@v587d/capital-generation 2.7.12 → 2.8.0

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/institutional-ownership/SKILL.md

@@ -40,509 +40,17 @@ Data & Sources
 
 Comprehensive analysis of institutional investor holdings to identify "smart money" trends, ownership concentration, and investment signals from SEC 13F filings.
 
-## Analysis Framework
+## Read the Parts
 
-### 1. Institutional Ownership Overview
+Everything below the surface of this file lives in `references/`. **whole, with no line window** — quoting a rule or a template out of a slice of one is how a
+file gets reported as read when it was only skimmed. The file names below are the only
+addressing this entry has.
 
-Provide current snapshot of institutional holdings:
+- `references/10-analysis-framework.md` — Analysis Framework
+- `references/11-ownership-concentration-analysis.md` — (continued) Analysis Framework
+- `references/12-red-flags-warning-signs.md` — (continued) Analysis Framework; Input Formats; Output; Interpretation Guidelines; Usage Examples; Integration Notes; Standard Signal Output
+- `references/13-thesis-invalidation.md` — Thesis Invalidation
 
-**Aggregate Statistics**
-- Total institutional ownership: [%] of shares outstanding
-- Number of institutional holders: [N]
-- Total shares held by institutions: [Number] shares
-- Total value held: $[Amount]
-- Float ownership by institutions: [%] (excl. insider holdings)
-
-**Ownership Trend (4 Quarters)**
-```
-Quarter        Institutional %    # of Holders    Change from Prior
-[Qn YYYY]          [%]                [N]              [±%]
-[Qn-1 YYYY]        [%]                [N]              [±%]
-[Qn-2 YYYY]        [%]                [N]              [±%]
-[Qn-3 YYYY]        [%]                [N]              [±%]
-```
-
-**Trend Interpretation**
-- **Increasing ownership**: Growing institutional interest = Bullish
-- **Stable ownership**: Maintained confidence = Neutral to Bullish
-- **Decreasing ownership**: Distribution or loss of confidence = Bearish
-
-### 2. Top Institutional Holders
-
-Identify and analyze largest institutional positions:
-
-**Top 10 Holders Table**
-
-| Rank | Institution | Type | Shares Held | Value ($M) | % of Portfolio | % of Company | Change (QoQ) |
-|------|-------------|------|-------------|------------|----------------|--------------|--------------|
-| 1 | Vanguard Group | Index | 45.2M | $6,780 | 0.8% | 8.5% | +2.1% |
-| 2 | BlackRock | Index | 38.1M | $5,715 | 0.6% | 7.2% | +1.5% |
-| 3 | State Street | Index | 22.3M | $3,345 | 1.2% | 4.2% | -0.3% |
-| 4 | Fidelity | Active | 18.7M | $2,805 | 2.1% | 3.5% | +15.2% |
-| 5 | ... | ... | ... | ... | ... | ... | ... |
-
-**Holder Categories**
-- **Index Funds** (Vanguard, BlackRock, State Street): Follow index weights, less signal
-- **Active Managers** (Fidelity, T. Rowe Price, Wellington): Stock selection, more signal
-- **Hedge Funds** (Bridgewater, Citadel, Renaissance): Tactical, high signal value
-- **Pension Funds** (CalPERS, CalSTRS): Long-term, moderate signal
-- **Sovereign Wealth Funds**: Very long-term, strategic positions
-
-### 3. Quarter-over-Quarter Position Changes
-
-Analyze recent changes in institutional holdings:
-
-**New Positions (Initiated)**
-- Institutions that added stock for first time in recent quarter
-- Particularly meaningful if from notable investors
-- Indicates new conviction or thesis development
-
-| Institution | Shares | Value ($M) | % of Their Portfolio | Significance |
