Learn how to reason about a company, one layer at a time.
The Aperto framework is a structured research methodology built to teach. A layered analysis from economic moat to thesis invalidation is conducted so you can uncover the end-to-end reasoning behind a great business. No emotion, no market noise – just process.
Four questions, asked in order. The framework is the product.
A core quality rating built from five structural pillars across Bear, Base, and Bull scenarios.
An intrinsic value range modeled through multiple valuation lenses, weighted against today's price.
Two admissibility gates and one measured relative-strength read, built purely for entry-timing discipline.
An invalidation diagnostic checking the latest filings against eight key stress tests.
Analysis seamlessly integrated with education. Showing the work is the entire point.
Clarity over Clutter
Read the high-level investment thesis first, then unfold the deep dive to inspect the underlying quantitative models.
Context over Jargon
Hover over any unfamiliar financial metric to view an instant, plain-English definition without losing your place in the analysis.
Confluence over Precision
View corporate valuations through multiple distinct analytical lenses rather than a single price target, mapping out clear structural ranges of uncertainty.
Scale your coverage, not your education.
When more companies qualify for generation than a single night allows, the ones requested by paying members are built first.
Read a company the way a professional does — why, what, when and how.
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Your positions and locked theses live here.
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Producing a fresh report for {{ activeName }}.
This ticker is cold, so the engine is reading the filings and running all four layers. It's added to the shared library once complete — usually a few minutes. You'll see each layer land below as it finishes.
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This company is not covered yet.
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Requests decide which reports we generate next. They don’t start one, and nothing is charged.
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What do you think, before the engine tells you?
Commit to your thesis before the data does. Aperto locks and timestamps your logic, then runs the critique.
The engine read these testable conditions in your thesis. Confirm or adjust the thresholds; each one is re-checked nightly against fresh statements, and a breach lands on your Falsification Feed.
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An exceptional-quality business with a wide moat, anchored by CUDA-driven switching costs — with the price ~31% below the framework's estimated value, while timing indicators are still developing.
The framework's intrinsic value estimate is $293 per share (range $218 to $423) against today's $202.78. Cross-model agreement is very low, a coefficient of variation of 50%, so the value is read as a range anchored on the Primary DFCF lens, not a point. The technical layer returns a Developing timing read, and the thesis-invalidation diagnostic returns Noise, with one test on watch. Together the four layers point to a patient stance while the entry develops.
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This is a limit of the analysis, not a judgment about the company.
Five weighted sections roll up into the composite. The strongest evidence is exceptional management quality and a wide, three-source moat; the weakest is a competitive landscape where the biggest customers are also the most credible challengers. This is a hyper-growth compounder whose central risk is customer vertical integration, not demand.
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The composite ({{ whyCompositeStr }}) is a probability-weighted blend, deliberately downside-heavy (40% Bear). A wide Bull−Bear spread means the number leans on which scenario plays out — read it as a range, not a point.
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The market is already paying this enterprise value for a business with no commercial revenue. That number is what today's price assumes the milestone map below will deliver; it is not a target, and Aperto does not counter it with one.
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Value is shown as a range, not a single false-precise number. The anchor is the Primary DFCF lens; because cross-model agreement is very low (CV 50%), the framework anchors on that lens rather than blending. Today's price sits below even the range floor — the reverse-DCF panel below shows what growth the market is actually paying for.
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Solved backwards from today's price, the market is implying about {{ revMarketStr }} annual free-cash-flow growth. The forward growth reference sits near {{ revBaseStr }}. The gap is the judgement you're handed — is the market too cautious, or the forward view too generous?
Price sits at a qualified support floor and a fresh MACD cross has fired, so both admissibility gates cleared. What separates a developing read from an aligned one is relative strength, and here one of its two legs fired.
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This is a flag, not a ranking. It marks a cohort; it does not order the names outside it.
{{ whenChecksLine }} The verdict above does not come from this count.
