Introducing Sentieo’s New Document Search User Interface

Sentieo users are now able to try the beta release of our brand new Document Search user interface (UI). While it may seem familiar, the UI has been rebuilt using modern tech such as React. This new build enables significantly less memory consumption and greater responsiveness across the board. Plus, we’ve extended Sentieo’s sentiment and natural language processing capabilities to include a host of new AI-powered features detailed here.

AI-Powered Features

 

Smart Summary

With Sentieo’s new, ML-driven transcript Smart Summary, we enable analysts to pick up the important information across multiple classifications, such as guidance and KPIs.

To trigger Smart Summary, users can simply click the “brain” icon on any transcript. To learn more about Smart Summary, read this post.

 

 

Query Autocomplete

Our data science team has built an algorithm to identify key terms and topics for all companies within our database. Similar to a Google search, when a user starts typing inside of the query box, Sentieo will automatically populate suggested terms for you based on actual terms used by the company. This makes it much easier to find exactly the keywords you are looking for. Autocomplete intelligently populates based on which tickers and watchlists you have selected in the ticker box.

 

Suggested Synonyms

We are very excited to announce a giant leap forward for our Synonyms system. We have been using an NLP + machine learning-based algorithm for the last couple years to help us internally define and expand our deep synonym library. We are now very excited to open up that system to Sentieo users with our new Suggested Synonyms feature.

Using Suggested Synonyms, Sentieo is able to parse your query and automatically suggest possible synonyms to expand your search. While all of these synonyms may not be pertinent to your search, the function lets you quickly decide which you would like to add to your search. Just click the suggested synonym and it will automatically be added to your search query:

General Document Search Improvements

The Sources Selector

When we looked at usage analytics, we realized that the Document Type filter was the most used filter by a large margin. To make this filter more accessible and easier to use, we’ve made it a part of the main search interface. Additionally, we have renamed the filter to “Sources” to more accurately represent the functionality.

We have also added a quick “only” selector to the right of each source that lets users quickly focus on a single source. 

Additionally, click the > icon at the far right to load up the more granular filters:

All additional filtering is now available with the Filter Button:

 

Configure and Control Your Results Pane

We’ve added the ability for users to easily resize the results panel. Simply drag the divider or use the maximize/minimize button. As you expand, the application will automatically switch to a table view when enough space is present. 

While in the table view, you can also control what columns are visible. Currently, the list of options is limited but the Sentieo team will be adding to this over the coming months. 

For smaller screens, we’ve also added the option to toggle between split pane and results-only views.

 

Company Summary

If you run a search with a ticker but without a query, the Sentieo initial results page shows you all company documents, as well as a company summary and share price performance. We have taken some key metrics and links out of our EDT Summary and provided them within Document Search. Additionally, users can see a historical stock price graph in the company summary.

 

Improved Document Viewer

We’ve made serious upgrades to our Document Viewer as well. You will notice faster load times for documents across the board. Additionally, we have relocated the highlights and the index panel to the right of the document.

We have also relocated the Redlining function to the top right of the document viewer.

 

To try the new Document Search interface for yourself, please log in, or get in touch!

 

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Disrupting Transcripts: Applying Sentieo’s Smart Summary During Earnings Season

After last week’s release of Sentieo’s machine learning-based Smart Summary for transcriptsthis week we will be highlighting exactly how to use this powerful new feature to ensure that you don’t miss important information this earnings season, and that you also save time.  

The Smart Summary tool classifies a document’s language based on several categories such as Guidance, KPIs, and company-specific key terms (like product names) into a convenient, time-saving format. Further, it applies an NLP sentiment filter to highlight positive and negative language. 

Smart Summary is the latest machine learning and natural language processing-based tool released by Sentieo this year. We’ve also released a dynamic synonym suggestions feature for Document Search based on our own, internal synonym search tool. Additionally, we added company-specific autocomplete suggestions to our search. And earlier this year, we rolled out Table Explorer, a flexible and auditable tool that identifies, chains and visualizes tables in SEC filings. 

During the next few days, we will be selecting and publishing our highlights from current transcripts to show how effective Smart Summary can be in your research workflow. (Stay tuned).