-|-------------|--------|------------|---------------------|--------------|
-| ARK Invest | 2.5M | $375 | 3.2% | High (active, thematic) |
-| ... | ... | ... | ... | ... |
-
-**Increased Positions (>25% increase)**
-- Institutions that significantly added to existing position
-- Shows growing conviction
-- More meaningful if they're "adding to winners"
-
-| Institution | Previous Shares | New Shares | Change | New Value | Notes |
-|-------------|----------------|------------|--------|-----------|-------|
-| ValueAct Capital | 5.0M | 8.2M | +64% | $1,230M | Activist, 4th increase |
-| ... | ... | ... | ... | ... | ... |
-
-**Decreased Positions (>25% decrease)**
-- Institutions that significantly reduced holdings
-- May indicate profit-taking, thesis change, or risk management
-- Consider whether selling from highs or lows
-
-| Institution | Previous Shares | New Shares | Change | Current Value | Reason |
-|-------------|----------------|------------|--------|---------------|--------|
-| Tiger Global | 12.0M | 4.5M | -62% | $675M | Reducing tech exposure |
-| ... | ... | ... | ... | ... | ... |
-
-**Eliminated Positions (Sold Completely)**
-- Complete exits by institutional holders
-- Most bearish signal, especially if from concentrated holders
-- Check if stock was top holding previously
-
-| Institution | Previous Shares | Value Sold ($M) | Exit Price | Context |
-|-------------|----------------|-----------------|------------|---------|
-| Scion Asset Mgmt | 3.2M | $480 | $150 | Burry exited |
-| ... | ... | ... | ... | ... |
-
-### 4. Smart Money Analysis
-
-Track notable investors and their activities:
-
-**Super Investors / Gurus** (Defined as legendary investors or top-performing fund managers)
-
-**Bullish Signals - Notable Buyers**
-| Investor | Institution | Action | Shares | Value ($M) | % of Their Portfolio | Signal Strength |
-|----------|-------------|--------|--------|------------|---------------------|-----------------|
-| Warren Buffett | Berkshire Hathaway | New Position | 50.0M | $7,500 | 4.5% | VERY HIGH |
-| Bill Ackman | Pershing Square | Increased 80% | 8.5M | $1,275 | 8.2% | HIGH |
-| ... | ... | ... | ... | ... | ... | ... |
-
-**Bearish Signals - Notable Sellers**
-| Investor | Institution | Action | Shares Sold | Value ($M) | Reason (if stated) | Signal Strength |
-|----------|-------------|--------|-------------|------------|-------------------|-----------------|
-| Michael Burry | Scion Asset Mgmt | Eliminated | 3.2M | $480 | Not disclosed | HIGH |
-| ... | ... | ... | ... | ... | ... | ... |
-
-**Notable Investor Categories**
-1. **Value Investors**: Buffett, Klarman, Pabrai, Greenblatt
-2. **Growth Investors**: T. Rowe Price, Baron, Baillie Gifford
-3. **Activist Investors**: Icahn, Ackman, Loeb, ValueAct
-4. **Quant/Macro**: Bridgewater, Renaissance, AQR, Two Sigma
-5. **Tech-Focused**: ARK Invest, Tiger Global, Coatue
-
-**Why Smart Money Matters**
-- Superior research resources and information access
-- Proven track records of alpha generation
-- Often catalyst for stock re-rating
-- Activist investors can drive corporate changes
-- Attracts other institutional followers
-
-### 5. Ownership Concentration Analysis
-
-Assess how concentrated institutional ownership is:
-
-**Concentration Metrics**
-- **Top 3 holders**: [%] of shares outstanding
-- **Top 10 holders**: [%] of shares outstanding
-- **Top 25 holders**: [%] of shares outstanding
-- **HHI (Herfindahl-Hirschman Index)**: [Score] (concentration measure)
-
