Governance

Estate reconciliation

Four pages count the research estate, and each counts something different. Today counts rows in the decision feed, Governance counts published report files, the Library counts cards, and Alpha Lab counts only the rows the last run refreshed. This page states what each unit is, then breaks every count into the same six states, name by name, from the files those pages read.

How to read this page

Report pages 2026-10-12 · decision feed 2026-10-12 · exception register 2026-10-12 · generated when the site is built

Four counts, four units

These are not four measurements of one thing. A difference between two of them means something only through the bridges further down, which name every item that moves.

Page	Prints	One unit is
Today	921 names now	A decision-feed row. One row per ticker in the Research OS decision feed, whatever date the row was last refreshed. The feed keeps a row for a name whose report page has since been withdrawn.Read from public/research/data/ros-feed.json
Governance	916 = 860 fresh + 4 caveat + 52 exceptions	A published report file. One report file per covered name at the last run: the estate the exception register is computed over. Every file is fresh, published under a caveat, or an exception.Read from content/stock-reports/ (via the exception register in public/research/data/governance.json)
Library	918 reports	A library card. One card per research artefact the Library lists: a stock report, an externally prepared research deck, or a long-form thesis. Research decks and theses are not companies and carry no state. A withdrawn deck is not listed and is named beside the count.Read from content/stock-reports.index.json + content/external-research.json + content/registry.ts
Alpha Lab	891 names · 30 held out	A refreshed decision-feed row. The decision-feed rows the last run refreshed: a row is shown when its date equals the feed’s date (owner rule, 2026-08-25). A row the run did not refresh is held out, and the raw feed keeps it.Read from public/research/data/ros-feed.json (rows dated 2026-10-12)
S&P 900 frame	not printed	An index listing. One listing per ticker in the S&P 500 and S&P 400 membership files the engine carries. No page prints this count; it is the frame for the dual-class, excluded and unpublished names.Read from content/sp500_matrix.json + content/sp400_matrix.json

What each count is made of

Each column is one count in its own unit, split into the six states defined below. A zero is often structural: a report file cannot be ended, and only the S&P 900 frame holds names with no page.

State	Today feed rows	Governance report files	Library cards	Alpha Lab rows shown	Alpha Lab rows held out	S&P 900 listings
Active	864	864	864	864	0	830
Held	52	52	52	27	25	51
Ended	5	0	0	0	5	9
Unpublished	0	0	0	0	0	3
Dual-class	0	0	0	0	0	3
Excluded	0	0	0	0	0	19
Research decks and theses	·	·	2	·	·	·
Total	921	916	918	891	30	915

Today: 921 feed rows = 864 active + 52 held + 5 ended
Governance: 916 report files = 860 fresh + 4 caveat + 52 exceptions = 864 active + 52 held
Library: 918 cards = 916 stock reports (864 active + 52 held) + 0 research decks + 2 theses (5 withdrawn research decks not listed)
Alpha Lab: 891 rows shown = 864 active + 27 held; 30 rows held out = 25 held + 5 ended
S&P 900: 915 listings = 830 active + 51 held + 9 ended + 3 unpublished + 3 dual-class + 19 excluded

The six states

Every name is in exactly one state. Publication decides first: a name with a current page is active or held, whatever else a register says about it.

Active (864): A current report page that states a rating: published by the last run, or published under a reviewed price-data caveat.
Held (52): A current report page whose rating is withheld, by an owner rating suspension, an analyst review, a pending acquisition, or a publish gate that kept the previous page.
Ended (9): A report page withdrawn from current coverage and kept as part of the research record. It is not a Library card and is not in the exception register.
Unpublished (3): A listing in the S&P 900 membership files, or a row in the decision feed, with no report page and no recorded reason.
Dual-class (3): A second share class of an issuer that is covered through its primary listing.
Excluded (30): On the engine’s deferral register with no report page: the engine declines to model it on the data it has.

