Thread by @ORTEX

We generally ignore comments like this that usually aren’t worth our time responding to, but there are a few inaccuracies in this @DonutShorts thread that are worth addressing.

https://twitter.com/DonutShorts/status/1534744741983752192

For starters, our business is to provide data and analytics to investors, which means our mission is to provide the most accurate data that we can. We are not trying to "foment" anything.

We do not calculate or estimate FF internally, but instead rely on S&P Global Market Intelligence @SPGlobal to provide. Presumably, @DonutShorts knows and appreciates that S&P is one of the largest and most authoritative sources for market data on Earth.

That said, S&P can make mistakes since the process is semi-automated and the underlying data in SEC filings is complex and arguably crude in many ways. In no uncertain terms, scaling FF estimates is a gargantuan task.

When we see a potential error, we investigate and collaborate with S&P when appropriate. In some cases, S&P recognizes an error and corrects the underlying data that is then distributed to many other sites/platforms beyond ORTEX, strengthening the overall information ecosystem.

S&P is excluding the ~1.6M insider shares from $RDBX FF. All we did is verify that there were no obvious errors (double-counting, under-counting, etc.) with the disclosures.

If @DonutShorts has an issue with excluding these 1.6M shares – or any other aspect of S&P‘s methodology – we invite them to take it up with S&P on behalf of retail investors. As we did.

S&P's methodology details: public.ortex.com/what-is-free-f…

For example, @YahooFinance shows the same 1.95M $RDBX FF that ORTEX displays, presumably because S&P is also providing the data.

The table in Note 3 (Pg. 81) of the 10-K does not mention RSUs, so we’re not sure what you’re referring to. The Form 4s that we reviewed do not say the insider holdings are RSUs, and they would. We may be a relatively small team, but we’re not lazy.

sec.gov/ix?doc=/Archiv…

In terms of our #ShortInterest estimates, we do derive those internally using algorithmic analysis of securities lending data. Not many companies even attempt to provide real-time SI data because it is so difficult.

For reference, S3 estimates that $RDBX SI shares are even higher than our estimate.

Additionally, we have noted on several occasions that there is a disconnect between the merger fundamentals and current share prices in an effort to warn any investors that might buy and hold through closing.

https://twitter.com/ORTEX/status/1527700220993081344?s=20&t=O0H74gech0j6IflYB_Au7g

Ultimately, ORTEX aspires to provide actionable analytics and market data to investors in a transparent way. We hope and believe that we are more transparent than an anonymous Twitter account named after a breakfast pastry, delicious as they may be.

Jokes aside, we do our best to correct errors where we see them and we take customer/user feedback very seriously. How our subscribers utilize the data is entirely up to them.