-**Interpretation**
-- **High concentration** (Top 10 > 50%):
-  - Pro: Strong conviction from major holders
-  - Con: Volatile if large holder exits
-  - Common in: Small-caps, founder-led companies
-
-- **Medium concentration** (Top 10 = 30-50%):
-  - Balanced ownership structure
-  - Most large-cap companies
-
-- **Low concentration** (Top 10 < 30%):
-  - Widely distributed ownership
-  - More stable, less influenced by single holder
-  - Common in: Mega-caps, index heavyweights
-
-**Turnover Analysis**
-- Holder retention rate: [%] of holders from 1 year ago still holding
-- New entrants (last 12 months): [N] institutions
-- Complete exits (last 12 months): [N] institutions
-- Net holder change: [+/-N]
-
-**Stability Assessment**
-- High retention + new entrants = Strengthening conviction (Bullish)
-- High retention + no new entrants = Stable (Neutral)
-- Low retention + exits = Weakening conviction (Bearish)
-
-### 6. Activist & Strategic Holders
-
-Identify and analyze activist investors or strategic stakeholders:
-
-**Activist Investors (>5% ownership or known activist activity)**
-
-For each activist position:
-- **Investor Name & Fund**
-- **Ownership %**: Current stake
-- **Entry Date & Price**: When position was initiated
-- **Current Value**: Mark-to-market
-- **Activist Thesis**: What changes they're pushing for
-- **Progress**: Status of their initiatives
-- **Track Record**: Success rate in similar situations
-
-**Types of Activist Campaigns**
-1. **Operational Improvements**: Cost cuts, margin expansion, divestitures
-2. **Capital Allocation**: Increased buybacks, dividends, M&A
-3. **Strategic Alternatives**: Sale of company, merger, spin-offs
-4. **Board Changes**: New directors, CEO replacement
-5. **Governance**: ESG initiatives, compensation reforms
-
-**Impact Assessment**
-- Historical success rate of this activist at peer companies
-- Management's receptiveness to proposals
-- Other shareholders' support
-- Potential value unlock if successful
-- Timeline to value realization
-
-### 7. Portfolio Weight Analysis
-
-Analyze how important the position is to each holder:
-
-**High-Conviction Holders** (Position is >5% of their portfolio)
-| Institution | Shares | Value ($M) | % of Their Portfolio | Rank in Portfolio | Recent Action |
-|-------------|--------|------------|---------------------|-------------------|---------------|
-| Akre Capital | 4.2M | $630 | 8.5% | #2 holding | Increased |
-| ... | ... | ... | ... | ... | ... |
-
-**Interpretation**
-- **High portfolio weight**: Strong conviction, more research depth
-- **Top 10 holding**: Likely actively managed and monitored
-- **Increases to high-conviction holding**: Very bullish signal
-- **Decreases from high-conviction**: Concerning if thesis change
-
-**Position Sizing Trends**
-- How many institutions have it as top 10 holding: [N]
-- How many increased portfolio weight: [N] (bullish)
-- How many decreased portfolio weight: [N] (bearish)
-- Average portfolio weight: [%]
-
-### 8. Stock Price Performance Correlation
-
-Analyze relationship between ownership changes and stock performance:
-
-**Performance During Institutional Activity**
-```
-Period: [Qn YYYY]
-Institutional Change: [±%] ownership (net buying / selling)
-Stock Price Change: [±%]
-S&P 500 Change: [±%]
-Outperformance: [±%]
-```
-
-**Historical Pattern Analysis**
-- Correlation between institutional buying and subsequent returns
-- Lead/lag relationship (do institutions front-run or follow?)
