After a 0.72% rise, the model expects a quiet session in the S&P 500 today: a 0.28% move and a 7,692–7,793 range

This is the only thing that genuinely changes. Price moves every day and adds nothing; a quarterly or annual report rewrites value, quality and growth at once. Here is the before and after, on the 0-10 scale used on company pages, where 5 is the index average.

Filing date on EDGAR, not the quarter end. Scores come from the rankings calendar: the same ones each company page publishes. No opinion on the results, only the measured effect.

The high of the past 23 months was +13.0 points, in the window ending June 16, 2026: nine weeks later the gap is +6.2. At the other end of the same stretch, -8.3 on August 14, 2025.

Over the past month the value portfolio gained +4.27% while momentum gained +5.95%. Across that six-month window the benchmark rose 9.7%, so this is not the whole market moving: it is a rotation inside one.

Computed from carteras.json · 185 monthly rebalances between 4-Apr-2011 and 17-Aug-2026 (fifteen years) · 179 overlapping windows of 6 rebalances · recent stretch: the last 24 rebalances, the shortest run that still holds 4 non-overlapping windows.

The biggest sale of the day tells you nothing. Hurlston Michael E., of Lumentum Holdings, sold 0.5 million dollars of stock and still holds 186,951 shares: that is 0.29% of the position.

Of the 5 sales filed that day, 1 was discretionary and 4 scheduled. The largest as a share of holding was scheduled, so today the list does not start with a discretionary decision.

Source: Form 4 filings with the SEC · alertas_insiders.json, session of 27-Aug-2026.

The 90-day context: 861 sales worth 3,972 million dollars (2 with no declared price, outside that total), of which 397 were discretionary, and of those 129 exceeded 25% of the seller's position. That is where to look.

All three beat the benchmark (+467.6%) on cumulative return over fifteen years, but cumulative return is not the proof: the benchmark carries the bias explained below. The weakest is Value 100, with an alpha of -0.63%: negative, meaning what it earns does not pay for the market risk it takes to earn it. Publishing the figure that comes out worst is the only reason the others deserve any credit.

Source: carteras.json · index based at 100 on 4-Mar-2011. Walk-forward with point-in-time data: on each date scoring uses only prices up to that day and fundamentals already filed with the SEC. 185 rebalances through 17-Aug-2026.

The site's other zero portfolios are not here. They are not picked by factor ranking, so their history cannot be rebuilt without looking ahead: their figures are today's holdings applied to the past, which inflates them. Until they have a walk-forward test, they stay out of this report.

Source: carteras.json · index based at 100 on 4-Mar-2011. Walk-forward with point-in-time data: on each date scoring uses only prices up to that day and fundamentals already filed with the SEC. 185 rebalances through 17-Aug-2026.

The three windows where momentum pulled furthest ahead of value are +27.9 (9-Jul-2020), +23.5 (8-May-2020), +18.9 (7-Aug-2020). The widest is July 9, 2020, six years ago: the extreme of the series is not a recent event, and the window closing August 17, 2026 is worth +6.2 points.

At the other end, the three where value led: -43.7 (10-May-2021), -36.2 (9-Apr-2021), -33.6 (10-Mar-2021); the widest, May 10, 2021, five years ago.

And after an extreme? Counted, not assumed: of the 4 extremes in momentum's favour with enough data after them, in 4 the lead had flipped sign six months later; of the 5 extremes in value's favour, in 3. That is a count over 9 episodes, not a rule.

Closing levels of ^GSPC, ^VIX and ^TNX (Yahoo Finance) · session of 27-Aug-2026.

The S&P 500 rose 0.72% in the session of August 27, 2026 and the VIX closed at 14.51. None of that explains the factor rotation in section 02, which is why it sits in section six rather than section one.

• Why each executive sold. The SEC requires the filing, not the motive. Anyone who tells you the motive is making it up.
• What insiders did yesterday. Form 4 can be filed up to two business days after the trade, so the freshest data is always the day before last.
• Whether momentum keeps winning. Fifteen years and 185 rebalances are not enough to claim a factor mean-reverts. We can describe what happened, not what comes.
• What any company is worth. This report computes no price targets. No Monte Carlo, no DCF, no fair value. When you see one elsewhere, ask which cost of capital discounted it and who chose that number.
• Whether the S&P rises tomorrow. We measured it with the same model (139 variables) and the same walk-forward protocol, over 1,066 out-of-sample sessions: the model calls direction right 54.13% of the time and saying "up" every single day is right 54.03%. The gap is noise: there is no signal, so we don't sell one. Both figures are recomputed every edition.