For example, if we look at the transcript from the Goldman Sachs call last week (below), we can pick up essential corporate and macro information (color-coded as needed), under the Financials and KPIs classification. Scrolling down in the Smart Summary, we see record assets under supervision: good news in green, versus slower Chinese GDP growth in red, a couple of paragraphs down. The full context is right there as well. 

In addition to viewing by Classification group, users can quickly scroll through all positive and negative highlights, regardless of Classification. 

In the Key Terms field, we catch up on Marcus, Goldman’s growing consumer banking franchise. We can see a mix of positive and neutral statements. 

For the next few days, the blog will be highlighting exactly how we’re applying this powerful new functionality. To try it yourself, please get in touch

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Disrupting Transcripts: Introducing Sentieo’s Smart Summary

Just in time for earnings season, Sentieo is releasing Smart Summary, a whole new way to read transcripts. 

We all know the problem that analysts and portfolio managers face four times per year: multiple companies reporting on the same day, which creates impossible scheduling conflicts, work overload, and forced prioritization, which then leads to costly missed information.

Analysts might dial into one or two consecutive high priority calls, and then go on to read another four to eight transcripts later in the day, depending on coverage. These transcripts are always read chronologically, starting with the boilerplate language on top, and ending with the analyst questions. 

Until now. 

With Sentieo’s new, ML-driven transcript Smart Summary, we enable analysts to pick up the important information across multiple classifications, such as guidance and KPIs, while skipping over the “great quarter, guys!” parts. The segments based on these classifications can either be seen highlighted in the transcript itself or extracted, with context, in a special field. The text is also run through an NLP screen and color-coded in green or red, if needed, with enabled clickable user ratings that will continue to improve the accuracy of the learning system. In addition, Smart Summary offers keyword extractions, enabling readers to view text related to these surfaced key terms. 

These features empower analysts to get the essential information in minutes, saving valuable time during the busiest periods of the year. The benefit of the ML-driven Smart Summaries does not end with faster information processing or expanded coverage; it also ensures that analysts are not missing important information on their last few transcripts at the end of the workday. 

Below we are looking at Facebook’s latest quarterly call transcript, and scrolling down to the Guidance classification text:

Below we are looking at the same Facebook transcript, but reviewing the Whatsapp key term text:

Another aspect of Smart Summary is “Table View,” which enables active sorting of sentences by the Classification score (ie. “which sentences have the most guidance language?”). This adds another layer of improved accuracy and productivity to the analyst workflow. 

The Table View is also available for surfaced keywords. Analysts can see useful statistics, like whether a keyword is new, or whether it got dropped. They can also see whether usage, by either management or analysts, is going up or down. This type of quantitative insight for keywords was previously so labor-intensive that it was rarely done, and only for one or two key terms at most.

 

How did we build Smart Summary?

We spent countless hours training a machine learning model on a very large number of transcripts across all industries, effectively automating what an analyst would do. Once the model was up and running, we spent a lot of time on corrections and fine-tuning for this official release. 

Smart Summary is a blockbuster new addition to the Sentieo platform that serves our overarching mission: augmenting human decision-making through the latest technological tools. The release is a part of the latest ML/NLP update to our industry-leading Document Search, which now also includes the surfacing of synonym suggestions based on a machine learning tool trained on millions of corporate documents. (We will discuss this in an upcoming blog post).

 

To see how Sentieo’s complete workflow solution can work for you, please get in touch

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Missed Our “Ask Us Anything” Webinar? Here Are Your FAQs About Sentieo’s Dashboard, EDT, Screener, and Mosaic

Last month at Sentieo’s New York office, our Head of Research, Nick Mazing, hosted a two-hour “Ask Us Anything” live webinar. Nick answered questions from Sentieo’s current and prospective users, covering the many functionalities of the platform. In this post, we will share a few FAQs about Sentieo’s Dashboard, EDT, Screener, and Mosaic features.

Dashboard FAQs

How do I customize my Dashboard to fit my personal research workflow?

The Dashboard is the highly customizable screen that a Sentieo user can utilize to:

  • Monitor multiple financial and alternative data metrics for a list of stocks
  • See internal work being done on positions
  • See any documents coming in (such as new press releases or sell-side reports)
  • Get alerts on their saved searches

Extensive customization allows this screen to be just the way you need it to be, and it lets you save time with one quick look over everything that matters to you.