Eight structured tests against the latest filings. No test has failed — one sits in Watch: regulatory license, on a French Competition Authority inquiry plus expanding export controls. This is thesis noise, not invalidation. Next re-underwrite: 26 Aug 2026.
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Chart data by TradingView; quotes may be delayed.
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These posts are reader opinion, not Aperto's analysis. Each one is timestamped against the share price at the time it was posted.
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Active Coverage
(Published IV) When How Synthesis
{{ watchUpdatedStr }}. Prices via Financial Modeling Prep.
A factual diff of what the engine re-read — evidence to interpret, not alerts to act on.
Pro re-reads every holding each week and shows a factual diff of what changed — layer by layer, evidence to interpret rather than alerts to act on.
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US releases, medium & high importance. Data by TradingView.
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We only surface major moves:
a) Broad market: flagged when the day move of the SPY is ≥ 1.5%. SPY's typical day is ~0.8%, and 1.5% is roughly two standard deviations from this mean. Only ~5% of days exhibit such a move.
b) A watchlist stock: flagged when the move exceeds 2× its own 20-day average daily range, with a floor of 4%. A relative approach is adopted to account for the differing volatilities of each stock.
Judge the decision, not the result.
Every thesis you lock before reading a report lands here. The point isn't whether the trade worked — it's whether your process was sound. Strong process with a poor outcome is just variance; thin process with a good outcome is luck you can't repeat.
Your decisions sit on the horizontal axis the moment you lock them — that's process, fully in your control. They rise or fall vertically only as outcomes resolve over time.
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Over time this plots how confident you were against how the decision actually resolved. Well-calibrated investors sit near the diagonal — high conviction earning strong outcomes, low conviction on the ones that didn't work. Your decisions appear on the conviction axis the moment you lock them and rise or fall as outcomes resolve.
Hover any dagger-marked term in a report to add it here. This is a quiet map of the vocabulary you've built — no streaks, no points, just coverage.
No decisions logged yet.
Open any company, switch to Deep Dive, and lock your thesis before the analysis reveals. Each locked thesis becomes a journal entry here — scored on process, tracked on outcome.
The evidence against you, on purpose.
Once a thesis is locked, confirmation bias does the rest. This feed inverts it: every locked parameter is re-checked nightly against fresh statements, and library watchdog headlines that press on a thesis land here too. Nothing on this page validates you.
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Nothing challenging your theses yet.
Lock a thesis with falsification parameters and the nightly sweep starts hunting for evidence against it. Quiet here is earned, not assumed.
What you actually hold.
Positions weight the loop by real exposure. Each tile is sized by market value and coloured by thesis health: your locked conviction, blended with the engine's margin of safety and timing read. A drift badge means the Falsification Feed has evidence against a position you still hold.
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A repeat entry for the same ticker replaces the holding. Averaging across lots is your arithmetic, not ours. Leave shares and cost blank to record a thesis-only holding — the heatmap will still colour it by conviction, just without a dollar value.
Paste an exported positions CSV (Fidelity, Schwab, Robinhood, IBKR — any export with a symbol, quantity and cost column). Columns are matched by header keyword, not exact name; the header row is required.
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Grey tiles have no locked thesis or library report to read health from. Positions without a live quote are sized at cost basis. Thesis-only positions (no shares recorded) get a flat placeholder area — they carry no market value to size a tile by.
Prices via the live quote proxy; may be delayed. Educational reference only, never advice. Positions are your own assertions and never leave your account.
No positions recorded yet.
Add what you hold and the Thesis Heatmap will weight every locked thesis, margin of safety and drift alert by your real exposure.
Screen the market in plain language.
Describe what you are looking for. Aperto reads the request into explicit filters and shows them back to you, then runs them over the covered library where the engine has real scores, and over the wider market where it does not. No score is ever invented for a company without a report.
Discovery is a Pro tool.
Natural-language screening over the covered library and the wider market, with the parsed filters and data provenance shown on every result.
