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Primary filings · frozen reads · historical follow-up

Buteon Case Files

Real public filings, examined as they were knowable at the time. Each Case File preserves the original read, the evidence that supported it, the evidence that weakened it, and what happened afterward when the record is mature enough.

The point is not to prove that a call was right. It is to make the analytical record inspectable—from primary source to frozen read to later qualification.

Featured Case · recommended starting point
01Case file · UA / UAAOpen-market purchaseFiling reviewed
Under Armour, Inc.

Prem Watsa's Under Armour Purchase: What Filings Show

A 10% owner buying more with real capital is a different class of evidence from a busy filing week — and even then, Medium confidence was the ceiling.

Historical read
Bullish · Medium confidence
Lesson
Genuine capital-at-risk accumulation must be separated from nearby compensation awards
Reading time
10 min read
Reviewed
Provenance
  • SEC Form 4 — V. Prem Watsa and Fairfax, filed May 14, 2026
  • SEC Form 4 — Kara Trent, filed May 18, 2026
  • SEC Form 4 — Shawn Curran, filed May 18, 2026
  • SEC Form 4 — Adam Peake, filed May 18, 2026
Read the recommended case
Published desk

Continue through the reviewed desk

Six additional cases, ordered for the strongest progression of analytical lessons.

TSLANon-actionable · Low

Elon Musk's Tesla Option Exercise: What It Showed

A Form 4 covering more than 300 million Tesla shares contained no open-market trade: an option exercise, a net-share settlement, and restricted stock scheduled to vest in 2028.

9 min readReviewed
Seven cases · seven disciplines

Lessons represented

  1. 01
    UA / UAA

    Genuine capital-at-risk accumulation must be separated from nearby compensation awards

    See the evidence
  2. 02
    AMZN

    A proposed sale and a completed sale are two different records

    See the evidence
  3. 03
    TSLA

    A very large Form 4 is not automatically a very large market signal; transaction mechanics matter

    See the evidence
  4. 04
    SOFI

    Notability is not conviction

    See the evidence
  5. 05
    NVDA

    A gift is not a sale; the transaction code decides

    See the evidence
  6. 06
    AMD

    A large planned sale is not automatically bearish

    See the evidence
  7. 07
    GOOGL

    A cluster is only as strong as its independence and transaction codes

    See the evidence
Editorial protocol

How Case Files work

The method protects the line between the source, the original interpretation, and hindsight.

01

Primary filings are reviewed

Transaction facts come from official SEC documents, not a headline or third-party summary.

02

The historical read stays frozen

The verdict and confidence available at the time are preserved rather than rewritten after later events.

03

Hindsight is labeled

Source qualification and later follow-up are kept visibly separate from what was knowable then.

04

Outcomes remain qualitative

Follow-up uses restrained states such as Supportive, Mixed, Watching, or Tracked—never a performance pitch.

05

Non-actionable is a valid conclusion

A careful read can conclude that a dramatic event carries too little directional information to use.

06

Research, not recommendations

A Case File explains evidence and uncertainty. It does not tell the reader what to buy, sell, or hold.

Cases are chosen for what they teach, not for how they resolved. The collection deliberately includes reads that later review narrowed and follow-ups that did not support the original direction. Where available, AI may help explain the product's structured read; every Case File's factual tables, frozen historical read, and source qualification remain anchored to reviewed filings.

Learn → Case File → Buteon

Learn the mechanism. Inspect the filing. Then test the read.

The Intelligence Library teaches the reading method. Case Files apply it to public evidence. Buteon assembles the wider context when you want to keep investigating.

Explore the Intelligence Library
01

How to Read Insider Buying

A broad field guide to deciding when insider activity deserves attention—and when the filing is more ordinary than the headline.

02

Form 4 Transaction Codes

A quick-reference desk for the letters that separate a purchase from a grant, exercise, withholding event, gift, or sale.

03

Rule 10b5-1 Explained

A careful guide to adoption, execution, cooling-off periods, modifications, and the limits of inferring motive from a scheduled trade.

04

Cluster Insider Buying

A transparent framework for deciding when several insider purchases form a pattern rather than a pile of unrelated filings.

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Buteon Case Files are research and education, not investment advice or buy/sell recommendations.