An independent research practice.

Every corporate event has a first owner: the company in the headline. It is rarely the last. Revenue, supply and competition tie companies together, and news travels along those ties at different speeds.

We study that travel. When something is disclosed, we ask who else it touches, by how much, and whether their prices have noticed.

We write the question down before we look at the answer.

Every hypothesis is registered before it is tested. Every record carries the moment it became known, so nothing is judged with knowledge it could not have had. Part of the evidence is kept sealed until the end. What fails is recorded as carefully as what holds.

The method is mathematical. The reasons are economic. Neither is allowed to stand without the other.

Primary sources only: company filings, public disclosures, and the public record of attention around them. Not commentary. Not the retelling.

SonaR is not an investment adviser and does not manage money for others. It does not sell signals, publish recommendations, or report performance. Nothing on this site is an offer or a solicitation.

Research, not advice.

To understand, before others do, where an event's effects will land — and to be right about it often enough to matter.

In practice, that means four aims:

• Evidence over conviction. Every idea earns its place by being tested forward, in the open, against a bar set before the test began. Ideas that fail are retired, not reworded.
• A record that can be checked. Each prediction is logged when it is made, with the information available at that moment. Years from now, any claim SonaR makes about its past should be reconstructable from that record.
• Reach beyond the headline. The first company in the news is the most watched. We aim to map the companies further along the chain — suppliers, competitors, customers — where attention thins and understanding still has value.
• Breadth, earned slowly. US-listed equities first. Then the United Kingdom. New markets are added only once the method has held where it began.