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Margin of safety is re-derived from the live price against each report's intrinsic value. Sorted by margin of safety.
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Educational reference only, never advice. Screening data by FMP; quotes may be delayed.
Start from an idea, not a ticker.
Describe a trend or a structural thesis in plain language. Aperto breaks it into an upstream, midstream and downstream value chain, then grounds every company against a live profile and the scores the engine has already earned. Any name it cannot verify is dropped, never invented.
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Flagged by arithmetic alone: a link that grounds to two or fewer verifiable public companies, or where one name carries at least 65% of the link's market value.
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Educational reference only, never advice. The value chain is generated, then every constituent is validated against a live profile before it is shown.
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Educational reference only, never advice. Theme membership is curated and validated against live company profiles, not generated on the fly.
Or start from a curated theme.
Each theme is a curated narrative about where durable value might sit, with its constituents ranked by the scores the engine has already earned. Companies without a report show live market figures only; a score is never invented to make a theme look complete.
ETF Research is a Pro tool.
Fund portfolios from primary SEC filings, with the engine's scores aggregated across every holding Aperto has covered and an honest account of what it has not.
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Weighted by each holding's share of fund net assets, renormalised over the covered slice only.
Educational reference only, never advice. Holdings per the fund's SEC N-PORT filing; fund metadata by FMP; figures may be delayed.
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What do you think, before the engine tells you?
Commit to your view on this fund before the data does. Aperto locks and timestamps your logic, then runs the critique.
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Falsified if: {{ committedPre }}
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The five-pillar business-quality read, weighted across every holding Aperto has scored. Each pillar states the share of fund assets its score is drawn from, so a thin slice never masquerades as the whole fund.
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A fund has no single intrinsic value, but it has a weighted margin of safety. {{ etfrMethodology }}
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Switch to Deep Dive for the per-lens valuation aggregation across the covered holdings.
Each lens aggregates only over the covered holdings where that model ran; lens coverage differs because the engine selects a different model set per company.
Rate and risk shifts hit every holding at once. Aperto pushes each shock through each covered company's own WACC decomposition and engine sensitivity grid, then re-weights the result into a live fund safety score.
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A fund has no single thesis verdict; it holds a distribution. This is the covered slice's HOW verdict by weight, then each holding's open falsification tests, heaviest position first.
Switch to Deep Dive for each covered holding's open falsification tests.
Chart data by TradingView; quotes may be delayed.
{{ historyStampV }} The implied fund IV is the price scaled by the covered-slice safety score. Educational reference, not advice.
Your Profile
3 to 20 characters: letters, numbers and underscores, at least one letter. It can't start, end, or double up on an underscore. Changeable once every 30 days.
Aperto never uses your email for marketing, nor shares it with third parties.
Open reports
Scale your coverage, not your education.
Every tier gets full-depth reports and the education tools. A wider watchlist, new-ticker generation and the agentic tools come with Student Pro and Pro.
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Student Pro needs a verified school email — we send a code to your university address and never use it for anything else. If your institution isn’t recognised, tell us via Feedback and we’ll add it.
Showing the work is the whole point.
Aperto automatically extracts data from 10-K and 10-Q filings to fuel a transparent, four-layer analysis. Instead of hiding the math behind an opaque score, we provide a fully auditable trail from raw financial statements to final conclusion.
Glass-box architecture
A glass box, not a black box: every figure is reconstructible from disclosed inputs, every assumption is visible and adjustable, and every report shows its working. (Aperto is Italian for open — transparency is the posture of the tool.) You reason; the engine shows its reasoning back.
Why should I invest in this business?
Five weighted sections — economic moat (35%), business quality (25%), management (20%), competitive landscape (15%), industry & macro (5%) — each scored 0–3 across sub-categories and rolled into a 0–100 composite. Judgment-based sub-categories use Bear / Base / Bull scenarios (40/40/20) to surface conditionality. The composite plus a strength-and-durability gate set the moat rating.
