Narrative
Risk & psychologyThe story explaining why prices should keep rising.
In plain terms
Usually partly true, which is exactly what makes it effective.
1492 terms
Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Greenwashing
Regulation & taxPresenting extensive narrative about environmental or social intentions in place of measurable disclosure.
In plain terms
The test is simple: does the section contain numbers you can compare to last year and to competitors? Prose and photographs are positioning, not disclosure.
Management commentary
Fundamental analysisManagement’s narrative explanation of results and outlook.
In plain terms
Compare it against peers. If competitors grew, the “external factor” was competitive.
MD&A
Fundamental analysisAlso called: Management Discussion and Analysis
Management Discussion and Analysis — the statutory narrative section of an annual report in which management explains the year's performance.
In plain terms
Read it for what it avoids. If margins fell and the section discusses industry tailwinds without ever naming margins, the omission is the information.
Story stock
Risk & psychologyA stock whose valuation rests mainly on a narrative rather than on current financials.
In plain terms
Not automatically a bad investment. It is a specific bet that the story survives long enough to become numbers.