-- Performance after smart money buys vs. sells
-
-**Predictive Value**
-- **High predictive value scenarios**:
-  - Multiple smart money managers buying
-  - Activist initiating position
-  - Institutions buying during weakness
-  - First-time institutional coverage
-
-- **Low predictive value scenarios**:
-  - Index rebalancing flows
-  - ETF creation/redemption
-  - Tax-loss selling end-of-year
-  - Merger arbitrage activity
-
-### 9. Data Sources & Filing Requirements
-
-Reference the following sources for institutional ownership data:
-
-**Primary Source - SEC 13F Filings**
-- **What**: Quarterly holdings reports required of institutional investment managers exercising investment discretion over **≥ $100 million in Section 13(f) securities** (the test is 13(f) securities under management, not the firm's total AUM)
-- **Who**: Institutional investment managers
-- **When**: Filed within 45 days of quarter-end
-- **Where**: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=13F
-
-**13F Filing Calendar**
-- Q1 (Mar 31) → Filed by May 15
-- Q2 (Jun 30) → Filed by Aug 14
-- Q3 (Sep 30) → Filed by Nov 14
-- Q4 (Dec 31) → Filed by Feb 14
-
-**Important Limitations**
-- 45-day lag (data is stale)
-- Only long positions reported (shorts not disclosed)
-- Options and ADRs may not be reported
-- Some holdings can be confidentially withheld
-- $200K or 10,000 share threshold per position
-
-**Schedule 13D/G Filings** (>5% ownership)
-- **13D**: Activist investors with intent to influence
-  - Initial filing within **5 business days** of crossing 5% (SEC rule effective 2024-02-05; previously 10 calendar days)
-  - Amendments for material changes (≥ 1%) within **2 business days**
-  - Includes plans and intentions
-
-- **13G**: Passive investors, no control intent
-  - Deadlines depend on filer type (revised schedule in force since 2024-09-30): qualified institutional investors — 45 days after the quarter-end in which they cross 5%, or 5 business days after month-end once above 10%; passive investors — 5 business days after crossing 5%; exempt investors — 45 days after quarter-end
-  - Verify the current deadline on sec.gov before dating a filing as late
-  - Simplified reporting for passive positions
-
-**Aggregator Services**
-- **WhaleWisdom.com**: Free 13F database with analytics
-- **Dataroma**: Tracks super investor portfolios
-- **GuruFocus**: Premium institutional tracking
-- **Whalewisdom**: Advanced screening and alerts
-- **Bloomberg/FactSet**: Comprehensive institutional data (paid)
-
-### 10. Red Flags & Warning Signs
-
-Identify concerning patterns in institutional ownership:
-
-**High-Severity Red Flags**
-- Multiple smart money managers exiting simultaneously
-- Decreasing ownership despite rising stock price (selling into strength)
-- Activist investor exiting after failed campaign
-- Large holders selling >50% of position
-- Net institutional selling for 3+ consecutive quarters
-
-**Medium-Severity Red Flags**
-- Increasing number of holder exits (even if small positions)
-- Declining portfolio weights across multiple holders
-- No new institutional buyers despite attractive valuation
-- High turnover among holders (low retention)
-
-**Positive Signals**
-- Smart money buying during market selloff
-- New positions from value-oriented long-term holders
-- Activist entering with specific value-creation plan
-- Increasing high-conviction holdings (>5% of portfolio)
-- Multiple quarters of consistent net institutional buying
-
-## Input Formats
-
-### Format 1: Ticker Symbol
-```
-User: /institutional-ownership AAPL
-
-Claude retrieves latest 13F data and analyzes recent changes
-```
-
-### Format 2: Specific Holder Tracking
-```
-User: /institutional-ownership TSLA --track "Berkshire,ARK,Scion"
-
-Claude focuses on specific institutional holders' activity
-```
-
-### Format 3: Custom Data Analysis
-```
-User: /institutional-ownership --data
-
-[Paste 13F data table from WhaleWisdom or SEC]
-
-Claude analyzes provided institutional holdings data
-```
-
-## Output
-