From one count to another

Today 921 → Governance 916. Take away the feed rows that have no current report page:
- 5 ended: ACI, APH, MNST, NSA, TMHC
Spelled differently but one issuer: BRK.B in the feed is BRK-B on its page. This page counts each once.
Today 921 → Alpha Lab 891 shown. Take away the 30 rows the last run (2026-10-12) did not refresh:
- 25 held: AES, APP, BHF, CPT, CTVA, CYTK, FICO, FRT, GATX, GLPI, KNF, L, NLY, OHI, PAYX, PII, PSKY, QRVO, RGLD, SLAB, TECH, TPL, TTMI, TXNM, VNO
- 5 ended: ACI, APH, MNST, NSA, TMHC
The ended rows belong to withdrawn pages. They are not under coverage and are not in the exception register, whose estate is the report files.
Governance 916 → Library 918. Every report file has exactly one card. Add 0 externally prepared research decks and 2 long-form theses: Twenty years of gold, silver & copper — and the ten-year theses that follow; AAPL: a real growth inflection — but the stock has already paid for it. These are not companies, so they have no state. Not added: 5 research decks withdrawn and taken off every listing (The SaaSpocalypse & The HALO Trade, withdrawn 2026-10-02; Gold Producers: Bull & Bear Case, withdrawn 2026-10-02; The 2026 Middle East Oil Shock, withdrawn 2026-10-02; ServiceNow: Institutional Investment Research, withdrawn 2026-10-02; Robinhood Markets: Investment Research, withdrawn 2026-10-02). Each keeps its page as a dated record.
Governance 916 and Alpha Lab 891. These are different units, so a difference between them is not a derivation. Alpha Lab admits a row by its date; the register classes a file by its publication. On this build the report files Alpha Lab does not show are:
- 25 held at publish, previous page kept: AES, APP, BHF, CPT, CTVA, CYTK, FICO, FRT, GATX, GLPI, KNF, L, NLY, OHI, PAYX, PII, PSKY, QRVO, RGLD, SLAB, TECH, TPL, TTMI, TXNM, VNO
and it shows no row without a report file. When the two rules disagree, the names appear here.

The names behind the numbers

Held (52). The report page stays up and its rating is withheld.
- 27 rating suspended by owner decision — OWNER-decided rating suspension (D-376) — the name publishes, the verdict does not: APG, APPF, ARWR, AVGO, BTSG, CAVA, CF, CRBG, DOCN, EQH, FN, G, HIMS, INCY, MMS, MOS, MU, MZTI, NOVT, ORA, PBF, PEN, ROKU, SITM, STX, TTWO, V
- 25 held at publish, previous page kept — held by a publish gate (price anomaly / QA-3xx / quality gate): AES, APP, BHF, CPT, CTVA, CYTK, FICO, FRT, GATX, GLPI, KNF, L, NLY, OHI, PAYX, PII, PSKY, QRVO, RGLD, SLAB, TECH, TPL, TTMI, TXNM, VNO
Active under a caveat (4). Counted active: the rating is published, with the caveat on the page.
- 4 published under a reviewed price-data caveat: CAR, LITE, VICR, WDC
Ended (9). Withdrawn pages, kept at their addresses as part of the record.
- 8 coverage ended: APH, AVB, EA, EQR, MNST, NSA, TMHC, WBS
- 1 rating suspended and withdrawn from the Library: ACI
- Still carried as a decision-feed row: ACI, APH, MNST, NSA, TMHC
Excluded (30). On the engine’s deferral register with no page; the reason for each is in the Library: ADT, AGNC, AMTM, BA, BE, BF.B, CHRD, CHTR, CORT, CWEN, EMN, FISV, FRPT, KIM, KMX, KRYS, LKQ, LNC, LYV, MOH, MP, MRNA, MSGS, OGN, RDDT, RITM, ROIV, SNDK, VMRK, WBD
Dual-class (3). FOX is covered as FOXA; GOOG is covered as GOOGL; NWS is covered as NWSA
Unpublished (3). No report page and no recorded reason: ECHO EchoStar (S&P 500); GHC Graham Holdings (S&P 400); IESC IES Holdings (S&P 400)
On the deferral register and published (18). The engine’s deferral register lists these names, and each has a report page, so each is counted by its page: 18 held (APPF, ARWR, BHF, BTSG, CAVA, CRBG, CYTK, DOCN, EQH, HIMS, MU, MZTI, ORA, PEN, ROKU, SITM, STX, TTMI)
Covered outside the S&P 900 membership files (35). AGO, AU, AWI, BFAM, CBRS, CPB, ECG, ENPH, EPAM, ESI, ETSY, FHB, FORM, GTES, HAYW, KRMN, LW, MDU, MHK, MKTX, MRP, PAYC, POOL, POWL, PRIM, QRVO, REYN, RHI, RNG, SNAP, SNDR, SPCX, VIRT, WU, ZS
Spelled differently across sources (2). BRK-B: BRK.B in the feed, BRK.B in the membership files; MOG-A: MOG.A in the membership files. Tickers are compared after normalising the share-class separator.