Mosaic FAQs

Mosaic is Sentieo’s alternative data module. Sentieo takes several data sets and does correlations against past performance to determine the optimal weights of these sets in the “basket.” We are completely transparent: you can see past performance (R-squared and hit rate), and you can see the basket weights.

Can you show us a couple examples on how to use Mosaic?

In this example, we looked at the individual brands mapped for Capri Holdings (formerly Michael Kors), Abercrombie and Fitch. We also looked at how investors could have avoided a 90%+ loss in Blue Apron shares by monitoring the Sentieo Index.

How did you come up with the Sentieo 11 stock picks in January?

Nick went over the popular eleven stock picks that we released in early January, which did really well. We look at the performance of the list, the alternative data that was used, along with the fundamental “overlay.”

Equity Data Terminal (EDT) FAQs

Sentieo’s EDT has everything you’d expect in terms of data for an individual equity, plus a lot more.

How do I try online “consensus” income statement models in EDT?

Nick showed how users can quickly enter their own assumptions about future growth, margins and multiples, and compare against the consensus. This function enables fast idea pre-qualification, saving you and your team time to focus on ideas that could “work” at a first pass.

We show a specific example, Royal Carribean, where we use our own estimates for sales growth, gross margin, and multiples to arrive at an internal price target above the current.

We also looked at the estimates/surprises and seasonality of returns for Royal Caribbean (RCL).

How do I use Plotter to visualize this?

Nick went to Sentieo’s data visualization tool, Plotter, to analyze further. He explored revenue and EBIT seasonality, compared it to the actual underlying cash flow, and then he calculated EBIT margin along with some descriptive statistics.

Revenue, earnings and other estimates are a popular feature in Sentieo’s Equity Data Terminal (EDT). We go over one example of the beats/misses function along with the classic “estimates revisions” page that shows changes in estimates by year and rolling NTM. Finally, we show how to export these to Sentieo Plotter, where users can overlay many other data sets.

Screener FAQs

Sentieo’s Screener is very powerful. There are thousands of possible options to screen on: not just by widely available financial metrics, but also by CAGRs and percentile ranks inside these metrics. Nick showed his “Large Cap Quality and Momentum” saved screen to illustrate.

Want to try using Sentieo yourself? Request a trial here.

Missed Our “Ask Us Anything” Webinar? Here Are Your Most Common Questions About Sentieo’s Table Explorer and Plotter

This month at Sentieo’s New York office, our Head of Research, Nick Mazing, hosted a two-hour “Ask Us Anything” live webinar. Nick answered questions from Sentieo’s current and prospective users, covering the many functionalities of the platform. In this post, we will share a few FAQ’s about Sentieo’s Table Explorer and Plotter features.

Table Explorer FAQs

How do I save time when handling 6, 9, and 12-month cumulative reported numbers (such as Cash Flow Statements) using Table Explorer’s “Quarterize” function?

Unsurprisingly, this was the first question that came in. Table Explorer is a very popular feature that we released earlier this year. It identifies and chains similar tables for fast collection of “as reported” financials in an easily auditable and workable format. One of the challenges with using reported financials is adjusting cumulative cash flow line items; it is not hard, but it takes time. Here, we show how to do this in literally two clicks. Add a Q4 column and Quarterize.

How do I analyze reported KPIs?

Table Explorer will chain all “similar” tables in the filings going back years. So as long as the company has been reporting KPIs in a somewhat consistent format, Sentieo Table Explorer will chain them going back 10+ years. You can then export the tables to Plotter and add other data series (ie. rolling valuation, or alternative data such as search trends, or macro indicators).

How do I explore an idea from macro to micro?

To answer this question, we started with a transcript search searching for wage inflation, identified the restaurant industry as an industry that talks a lot about wage inflation, showed the search statistics in Plotter, overlaid with a macro indicator. We then used the search statistics to identify The Cheesecake Factory as a company that talks about the topic a lot. So we located the labor expense line with one query that saved us time digging through filings and tables. Once there, we used Sentieo’s Table Explorer to chain that table going back for a few years. We quickly visualized the trends in labor expenses and in operating income, as a percentage of revenue, to get an idea of what is going on.