What is the fair value of the business?
Up to ten valuation lenses are screened; the structurally appropriate ones are kept and weighted by how tight their Monte Carlo distributions are. When cross-model agreement is low (CV above 35%), the framework anchors on the Primary DFCF lens rather than blending — and reports intrinsic value as a range, never a single false-precise number.
When is the right time to invest?
Two admissibility gates, support location and a fresh momentum turn, decide whether there is a setup to time at all. One measured read, whether a name is outperforming both the broad market and its sector, decides whether that setup is aligned. Eight further checks are displayed for context and set nothing. It is an entry-timing discipline only and is deliberately silent on exits; it never fires when the margin-of-safety criterion isn't met.
How do I know if the thesis has been invalidated?
Eight structured tests run against the latest filings after publication — demand, moat, reinvestment runway, capital structure, regulatory licence, management response, key-person, and precedent. Verdicts are noise, watch condition, or structural invalidation. It explicitly rejects valuation overshoots, earnings misses, technical breakdowns and macro mood as sell signals.
Five-Pillar Business Quality Assessment
Before price ever enters the conversation, the WHY layer asks whether the company can compound. It scores five distinct pillars across their sub-categories on a tight 0–3 scale. These judgments roll into a 0–100 composite, passing the final rating through a strict strength and durability gate.
The Five Structural Pillars
The 35 / 25 / 20 / 15 / 5 weighting is not arbitrary. It ranks the five drivers by how durably each one governs long-run returns, so the things that decide a decade outweigh the things that decide a quarter.
Asymmetric Scenario Weighting
Judgment-based sub-categories are scored under three scenarios rather than one point estimate, and the weighting is deliberately downside-aware: the bear and base cases together carry 80%. The asymmetry encodes a simple investing truth: protecting against the downside matters more than reaching for the upside. It also surfaces conditionality, showing exactly which assumptions the thesis depends on.
The Moat Gate
The final moat rating is not the composite alone. A company must clear a strength-and-durability gate as well. A high score built on an advantage that is wide but fragile, or durable but thin, is held back. Width without durability fades, and durability without width never earned excess returns to begin with.
The Objectivity Tier System
Sub-categories are not scored arbitrarily. Each is assigned to one of three operational layers, which determines how much human judgment is even permitted to touch it:
Sector-Specific Adjustments
Aperto dynamically morphs its scoring criteria depending on the business model rather than treating all sectors as a generic block. It isolates the specific core metrics that actually govern each industry, whether that is ARR / NRR for Technology-SaaS, process-node cycles for Semiconductors, regulatory constraints for Banks, or statutory gearing and distribution caps for REITs, so a company is always measured against the yardstick its own sector rewards.
Composite Verdict Bands & Foundations
The 0–100 composite maps to five descriptive bands:
Multi-Model Parallel Architecture
WHAT runs a bank of independent valuation engines in parallel, keeps only the ones structurally appropriate for the business, and synthesises what survives into a single defensible intrinsic-value range, never a false-precise point estimate.
The Quality Gate: Upstream Prerequisites
The WHAT layer is programmatically locked unless the upstream WHY layer registers a YES or WARN analytical readiness classification. Aperto enforces a strict structural sequence: a business must possess a viable, trackable data foundation before mathematical valuation models are permitted to run.
The Seven Underlying Models
Each engine is purpose-built for a different corporate architecture. The framework screens all seven, then discards the ones that don't fit the company in front of it.
The Valuation Operational Matrix
Each engine is routed to the architecture it fits, guarded by an institutional safeguard, and defends against a specific retail mistake.
Dynamic Algorithmic Synthesis
Aperto rejects naive model averaging. The engine evaluates active valuation branches through a cross-validation framework, applying data-richness penalties and a model independence check to mathematically discount redundant or data-starved models, producing a single, defensible intrinsic value range.