Active (864)

A, AA, AAL, AAON, AAPL, ABBV, ABNB, ABT, ACGL, ACM, ACN, ADBE, ADC, ADI, ADM, ADP, ADSK, AEE, AEIS, AEP, AFG, AFL, AGCO, AGO, AHR, AIG, AIT, AIZ, AJG, AKAM, ALB, ALGM, ALGN, ALK, ALL, ALLE, ALLY, ALSN, ALV, AM, AMAT, AMCR, AMD, AME, AMG, AMGN, AMH, AMKR, AMP, AMT, AMZN, AN, ANET, ANF, AON, AOS, APA, APD, APO, APTV, AR, ARE, ARES, ARMK, ARW, ASB, ASH, ATI, ATO, ATR, AU, AVAV, AVNT, AVT, AVTR, AVY, AWI, AWK, AXON, AXP, AXTA, AYI, AZO, BAC, BAH, BALL, BAX, BBWI, BBY, BC, BCO, BDC, BDX, BEN, BFAM, BG, BIIB, BILL, BIO, BJ, BKH, BKNG, BKR, BLDR, BLK, BMRN, BMY, BNY, BR, BRK-B, BRKR, BRO, BROS, BRX, BSX, BSY, BURL, BWA, BWXT, BX, BXP, BYD, C, CACI, CAG, CAH, CAR, CARR, CART, CASY, CAT, CB, CBOE, CBRE, CBRS, CBSH, CBT, CCI, CCK, CCL, CDE, CDNS, CDP, CDW, CEG, CELH, CFG, CFR, CG, CGNX, CHD, CHDN, CHE, CHH, CHRW, CHWY, CI, CIEN, CINF, CL, CLF, CLH, CLX, CMC, CMCSA, CME, CMG, CMI, CMS, CNC, CNH, CNM, CNO, CNP, CNX, COF, COHR, COIN, COKE, COLB, COLM, COO, COP, COR, COST, CPAY, CPB, CPRI, CPRT, CR, CRH, CRL, CRM, CROX, CRS, CRUS, CRWD, CSCO, CSGP, CSL, CSX, CTAS, CTRE, CTSH, CUBE, CUZ, CVLT, CVNA, CVS, CVX, CW, CXT, D, DAL, DAR, DASH, DBX, DCI, DD, DDOG, DE, DECK, DELL, DG, DGX, DHI, DHR, DINO, DIS, DKS, DLB, DLR, DLTR, DOC, DOCS, DOCU, DOV, DOW, DPZ, DRI, DT, DTE, DTM, DUK, DUOL, DVA, DVN, DXCM, DY, EAT, EBAY, ECG, ECL, ED, EEFT, EFX, EG, EGP, EHC, EIX, EL, ELAN, ELF, ELS, ELV, EME, EMR, ENPH, ENS, ENSG, ENTG, EOG, EPAM, EPR, EQIX, EQT, ERIE, ES, ESAB, ESI, ESNT, ESS, ETN, ETR, ETSY, EVR, EVRG, EW, EWBC, EXC, EXE, EXEL, EXLS, EXP, EXPD, EXPE, EXPO, EXR, F, FAF, FANG, FAST, FBIN, FCFS, FCN, FCX, FDS, FDX, FDXF, FE, FERG, FFIN, FFIV, FHB, FHI, FHN, FIS, FITB, FIVE, FIX, FLEX, FLG, FLR, FLS, FNB, FND, FNF, FORM, FOUR, FOXA, FR, FSLR, FTI, FTNT, FTV, GAP, GBCI, GD, GDDY, GE, GEF, GEHC, GEN, GEV, GGG, GILD, GIS, GL, GLW, GM, GME, GMED, GNRC, GNTX, GOOGL, GPC, GPK, GPN, GRMN, GS, GTES, GWRE, GWW, GXO, H, HAE, HAL, HALO, HAS, HAYW, HBAN, HCA, HD, HGV, HIG, HII, HL, HLI, HLNE, HLT, HOG, HOMB, HON, HONA, HOOD, HPE, HPQ, HQY, HR, HRB, HRL, HSIC, HST, HSY, HUBB, HUBS, HUM, HWC, HWM, HXL, IBKR, IBM, IBOC, ICE, IDA, IDCC, IDXX, IEX, IFF, ILMN, INGR, INTC, INTU, INVH, IP, IPGP, IQV, IR, IRM, IRT, ISRG, IT, ITT, ITW, IVZ, J, JAZZ, JBHT, JBL, JCI, JEF