🐋Smart Money
What the pros do — insiders, dark pool, 13F funds, Congress trades and options flow. QMA's main analytical edge.
Smart Money — overview
Smart money is an umbrella term for the "smart" capital — company insiders, large institutional funds, hedge funds filing 13F reports, members of Congress and large options players. Tracking their publicly reported activity is QMA's main analytical edge: while the average investor reacts to news, this data shows where professionals actually allocate capital. Everything comes from public registries — SEC EDGAR (insider Form 4), quarterly institutional 13F reports, STOCK Act Congressional disclosures and off-exchange (dark pool) volumes from public sources. Each layer carries different signal value and lag. Insider buys are often the strongest signal because management knows the business best — but they may buy for many reasons and sell for one. 13F positions are filed up to 45 days after quarter-end, so they show the past, not the present. Dark pool and options flow hint at institutional interest in closer-to-real time but are noisy. QMA therefore does not read any single layer in isolation; it looks for confluence — where several independent layers point the same way. It is important to understand what this data is and is not. The fact that an insider reported a buy is a verified SEC event — not an instruction for you to buy too. QMA describes and scores these signals, but the final decision and its risk stay with you. This is educational and analytical context, not investment advice.
Smart Money articles
13F with a 45-Day Delay: Why Buffett's Purchase You Read About Today Might Be Long Gone
Quarterly 13F filings are like peeking at the cards of the best poker players for regular investors. However, if you don't know the rules of the game, it's easy to mistake an old photo for the current reality.
什么是内幕交易，以及如何（合法地）追踪它
"内幕交易"听起来违法——其中一种确实如此。但还有第二种完全合法且须公开披露的形式：高管和董事买卖本公司股票后，必须在数日内进行申报。本文将清晰解释两者的区别、为何内幕买入是一个值得关注的信号（及其注意事项），以及如何追踪这些公开数据。