Dynamic Margin of Safety
The required margin of safety is an algorithmic output, not a fixed guess. The engine cross-references the volatility spread of the active valuation models against the fundamental score inherited from the WHY layer. High business quality shrinks the required buffer; high model divergence expands it.
The Rigorous Equity Bridge
The backend builds an institutional-grade Equity Bridge by stripping out net debt, adjusting for non-operating assets, isolating minority interests, and executing a full option-dilution check via the Treasury Stock Method to calculate the true, fully diluted share baseline.
Expectations Investing via Implied Reversals
Rather than relying purely on speculative future projections, Aperto runs an automated Reverse DCF loop. It reverse-engineers the current market price to isolate the exact growth rates, operating margins, and capital efficiency metrics the market is currently pricing into the stock, so you can judge for yourself whether those performance hurdles are realistic.
Optionality, Surfaced Not Hidden
When the market price sits above the entire surviving lens cluster, Aperto does not quietly stretch a model to reach it. It labels the gap for what it is: the premium the market is ascribing to optionality the cash-flow models cannot yet see, such as an unproven new business line or a call on a future market. You get to decide whether that optionality is worth paying for, rather than having it smuggled into a single point estimate.
The Fundamental-First Sequence
WHEN is the final mathematical filter in the pipeline. It never predicts. It only times execution on assets that have already earned their place through fundamentals and value.
The Non-Predictive Execution Filter
The WHEN layer represents the final mathematical filter in the WHY → WHAT → WHEN pipeline. Aperto enforces a strict fundamental-led hierarchy: long-term investment conviction rests entirely on structural business quality and intrinsic value, while technical analysis serves purely as a secondary operational filter. It runs exclusively on assets that have already cleared the fundamental quality gate (WHY) and the intrinsic value gate (WHAT) to optimize tactical execution routing when risk-to-reward parameters are most favorable.
Multi-Axis Indicators
The engine scans ten checks across seven blocks on a rigorous Monthly, Weekly then Daily structural cascade. Two of those blocks are the admissibility gates and two are the relative-strength legs that set the verdict. The checks are not added up, and nothing is ranked on a total.
The Multi-Timeframe Structural Cascade
To eliminate short-term market noise traps, Aperto enforces structural alignment down the time horizon: Monthly charts isolate structural macro floors, Weekly charts confirm intermediate trend-reversal signatures, and Daily charts are reserved strictly for tactical execution routing.
Statistical Calibration Matrix
The four timing labels, what decides each one, and the retail mistake it prevents. None of them comes from a total, and no two of them are separated by a measured return difference except aligned against the rest.
Empirical Calibration Constraints
Aperto's boundaries are mathematically calibrated against long-run historical equity data. A tier change requires a 95% Confidence Interval step-up above a random-entry baseline. Broader environmental conditions like the Average Directional Index (ADX) and the Volatility Index (VIX) are treated as non-scored regime overlays to isolate macro market friction.
Programmatic Risk Controls
The execution engine actively monitors data integrity. For recent corporate listings or asset spin-offs lacking deep cyclical price metrics, the backend raises a strict HISTORY-LIMITED guardrail that suppresses arbitrary technical scores until a statistically viable tracking window is established.
How is a structural thesis invalidated?
HOW is a fundamentals-only monitor that runs eight structured stress tests against the latest filings once a report is published. It exists to answer a single question. Has the original thesis actually broken? Everything about it is built to hold that line and to tune out the noise that so often gets mistaken for a real answer.
The Fundamentals-Only Invalidation Gate
The HOW layer executes a pure, fundamentals-only exit framework built for long-horizon compounding assets. Aperto completely rejects price-based selling mechanisms like technical stop-losses or short-term valuation overshoots, as these fluctuations routinely mean-revert without changing corporate cash-generation capacity. The platform deliberately drops traditional retail trading terminology, shifting the focus away from reactionary selling and toward disciplined thesis-invalidation checks.