, JKHY, JLL, JNJ, JPM, KBH, KBR, KD, KDP, KEX, KEY, KEYS, KHC, KKR, KLAC, KMB, KMI, KNSL, KNX, KO, KR, KRC, KRG, KRMN, KTOS, KVUE, LAD, LAMR, LDOS, LEA, LECO, LEN, LFUS, LH, LHX, LII, LIN, LITE, LIVN, LLY, LMT, LNT, LNTH, LOPE, LOW, LPX, LRCX, LSCC, LSTR, LULU, LUV, LVS, LW, LYB, M, MA, MAA, MANH, MAR, MAS, MAT, MCD, MCHP, MCK, MCO, MDLZ, MDT, MDU, MEDP, MET, META, MGM, MHK, MIDD, MKC, MKSI, MKTX, MLI, MLM, MMM, MO, MOG-A, MORN, MPC, MPWR, MRK, MRP, MRSH, MRVL, MS, MSA, MSCI, MSFT, MSI, MSM, MTB, MTD, MTDR, MTG, MTN, MTSI, MTZ, MUR, MUSA, NBIX, NCLH, NDAQ, NDSN, NEE, NEM, NEU, NFG, NFLX, NI, NJR, NKE, NNN, NOC, NOV, NOW, NRG, NSC, NTAP, NTNX, NTRS, NUE, NVDA, NVR, NVST, NVT, NWE, NWSA, NXPI, NXST, NXT, NYT, O, OC, ODFL, OGE, OGS, OKE, OKTA, OLED, OLLI, OLN, OMC, ON, ONB, ONTO, OPCH, ORCL, ORI, ORLY, OSK, OTIS, OVV, OXY, OZK, P, PAG, PANW, PATH, PAYC, PB, PCAR, PCG, PCTY, PEG, PEGA, PEP, PFE, PFG, PFGC, PG, PGR, PH, PHM, PINS, PK, PKG, PLD, PLNT, PLTR, PM, PNC, PNFP, PNR, PNW, PODD, POOL, POR, POST, POWL, PPC, PPG, PPL, PR, PRI, PRIM, PRU, PSA, PSN, PSX, PTC, PVH, PWR, PYPL, Q, QCOM, QLYS, R, RBA, RBC, RCL, REG, REGN, REXR, REYN, RF, RGA, RGEN, RH, RHI, RJF, RL, RLI, RMBS, RMD, RNG, RNR, ROK, ROL, ROP, ROST, RPM, RRC, RRX, RS, RSG, RTX, RVTY, RYAN, RYN, SAIA, SAIC, SAM, SANM, SARO, SBAC, SBRA, SBUX, SCHW, SCI, SEIC, SF, SFM, SGI, SHC, SHW, SIGI, SIRI, SJM, SLB, SLGN, SLM, SMCI, SMG, SMTC, SN, SNA, SNAP, SNDR, SNPS, SNX, SO, SOLS, SOLV, SON, SPCX, SPG, SPGI, SPXC, SR, SRE, SSB, SSD, ST, STAG, STE, STLD, STRL, STT, STWD, STZ, SUI, SW, SWK, SWKS, SWX, SYF, SYK, SYNA, SYY, T, TAP, TCBI, TDG, TDY, TEL, TER, TEX, TFC, TGT, THC, THG, THO, TJX, TKO, TKR, TLN, TMO, TMUS, TNL, TOL, TOST, TPR, TREX, TRGP, TRMB, TROW, TRU, TRV, TSCO, TSLA, TSN, TT, TTC, TTD, TTEK, TWLO, TXN, TXRH, TXT, TYL, UAL, UBER, UBSI, UDR, UFPI, UGI, UHS, ULS, ULTA, UMBF, UNH, UNM, UNP, UPS, URI, USB, USFD, UTHR, VAL, VC, VEEV, VFC, VIAV, VICI, VICR, VIRT, VLO, VLTO, VLY, VMC, VMI, VNOM, VNT, VOYA, VRSK, VRSN, VRT, VRTX, VST, VTR, VTRS, VVV, VZ, WAB, WAL, WAT, WCC, WDAY, WDC, WEC, WELL, WEX, WFC, WFRD, WH, WHR, WING, WLK, WM, WMB, WMG, WMS, WMT, WPC, WRB, WSM, WSO, WST, WTFC, WTRG, WTS, WTW, WU, WWD, WY, WYNN, XEL, XOM, XPO, XRAY, XYL, XYZ, YETI, YUM, ZBH, ZBRA, ZION, ZS, ZTS