How do I use Table Explorer to chain and visualize line items and KPIs from reported financials?

We dig into Royal Caribbean (RCL) and visualize many reported expenses to get insights on what has been going on with the business. We utilize our easy switch to Common Size and YoY% growth for all line items to see the full picture.

Plotter FAQs

Can you show financials in Plotter?

Sentieo’s Plotter is our versatile data visualization tool. In addition to choosing from a wide menu of available data sets, users can also do a variety of calculations using these data sets. In this example, we pulled the past and estimated quarterly revenues for Home Depot and Lowe’s, and ran a correlation between these two data sets in three clicks.

Does Plotter integrate FRED macro data?

Our clients welcomed the recently expanded FRED macro data integration in Sentieo Plotter. We went over a quick example how to combine macro data with price data for a sector ETF.

How do I chart multiple datasets in Plotter?

Sentieo’s Plotter offers many data sets, from financials to macro series, to alternative data, to your own uploaded data sets. We show how to bring up KPIs in the tool for three casual dining stocks, and how to calculate a “mini-index” KPI average.

Missed the part of the webinar about DocSearch? Get updated here.

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The Sentieo Dashboard: A Customizable Home For Your Research

Modern investment processes require the consumption of vast amounts of information from disparate datasets, including news, documents, financials, and your own data. Since these datasets are often living in different places, you might be incurring an accumulation of switching costs that is losing you hours of productivity per week.

Sentieo’s new Dashboard aggregates relevant information across datasets so that you don’t miss key information or lose efficiency from switching contexts to find information. This new interface is comprised of widgets that you can customize to fit your workflow. Whether you are using Sentieo for documents, note-taking, financials, or alternative data, you will want to utilize your Dashboard.

Prices, Financials, Thesis and Alternative Data

The Price Monitor helps you prioritize your portfolio down to your most important companies or tickers. In addition to providing prices and financials, the Price Monitor integrates your alternative data and custom thesis data for a truly cutting-edge process.

For the first time, you can figure out which of your watchlist companies have upside to your own price target, which are trading cheap relative to historical multiples, and which show sentiment at all time highs!

Documents, Saved Searches, Notes, and News

With so much information disseminated across documents, broker research, news, and tweets, it’s really easy to miss pieces of information that could impact your decision making. The Dashboard integrates all of these content sources so that you’re getting the best insights.

A New Way to Work

Gain productivity by accessing the data (from multiple sources) that is most relevant to your entire portfolio. In addition to surfacing the new insights you find from accessing a broader range of data, you will also get back hours of time savings. Try out Sentieo today.

Watch our Webinar all about Dashboard!

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We’ve Added 650+ News and Industry Sources To Sentieo’s Document Search

Sentieo’s industry-leading Document Search welcomes a major new addition: over 650 sources from a leading news provider, inclusive of mainstream publications and industry journals going back 2+ years. This new feature will be available to all current clients as a 30-day trial: please contact your account executive or customer success manager for details, or just contact general support.

We’ve expanded Sentieo’s existing searchable document database that already includes global corporate filings, transcripts, presentations, broker research, and any internally generated documents or notes that you’ve uploaded, such as private deal documents and thesis write-ups.  

These news sources are now an integral part of the Document Search function, with the same full set of advanced functionalities that our clients praise. The integration also means that you get a fuller, global news source coverage for the companies you follow, all in one convenient location.

Full AI-Driven Search: These news sources are (1) fully indexed and searchable with our full suite of synonyms, proximity, Boolean, and other specifications, as well as our improved Relevance scoring, and (2) they go back two years. Users also have granular control over which sources they want included, just as they already do with different filing types or with broker research.

 

Document Ticker Tagging: The articles are auto-tagged with the tickers you are researching, and they work with your existing Watchlists, saving you hours that you may have previously spent organizing.

 

Integration With Sentieo’s Notebook: just like with any other corporate document, the news and industry journals’ text is highlightable, already tagged with the primary ticker, and ready for your additional tagging/annotation, and sharing. Your highlight will then be fully searchable by ticker and tags, just like a highlight from a filing or a transcript.