The Eight Core Diagnostic Stress Tests
Each test targets one load-bearing pillar of a typical long thesis. If a pillar cracks, the thesis is in question; if the headlines are loud but every pillar holds, it isn't.
The Analytical Diagnostic Ledger
Every review resolves to one of four diagnostic states, each carrying a defined portfolio action and defending against a specific retail mistake.
The Re-Underwriting Mandate
Aperto completely rejects passive portfolio trimming or incremental position hedging. When any core critical diagnostic stress test registers a definitive FAIL verdict, the platform triggers an immediate re-underwriting mandate. This forces the analyst to completely abandon previous structural assumptions, return directly to a blank-slate WHY layer evaluation, and re-prove the corporate compounding thesis from scratch.
How Aperto handles your data.
Effective August 7, 2026
This page describes what Aperto ("we", "us") collects when you use the app at aperto.dev, why, and who else ever sees it. It is written to match what the product actually does, not a generic template. Every service named below is a real part of how Aperto runs.
1. Information we collect
Aperto collects only what's needed to run the product and your account:
- Account information. The email address and name you sign up with. Your password is never stored or seen by Aperto's own servers. It is held by our authentication provider, Supabase, using industry-standard hashing.
- Referral information. If you sign up through another user's referral link, we record which account referred you so that referral rewards can be credited correctly. If you refer someone, we record that a referral was credited to you, its value, and the payment it relates to, so it can be reversed if that payment is later refunded. We never show your identity to the person you referred, or theirs to you.
- Research activity. The tickers you follow, journal and thesis entries, portfolio positions you enter for your own profit-and-loss tracking, quiz results, comprehension answers, and any messages you send to the Socratic coach or agentic debate tools.
- Usage analytics. A record of how the product is used: which reports you open and when, which features you reach for, your quiz scores by layer, and which upgrade prompts you were shown. It is kept against your account and used to work out which parts of Aperto genuinely help and which should be rebuilt or removed. It is never sold, never shared, and never used to target advertising. You can switch it off for your account at any time from the Account page — see section 3.
- Payment information. If you subscribe to a paid tier, billing is handled entirely by Stripe. Aperto never receives, transmits, or stores your card number.
- Feedback. Anything you type into the feedback form at the bottom of any page, plus an email address if you choose to leave one for a reply. The feedback form does not require an account and works for visitors who have never signed up.
- Local device storage. Aperto keeps a small number of values in your browser's local storage, which never reach our servers. Some keep you signed in: your session and refresh tokens, a step-up verification token, an opaque device identifier used to skip repeated sign-in verification on browsers you've trusted, and (only if you asked to be remembered) the email you last signed in with. The rest hold work in progress or save a repeated request — a quiz you have started but not finished, which coach questions you have already asked on a given ticker, the ETFs you follow, and your current plan. Clearing your browser's site data removes all of it.
2. What we deliberately do not do
Aperto never uses your email address for marketing, and never sells, rents, or shares your personal data with third parties for their own purposes. There are no advertising cookies, no third-party ad trackers, and no cross-site tracking pixels anywhere in the product. The only outside parties that ever see your data are the infrastructure providers listed below, and only to the extent needed to run the service you asked for. The usage analytics described in section 1 are entirely first-party: they are recorded by Aperto's own servers into Aperto's own database, are read by nobody outside it, and are not sent to any analytics vendor.
3. How we use it
We use your data to:
- Create and secure your account, including the emailed-code second factor and Google sign-in
- Generate, store, and sync the reports, watchlist, journal, and coaching sessions your account is built from
- Process subscription billing
- Respond when you contact us or send feedback
- Detect and stop abuse of the sign-in system
- Understand, in aggregate, which parts of Aperto are used and which are not, so we know what to improve, rebuild, or remove
That last point is new, and it is worth being exact about its limits, because they are not soft ones. Your journal and thesis entries, your messages to the Socratic coach and debate tools, and the portfolio positions you enter are never analysed, aggregated, or used to improve the product. They exist to be shown back to you, and nothing else. What we do look at is the shape of your usage — that a report was opened, that a feature was used, how a quiz scored by layer, which upgrade prompt appeared — never the content you wrote.
