Framework: Source Hierarchy (Filings > Transcripts > Commentary)

Stock research drowns in sources: filings, press releases, call transcripts, analyst notes, apps, videos, forum posts. When they disagree, you need a rule for which one wins. This card is that rule: filings > transcripts > commentary.

Educational framework — not financial advice. Scores in the chart are illustrative. This one-card summary links our deeper guides: using SEDAR+ for stock research, reading an earnings call transcript and evaluating third-party stock score apps.

The card

Why the order works

Tier	Why it ranks here	Watch out for
Audited annual filings	Financial statements are audited; CEOs and CFOs certify annual and interim filings; continuous disclosure rules set content and deadlines	Lag — they describe the past
Interim filings & material changes	Same rulebook, reviewed rather than audited; material change reports are required for significant events	Quarterly noise
News releases	Timely and official, but written to frame the story; non-GAAP measures must be reconciled to the nearest IFRS figure	“Adjusted” headlines — see read non-GAAP metrics critically
Calls & presentations	Useful for tone, priorities and commitments; transcripts usually aren’t filed documents	Forward-looking language, selective emphasis
Analyst & data vendors	Helpful synthesis and consensus, but derived from tiers 1–4	Stale data, inconsistent definitions, conflicts
Commentary	Fast and sometimes insightful	No accountability; often recycled or wrong

How to use it

Situation	Rule
An app’s figure disagrees with the filing	Use the filing; find out how the app defines the metric
Management’s call comment disagrees with the MD&A	Trust the MD&A; log the gap in your commitment log
A headline claims something big happened	Look for a news release or material change report on SEDAR+
A kill criterion depends on a number	Source it from tier 1 or 2 only — see the thesis → catalyst → kill criteria card
You’re short on time	Read tier 1–3 for one company before tier 5–6 on ten

Lower tiers aren’t useless — commentary can tell you what questions to ask. They just can’t be the answer. That’s also how StockSummarizer briefs are built: every brief lists its sources so you can climb back up the ladder — see how to use briefs as learning objects.

Related reading

• How to use SEDAR+ for stock research
• How to research a TSX stock from scratch
• How to read an earnings call transcript
• How to evaluate third-party stock score apps critically

Sources

• National Instrument 51-102 Continuous Disclosure Obligations (annual and interim financial statements, MD&A, AIF, material change reports).
• National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (CEO/CFO certification).
• National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.
• National Policy 51-201 Disclosure Standards (timely and non-selective disclosure).

Media credits

• Hero: “Library and Archives Canada, Ottawa (20564114800).jpg” by shankar s., CC BY 2.0, via Wikimedia Commons. Cropped and resized to 1280×720. Real photograph, not AI-generated.

By Andrew · stocksummarizer.com