-Provide comprehensive institutional ownership analysis report with:
-
-### 1. Executive Summary
-- **Overall Institutional Sentiment**: Bullish / Neutral / Bearish
-- **Confidence Level**: High / Medium / Low
-- **Key Findings**: 3-5 most important insights
-- **Investment Signal**: Buy / Hold / Sell indication
-- **Smart Money Direction**: Net buying / selling
-
-### 2. Ownership Overview
-- Current institutional ownership %
-- Trend over last 4 quarters
-- Number of holders and change
-- Total value held
-
-### 3. Top 10 Holders
-Detailed table with position sizes, changes, and portfolio weights
-
-### 4. Recent Activity Summary
-- New positions count and notable investors
-- Increased positions (>25% increases)
-- Decreased positions (>25% decreases)
-- Eliminated positions
-
-### 5. Smart Money Tracker
-Notable investors' activity with signal strength assessment
-
-### 6. Ownership Concentration
-- Top 3/10/25 holder concentration
-- Turnover and stability metrics
-- Assessment of ownership structure
-
-### 7. Activist & Strategic Holdings
-Any activist investors or strategic stakeholders (>5% ownership)
-
-### 8. High-Conviction Holders
-Institutions with >5% portfolio weight in this stock
-
-### 9. Performance Correlation
-Stock performance during periods of institutional buying/selling
-
-### 10. Red Flags & Positive Signals
-- Warning signs identified
-- Bullish indicators present
-- Severity assessment
-
-### 11. Investment Implications
-- Overall assessment and confidence
-- Key bullish factors from institutional data
-- Key bearish factors or concerns
-- Recommended action
-- Key levels/catalysts to monitor
-
-### 12. Data Sources & Timing
-- 13F filing quarter analyzed
-- Number of 13F filings reviewed
-- Any data limitations or gaps
-
-## Interpretation Guidelines
-
-### When Institutional Buying is STRONGLY Bullish
-1. Smart money managers initiating or significantly increasing (>50%)
-2. Multiple value investors buying same stock
-3. Activist investor initiating with specific value-creation plan
-4. Net institutional buying for 3+ consecutive quarters
-5. Buying during market weakness (contrarian signal)
-
-### When Institutional Buying is MODERATELY Bullish
-1. Increasing ownership trend (1-2 quarters)
-2. Growing number of institutional holders
-3. New positions from credible active managers
-4. Increasing portfolio weights across multiple holders
-
-### When Institutional Selling is LESS Concerning
-1. Index fund rebalancing (mechanical selling)
-2. Profit-taking after significant appreciation
-3. Small position eliminations (<1% of portfolio)
-4. Single quarter of selling after long accumulation
-5. Sector rotation or style drift
-
-### When Institutional Selling is CONCERNING
-1. Smart money managers exiting completely
-2. Activist investors giving up and selling
-3. Selling during stock decline (lack of confidence)
-4. Multiple quarters of net institutional selling
-5. Decreasing number of holders
-
-### Signal Reliability Factors
-- **Quality of holders**: Smart money > Index funds
-- **Conviction level**: High portfolio weights = stronger signal
-- **Consistency**: Multiple quarters of buying/selling = stronger
-- **Context**: Buying weakness or selling strength = stronger signal
-- **Magnitude**: Large position changes = stronger signal
-
-## Usage Examples
-
-### Example 1: Basic Analysis
-```
-User: /institutional-ownership NVDA
-
-Claude: Reads the latest quarter's 13F filings and reports the change in
-institutional ownership, new and exited holders, and the largest adds and
-trims by named manager, then closes with the signal block.
-```
-
-### Example 2: Smart Money Tracking
-```
-User: /institutional-ownership META --smart-money
-
-Claude: Restricts the holder analysis to the smart-money list above and
-reports each manager's position change for the quarter.
-```
-
-### Example 3: Comparative Analysis
-```
-User: /institutional-ownership AAPL MSFT GOOGL --compare
-
-Claude: Runs the same ownership-trend and smart-money checks on each ticker
-and ranks them by net institutional accumulation.