If you would rather not contribute even that, there is a switch for it on the Account page. Turning it off stops the recording for your account; it is enforced on our servers, not merely hidden in your browser, and nothing about how the product works for you changes.
4. Who processes data on our behalf
Aperto is built on a small number of named infrastructure providers, each handling one part of the service:
Separately, Aperto sources the market and filings data that reports are built from: SEC EDGAR, Financial Modeling Prep, Yahoo Finance, and TradingView. None of them ever receive your account information, holdings, or activity.
5. Disclosure of data
Outside the providers listed in section 4, Aperto discloses your data only when:
- Required by law, such as a valid court order or subpoena
- Necessary to investigate or prevent fraud, security incidents, or abuse of the service
- Necessary to protect the rights, property, or safety of Aperto, our users, or the public
We do not disclose your data to advertisers, data brokers, or any party for their own marketing purposes.
6. Data retention
We keep your account data for as long as your account is active. You can delete your account yourself, at any time, from the Account page. Deletion is scheduled rather than instant: your data stays fully intact for 30 days, and signing back in during that window cancels the request and keeps everything. After 30 days the account and its associated data are permanently removed, including files held in storage. Records we're required to keep for billing, tax, or fraud-prevention purposes are retained only as long as the law requires.
Usage analytics are kept in identifiable form for at most 12 months. After that they are collapsed into counts and rates that carry no account identifier — how many people reached a given screen, not which people — and the underlying records are deleted. Those totals are no longer personal data and are kept indefinitely.
7. Your rights
You have the following rights over your data. In Singapore these are provided under the Personal Data Protection Act:
- Access. Request a copy of the personal data we hold about you. We aim to respond to access requests within 30 days.
- Correction. Update your name, email, and password directly from the Account page, at any time. For corrections you can't make yourself, we aim to respond within 30 days.
- Withdrawal of consent. Withdraw your consent to any collection or use of your data that relies on consent, at any time. This is separate from deleting your account: withdrawing consent stops a specific use going forward, and may mean some parts of the product no longer work for you, without closing your account.
- Deletion. Delete your account and its associated data yourself, from the Account page. See section 6 for how the 30-day window works.
- Portability. Request your data in a portable format.
- Objection. Withdraw consent to marketing at any time, though as noted in section 2, we don't send any.
- Analytics opt-out. Turn off the usage analytics described in sections 1 and 3, for your account, from the Account page. It takes effect immediately and needs no explanation.
- Device revocation. Revoke any browser you've previously trusted for sign-in, from the Account page.
8. Security
Every account is protected by a two-factor sign-in: a password (or Google identity) plus a one-time emailed code, unless you've explicitly trusted the browser you're using. Verification codes are never stored in a form that could be read back, only a salted, one-way hash. Your data is scoped to your account at the database level, so it is enforced by the database itself, not only by application code.
9. Children's privacy
Aperto is an equity research and education tool and is not directed at, and should not be used by, anyone under 18.
10. Changes to this policy
We may revise this policy as Aperto changes. If a revision meaningfully affects how your data is handled, we'll update the effective date above and make reasonable efforts to let you know directly.
11. Contact
Questions, requests, or concerns about this policy: hello@aperto.dev.
Data Protection Officer. For matters specific to the Personal Data Protection Act, including access, correction, or withdrawal-of-consent requests, the Data Protection Officer can be reached at hello@aperto.dev.
The terms behind the tool.
Effective September 9, 2026
By creating an account or otherwise using Aperto, you agree to these terms. Please read the disclaimer in section 1 in particular: it is the single most important thing on this page.
