains the method and how the conclusion was reached. It is not an invitation to buy, nor an order to execute. The decision — and the risk — remain yours.
Who picks the stocks?
The subscription istruttorie cover stocks chosen by FINBEAR, for a general audience — never tailored to an individual client. With a single report you name the ticker, but the analysis is the same for everyone: it is not personalised advice.
How is this different from the RADAR and the Playbook?
The RADAR reads the market in breadth, every day. The Playbook assesses whether setups are workable. The Istruttoria judges the company: fundamentals, accounts, primary sources. Three different jobs that complete each other.
And if the Istruttoria gets it wrong?
Then it will show — and that’s the point. Every report is born with its register of statements, verifiable by a set date: the method agrees to be audited, record after record.
“Every stock has a wonderful story. The 10-Q, unfortunately for her, is filed under oath.”
The Istruttoria is research and education on stocks selected for a general audience: it is not personalised financial advice, it does not size positions, and it is no solicitation to invest. Data come from primary sources, and every number is verified or declared unavailable — never narrated. The verdict is a didactic judgement, not an order: whoever sells you the verdict without showing you the file is selling you their hurry. Results, real or simulated, guarantee nothing about what comes next. The sentence — on your money — is yours to sign.