-```
-
-## Integration Notes
-
-- Combine with /insider-trading for complete ownership analysis
-- Use with /stock-eval for comprehensive due diligence
-- Feed to /report-generator for visual ownership trend charts
-- Best used quarterly after 13F filing deadlines (May, Aug, Nov, Feb)
-- Particularly valuable for small-mid cap stocks where institutional buying can be catalyst
-- Less meaningful for mega-caps where ownership changes are primarily index-driven
-
-## Standard Signal Output
-
-All analysis concludes with this standardized block:
-
-```
-## Thesis Invalidation
-
-After delivering the analysis signal, specify what would reverse it:
-
-**If signal is BULLISH — thesis breaks if:**
-- top 3 holders reduce positions by >20% in a single quarter
-- [One or two more triggers drawn from this analysis's own drivers, each with a threshold]
-
-**If signal is BEARISH — thesis breaks if:**
-- 2+ top-tier institutions (BlackRock, Vanguard, Fidelity) initiate new positions
-- [One or two more triggers drawn from this analysis's own drivers, each with a threshold]
-
-**Re-run this analysis when:**
-- [ ] Next earnings release
-- [ ] Price moves ±15% from current level
-- [ ] 60 days have elapsed
-- [ ] Material news event (acquisition, leadership change, regulatory decision)
-
-╔══════════════════════════════════════════════╗
-║              INVESTMENT SIGNAL               ║
-╠══════════════════════════════════════════════╣
-║ Signal:      BULLISH / NEUTRAL / BEARISH     ║
-║ Confidence:  HIGH / MEDIUM / LOW             ║
-║ Horizon:     SHORT / MEDIUM / LONG-TERM      ║
-║ Score:       X.X / 10                        ║
-╠══════════════════════════════════════════════╣
-║ Action:      BUY / HOLD / SELL               ║
-║ Conviction:  STRONG / MODERATE / WEAK        ║
-╚══════════════════════════════════════════════╝
-```
-
-**Score Guide**: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish
-**Confidence**: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals)
-**Horizon**: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)
-
-**Disclaimer:** Educational analysis only. Not financial advice.
+Loading this file is not reading the skill: the steps, templates, and thresholds exist only
+in the parts above. Say which parts you opened, name the ones you did not, and never report a
+step or a template you have not read in this session.

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/institutional-ownership/references/10-analysis-framework.md

@@ -0,0 +1,132 @@
+# Analysis Framework
+
+Part 1 of 4 for `institutional-ownership` — Analysis Framework
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+## Analysis Framework
+
+### 1. Institutional Ownership Overview
+
+Provide current snapshot of institutional holdings:
+
+**Aggregate Statistics**
+- Total institutional ownership: [%] of shares outstanding
+- Number of institutional holders: [N]
+- Total shares held by institutions: [Number] shares
+- Total value held: $[Amount]
+- Float ownership by institutions: [%] (excl. insider holdings)
+
+**Ownership Trend (4 Quarters)**
+```
+Quarter        Institutional %    # of Holders    Change from Prior
+[Qn YYYY]          [%]                [N]              [±%]
+[Qn-1 YYYY]        [%]                [N]              [±%]
+[Qn-2 YYYY]        [%]                [N]              [±%]
+[Qn-3 YYYY]        [%]                [N]              [±%]
+```
+
+**Trend Interpretation**
+- **Increasing ownership**: Growing institutional interest = Bullish
+- **Stable ownership**: Maintained confidence = Neutral to Bullish
+- **Decreasing ownership**: Distribution or loss of confidence = Bearish
+
+### 2. Top Institutional Holders
+
+Identify and analyze largest institutional positions:
+
+**Top 10 Holders Table**
+
+| Rank | Institution | Type | Shares Held | Value ($M) | % of Portfolio | % of Company | Change (QoQ) |
+|------|-------------|------|-------------|------------|----------------|--------------|--------------|
+| 1 | Vanguard Group | Index | 45.2M | $6,780 | 0.8% | 8.5% | +2.1% |
+| 2 | BlackRock | Index | 38.1M | $5,715 | 0.6% | 7.2% | +1.5% |
+| 3 | State Street | Index | 22.3M | $3,345 | 1.2% | 4.2% | -0.3% |
