Written by a sales trader, for sales traders.
Reaction Desk is written by Christoph Kleinsasser, who spent fifteen years on European sales-trading desks.
The same conversation happens every reporting season. A company reports at seven. By two minutes past, a client wants to know what it means and whether to do anything about it. The research note is written for portfolio managers and arrives with a target price attached. What the person on the phone actually needs is narrower and more urgent: what the release had to show, what it showed, and how a print like that tends to trade on this particular name.
That gap is what this is for. It is not a second opinion on valuation. It is the page a sales trader wants open at 07:02.
Every call is locked and time-stamped before the company reports. On results morning, before the market opens, we name which scenario the release matched. No closing price exists at that point, so the scenario we are graded on cannot be the flattering one. The official close then settles it, and the grade is published whatever it says.
That last part is the only claim here worth making. Plenty of people have a view on how a print will trade. Almost nobody writes theirs down in advance, scores it afterwards against a rule they cannot bend, and publishes the ones that went wrong. The record is here, in full, including the calls that were mis-sized.
It is not investment research and it holds no view on what any security is worth. There are no price targets and no recommendations. Everything is built from public disclosures: company releases, regulatory filings, exchange data and published analyst counts. No broker research is used, no issuer pays for coverage, and we hold no position in any covered name.
Coverage is deliberately narrow and chosen for where the method works rather than for where the volume is. If you want a particular name looked at, ask - the answer is sometimes that it is not a good fit, and saying so is cheaper for both of us than finding out over three prints.
ck@8mpartners.com