 

Saved Search Alerts: Sentieo’s saved search alerts already solve a major pain point for knowledge workers by automating and pushing relevant information as it becomes available. Alerts from the newly added sources work just like all other saved search alerts on the platform.

Here are the industries that our partnership covers:

  • Consumer Discretionary
  • Consumer Staples
  • Energy and Utilities
  • Financial & Real Estate
  • Health Care
  • Industrials
  • Macroeconomic
  • Materials
  • Technology & Telecom

Plus:

  • Regulatory Sources
  • Press Releases

 

You can download the full source list hereAgain, please contact your account executive or customer success manager for details, or just contact general support. 

We’ll be having a webinar on April 10th (sign up here) that will cover everything you need to know about searching through these additional sources in Sentieo.

And don’t miss our Table Explorer webinar this Friday!

 

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Introducing Table Explorer: Enhanced Table Extraction and Analysis Across Time

At Sentieo, we are always striving to give fundamental managers the tools to make better decisions faster. Table Explorer (TableX), the next iteration of our suite of table analysis tools, was developed with this vision in mind.  

Model-building is an essential part of the investment process of fundamental managers. Models afford them the ability to develop a deep and differentiated understanding of the machinery of a business, via the interplay between revenues, expenses, and capital accounts. Models also allow for a parameterized flex of assumptions for establishing a differentiated view on a company’s earnings prospects and — by extension — the value of the business overall.

While modeling is critical to the process, the investment world is increasingly driven by algorithm-enabled trading and the large data science departments of multi-billion-dollar hedge funds. Therefore, managers are obligated to pay close attention to the areas where modeling and data visualization can happen faster, and more accurately.

At Sentieo, we believe in an augmented investing approach that uses machine learning and data science to add value to a human-driven investing process.

We’ve rebuilt our table suite from the ground up using a machine learning driven approach validated by trained financial analysts. The new TableX enables Excel-style visualization directly from company filings in a dual-pane window, showing both the Excel data and the source document side by side, enabling an immediate audit of every number.

We’ve added the ability to quickly plot discrete line items in the same window, enabling simple thesis exploration either as a complement or antecedent to further model work. We’ve also added inline calculations to impute fourth-quarter numbers from 10K data, common size analysis, and YoY or QoQ percentage changes. And we show a table of contents of all tables in a document to speed up navigation through company filings.

table explorer table extraction

Then, we integrated TableX with our Plotter app, to further facilitate regression analysis of fundamental metrics like revenue with other metrics like exogenous macroeconomic data or website traffic.

We also integrated TableX with our Notebook app to facilitate thesis sharing among a team or when reporting to a portfolio manager. These workflow tools help money managers develop ideas faster and stay more organized with their ideas.

Lastly, we facilitate export to Excel so that the audited financial data can be used as a backing database for your own models.  We include links back to the document in the export, and in future releases, we will enable “one-click” refreshing of base data sheets in models.

The end goal of Table Explorer is to give fundamental money managers the tools to observe-orient-decide-act faster, in order to win in a high velocity investing landscape. Get a free trial of Sentieo here, or tell us what you think of the new TableX!

4-Minute Videos on How to Use Table Explorer:

Navigating Table Explorer:

Common Size Analysis in Table Explorer:

Get a free trial of Sentieo here, or tell us what you think of the new TableX!

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Introducing Sentieo Relevance Search

Sentieo’s overarching mission is to augment human decision-making through the application of the latest technologies. We are proud to demonstrate this with our most recent improvement to the platform:

Sentieo Continues to Lead In Search Tech with Relevance Search

Clients already love our smart Document Search, which offers:

  • tens of millions of documents, searchable across many dimensions
  • 1000+ synonyms/acronyms
  • extended Boolean operators and proximity
  • in-section/in-table/in-footnote searches
  • saved search alerts
  • extensive document tagging including sell-side report classifications
  • search statistics for quantifying trends
  • seamless integration into notes, and much more.

The newly released Relevance scoring algorithm, custom-built by our global team of data scientists, will surface documents most likely to be relevant to your search based on multiple factors derived from the statistical properties of the documents and the queries. For example, some of the factors considered are density within the document (inclusive of synonym matches), clustering, and recency. Relevance scoring is based on true machine learning and will only improve as Sentieo DocSearch “learns” over time. It gives you, the user, more time to focus on analysis where you add value, rather than on tedious searches.