+| 4 | Fidelity | Active | 18.7M | $2,805 | 2.1% | 3.5% | +15.2% |
+| 5 | ... | ... | ... | ... | ... | ... | ... |
+
+**Holder Categories**
+- **Index Funds** (Vanguard, BlackRock, State Street): Follow index weights, less signal
+- **Active Managers** (Fidelity, T. Rowe Price, Wellington): Stock selection, more signal
+- **Hedge Funds** (Bridgewater, Citadel, Renaissance): Tactical, high signal value
+- **Pension Funds** (CalPERS, CalSTRS): Long-term, moderate signal
+- **Sovereign Wealth Funds**: Very long-term, strategic positions
+
+### 3. Quarter-over-Quarter Position Changes
+
+Analyze recent changes in institutional holdings:
+
+**New Positions (Initiated)**
+- Institutions that added stock for first time in recent quarter
+- Particularly meaningful if from notable investors
+- Indicates new conviction or thesis development
+
+| Institution | Shares | Value ($M) | % of Their Portfolio | Significance |
+|-------------|--------|------------|---------------------|--------------|
+| ARK Invest | 2.5M | $375 | 3.2% | High (active, thematic) |
+| ... | ... | ... | ... | ... |
+
+**Increased Positions (>25% increase)**
+- Institutions that significantly added to existing position
+- Shows growing conviction
+- More meaningful if they're "adding to winners"
+
+| Institution | Previous Shares | New Shares | Change | New Value | Notes |
+|-------------|----------------|------------|--------|-----------|-------|
+| ValueAct Capital | 5.0M | 8.2M | +64% | $1,230M | Activist, 4th increase |
+| ... | ... | ... | ... | ... | ... |
+
+**Decreased Positions (>25% decrease)**
+- Institutions that significantly reduced holdings
+- May indicate profit-taking, thesis change, or risk management
+- Consider whether selling from highs or lows
+
+| Institution | Previous Shares | New Shares | Change | Current Value | Reason |
+|-------------|----------------|------------|--------|---------------|--------|
+| Tiger Global | 12.0M | 4.5M | -62% | $675M | Reducing tech exposure |
+| ... | ... | ... | ... | ... | ... |
+
+**Eliminated Positions (Sold Completely)**
+- Complete exits by institutional holders
+- Most bearish signal, especially if from concentrated holders
+- Check if stock was top holding previously
+
+| Institution | Previous Shares | Value Sold ($M) | Exit Price | Context |
+|-------------|----------------|-----------------|------------|---------|
+| Scion Asset Mgmt | 3.2M | $480 | $150 | Burry exited |
+| ... | ... | ... | ... | ... |
+
+### 4. Smart Money Analysis
+
+Track notable investors and their activities:
+
+**Super Investors / Gurus** (Defined as legendary investors or top-performing fund managers)
+
+**Bullish Signals - Notable Buyers**
+| Investor | Institution | Action | Shares | Value ($M) | % of Their Portfolio | Signal Strength |
+|----------|-------------|--------|--------|------------|---------------------|-----------------|
+| Warren Buffett | Berkshire Hathaway | New Position | 50.0M | $7,500 | 4.5% | VERY HIGH |
+| Bill Ackman | Pershing Square | Increased 80% | 8.5M | $1,275 | 8.2% | HIGH |
+| ... | ... | ... | ... | ... | ... | ... |
+
+**Bearish Signals - Notable Sellers**
+| Investor | Institution | Action | Shares Sold | Value ($M) | Reason (if stated) | Signal Strength |
+|----------|-------------|--------|-------------|------------|-------------------|-----------------|
+| Michael Burry | Scion Asset Mgmt | Eliminated | 3.2M | $480 | Not disclosed | HIGH |
+| ... | ... | ... | ... | ... | ... | ... |
+
+**Notable Investor Categories**
+1. **Value Investors**: Buffett, Klarman, Pabrai, Greenblatt
+2. **Growth Investors**: T. Rowe Price, Baron, Baillie Gifford
+3. **Activist Investors**: Icahn, Ackman, Loeb, ValueAct
+4. **Quant/Macro**: Bridgewater, Renaissance, AQR, Two Sigma
+5. **Tech-Focused**: ARK Invest, Tiger Global, Coatue
+
+**Why Smart Money Matters**
+- Superior research resources and information access
+- Proven track records of alpha generation
+- Often catalyst for stock re-rating
+- Activist investors can drive corporate changes
+- Attracts other institutional followers
+
+
+This section is not finished here: `Analysis Framework` continues in `references/11-ownership-concentration-analysis.md`.