Research Report Submission Guidelines

All reports should be e-mailed to RationaleResearch *AT* gmail.com. Rationale Research editors read all reports submitted. Those that are consistent with our guidelines will be posted to the website.

There are three types of reports. An Original report should follow all the guidelines below. An Update report allows authors to follow up on previous reports. These reports can be less comprehensive than Original reports. A Summary report is a synopsis of a more complete report housed on another website. Summary reports allow bloggers or other authors to merely link to a report they've written on their own site. Note that the report as written on your site must conform with our general submission guidelines. Each submission will be assigned a number. If submitting an update report, please include the report number of your Original report.

Content guidelines:

• All reports should be written as the investor’s rationale for their own investment decisions. Reports should not be written as investment advice.
• Reports should be comprehensive. A reader should be able to understand your complete investment thesis after having read the report submitted and nothing else.
• Each report should include the stock’s ticker and current price as of its most recent close. The author may choose to include a target price if desired.
• The report should identify any risks to your investment thesis. Ideally, the report would indicate what events might transpire which would upset your thesis.
• All points should be backed up with facts and or calculations, where possible. If a statement is merely an opinion, this should be clear in the context. For example, a statement like “XYZ Bank’s loan portfolio has deteriorated in quality over the last year” should either be backed up by facts or clearly indicated as an opinion.
• All reports should include a brief discussion of the company’s primary business. Assume the reader has no knowledge of the company and only a basic knowledge of the industry being discussed.
• Reports should indicate the author’s position in the stock. It is adequate to indicate one of the following:

1. Long (could include any position which benefits from a higher stock value)
2. Short (could include any position which benefits from a higher stock value)
3. Recently sold
4. Considered for investment but decided against
5. Considering for investment and planning to be long
6. Considering for investment and planning to be short

• These categories may encompass a variety of possible investments. For example, an investor long call options on a stock should simply indicate “Long.” An investor involved in a hedged strategy, such as any call/put/stock combination should indicate which price direction which would benefit the author the most.
• The author may choose to include the specific investment strategy being pursued, such as a long/short options strategy, if they so desire. However, this must be presented as what the investor is doing and why, not as advice.
• Authors must certify that all information, including their position in the stock, is accurate to the best of their knowledge.

Submission guidelines

• Reports can be e-mailed in Microsoft Word or raw text format. Please do not e-mail in PDF format.
• Authors must not be employed by, nor have any family members employed by, the firm being researched.
• Authors must not have any inside information"
• Authors may choose to post reports anonymously, with a handle, or with their real name. However, all authors must provide their real name to Rationale Research. If the author is a professional, the submission must also include title and name of firm.
• Rationale Research reserves the right to make minor edits for clarity, organization, and formatting.

Tips for Writing Reports

• Rationale Research does not presume to tell anyone how to value a stock. Your research report should reflect your investment process. A good way to start a report is to simply write the story of how you came to your conclusion.
• Don't try to mimic the style of street research reports. For example, it isn't necessary to quantify a specific price target or EPS forecast if that isn't part of your normal investment process.
• Use as little investment jargon as possible.
• Avoid exaggeration. If you write that a company is going bankrupt or that its stock will triple, you had better back that up if you want the report published.