Checks

Each check compares two sources written by different producers. A sum over one list is not a check, so none is listed.

Holds: The exception register’s sentence adds up916 = 860 + 4 + 52
Holds: The register’s estate is the set of published report files916 in the register · 916 report files
Holds: The register lists every caveat and exception it counts4 caveat + 52 exception entries · the sentence says 4 + 52
Holds: Every name in the register has a published report file
Holds: The register’s class and each card agree on whether the rating is withheld
Holds: The Library’s stock cards and Governance’s report files are the same names
Holds: Every current report page has a decision-feed row
Holds: No name appears twice in the feed or the index once spellings are normalised
Holds: Every register class maps to a state
Holds: Today’s own count agrees with this pagethe page counts 921 · this reconciliation counts 921
Holds: The Library’s own count agrees with this pagethe page counts 918 · this reconciliation counts 918
Holds: Alpha Lab’s own count agrees with this pagethe page counts 891 · this reconciliation counts 891
Holds: Alpha Lab’s held-out count agrees with this pagethe page counts 30 · this reconciliation counts 30
Holds: The pages, the feed and the register are from the same runpages 2026-10-12 · feed 2026-10-12 · register 2026-10-12

About this page

Generated when the site is built, from the files the four pages read: public/research/data/ros-feed.json, content/stock-reports.index.json, content/stock-reports/, public/research/data/governance.json, content/external-research.json, content/registry.ts, public/research/data/coverage-exclusions.json, content/sp500_matrix.json, content/sp400_matrix.json, public/research/. No count or name on this page is typed by hand, so it changes with every run.
A count is only comparable with another through the bridges above. Today and Alpha Lab count decision-feed rows, Governance counts report files, and the Library counts cards.
Tickers are compared after normalising the share-class separator, so BRK.B and BRK-B are one issuer and are counted once.
A source that cannot be read is reported as unknown, never counted as zero. A disagreement between two sources is shown under Checks rather than resolved by choosing one.