But we didn’t stop there. Another new sorting option is Sorting by Hits — because we know that sometimes you need the most recent documents at the top, sometimes you need the document with the most hits (mentions), and sometimes you need the one that is the most relevant. You can now toggle between these sorting options in one click, which allows you to compare the results before you dive in. You can also sort by document size and by ticker for your multi/all ticker searches. You are in control of the format that fits your needs.

Users will find relevance searches suitable for broad initial overviews of topics: your search might pick up sector primer reports from the sell side, or a very topical deck from a corporate. Users more familiar with a topic might still prefer the reverse-chronological order of documents for the latest on the topic. And, for people getting specifically into details, we have the specialized searches, such as in-transcript, said-by-the-CEO, or in-table searches that let you find the numbers around your topic within seconds.

relevance

And there is still a lot more to come. The 2019 Document Search product pipeline is better than ever, and you will see additional applications of AI/ML coming soon!

 

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Introducing Sentieo’s Game-Changing Transcript Sentiment and Linguistic Analysis Features

Over the last year, the Sentieo team has been investing heavily in NLP & data science. We were very excited to release the Sentieo’s Transcript Intelligence Report, which is the first of many features built on a powerful new technology that lets us dissect documents and help you find insight.

There is signifcant amount of academic research that supports the idea that changes in sentiment among those in company management, as well as those working as analysts, do indeed have some relationship with stock returns.

Management is typically a negative predictor of stock returns. When management seems overly excited about the future, this may indicate that the stock will underperform. (See “Manager Sentiment and Stock Returns,” Journal of Financial Economics). On the other hand, when investor sentiment is low, subsequent returns are relatively high on a subset of stocks (high volatility stocks, unprofitable stocks, non-dividend-paying stocks, extreme-growth stocks, and distressed stocks), consistent with an initial underpricing of these stocks. (See “Investor Sentiment in the Stock Market,” Journal of Economic Perspectives).

Our Transcript Intelligence Report provides automatic analysis on how sentiment and keywords for a given company have changed across quarters. The analysis easily splits out Management Sentiment vs. Analyst Sentiment. Let’s use Netflix as our example.

First, we open up Sentieo Document Search and search for Netflix transcripts. We choose a transcript in the left hand navigation, and see a “View Linguistic Intelligence Report” button at the top of the document in the right hand pane.

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We’re taken to the full Transcript Analysis page, and can now dive into the analysis!

sentiment

 

Sentiment Scores

Sentiment scores are generated by tagging each word in the document as positive, negative, or neutral using a dictionary designed for financial documents and applying a formula to generate a score for each section. The formula for sentiment is below:

The number (typically a decimal value below 0.1) is a percentage that should be considered on a relative basis, rather than absolute.

Management Sentiment

The following chart shows sentiment for Management commentary and Q&A answers on eight quarters of earnings calls. Sentiment is calculated as positive word % of total words – negative word % of total words.

management

 

 

 

Analyst Sentiment

The following chart shows sentiment for Analysts from the Q&A section of eight quarters of earnings calls. Sentiment is calculated as positive word % of total words – negative word % of total words.

 

 

 

Management-Analyst Sentiment Spread

The following chart shows the historical spread between Management and Analyst sentiment.

The spread between the two would suggest divergences in sentiment. For example, if the spread turned negative, then it is possible that management has turned less bullish while analysts have remained bullish, thereby signaling the potential for management to disappoint in future periods.

 

 

 

Conference Calls Sequential Comparison Word Cloud

The comparison word cloud shows the biggest changes in average keyword frequency between the 2018-04-16 conference call and the 2018-01-22 conference call for NFLX.*

 

 

 

 

Analyst vs Management: Keyword Differences

This is another comparison cloud showing the major average differences between management and analyst keywords on the 2018-04-16 conference call.

 

Management Top 15 Keywords

This table shows the top 15 keywords by frequency referenced in the past eight quarters of earnings calls. This provides a visual view at a glance into what is being discussed on the earnings calls over time.

 

 

 

Analysts Top 15 Keywords

 

 

 

Sign up for a free trial of Sentieo to get the sentiment report for Netflix and any other ticker you follow.

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