1. Not investment advice
Aperto is a research and education tool for research purposes only. It is not investment advice, and Aperto is not a registered investment adviser, broker-dealer, or financial planner in any jurisdiction. Nothing produced by Aperto (a verdict, a valuation range, a moat rating, a timing signal, a coach or debate transcript) is a recommendation to buy, hold, or sell any security.
Reports are built from third-party data and automated analysis, both of which can be wrong, delayed, or incomplete. Investing involves risk, including loss of principal. You are solely responsible for your own investment decisions, and should consult a licensed financial adviser before acting on anything the product shows you.
Aperto does not know your financial circumstances, your objectives, or your risk tolerance, and it does not ask. Nothing it outputs is assessed against your situation, so nothing it outputs can be suitable or personalised advice for you specifically. This is the difference between what Aperto does (education and research) and what a regulated adviser does (advice fitted to a client).
2. Eligibility & your account
You must be at least 18 years old to create an account. You're responsible for keeping your password and any trusted-device sign-in confidential, and for everything that happens under your account. One account is for one person. Accounts are not to be shared, resold, or transferred.
Contact us immediately if you believe your account has been compromised.
3. Subscriptions & billing
Aperto offers a free Basic tier and paid Plus and Pro tiers. Paid subscriptions are billed through Stripe on a recurring monthly or annual basis and renew automatically until cancelled. You can cancel at any time from the Account page or by contacting us. Cancellation takes effect at the end of the current billing period, and we do not provide partial-period refunds except where required by law.
We may change subscription pricing or tier features going forward. If that affects you, we'll give reasonable notice before it applies to your next billing cycle.
4. Acceptable use
You agree not to:
- Scrape, bulk-extract, or systematically download reports or data outside the normal use of the product;
- Resell, redistribute, or publish Aperto's reports or underlying analysis as your own;
- Reverse-engineer, decompile, or attempt to extract the source of the app or its methodology beyond what is publicly documented;
- Circumvent tier limits, rate limits, or account restrictions;
- Use the service for any unlawful purpose, or to impersonate another person.
- Post content that is unlawful, harassing, hateful, or deliberately misleading;
- Post about a security to move its price, or promote one you were paid to promote without saying so;
- Post spam, advertising, or the same content repeatedly;
- Post someone else's personal information;
We may suspend or terminate accounts that violate this section.
Forum posts are public. Anyone who can open a company page can read what you post there, along with the username on your profile, so do not put anything in a post that you would not want attached to that name. Posts are written by readers, not by Aperto. They are not our analysis, they are not reviewed before they appear, and nothing in them is investment advice. Anyone can report a post, and we may remove a post or suspend an account under this section.
5. Intellectual property
Aperto's methodology, report structure, scoring frameworks, software, and branding are the property of Aperto and its licensors. Using the product doesn't transfer any ownership of them to you.
What you personally create (journal entries, thesis notes, portfolio positions, and messages to the coach or debate tools) remains yours. You grant Aperto the license needed to store it, process it, and display it back to you as part of the service. Anything you choose to post publicly, such as a forum post on a company page, still belongs to you, but that licence extends to showing it publicly on Aperto next to your username for as long as the post is up.
6. Third-party data & accuracy
Reports draw on data from SEC EDGAR filings, Financial Modeling Prep, Yahoo Finance, and TradingView. This data is provided by those third parties "as is," may be delayed, incomplete, or contain errors, and Aperto does not guarantee its accuracy, completeness, or timeliness. Automated analysis built on top of it inherits the same limits. See section 1.
7. Disclaimers & limitation of liability
The service is provided "as is" and "as available," without warranties of any kind, express or implied, including fitness for a particular purpose or uninterrupted, error-free operation.
To the maximum extent permitted by law, Aperto is not liable for indirect, incidental, or consequential damages, including investment losses arising from your use of the service, and our total liability for any claim relating to the service is limited to the amount you paid Aperto in the 12 months before the claim arose.
8. Termination
You may stop using Aperto and close your account at any time. We may suspend or terminate access for violation of these terms, or discontinue the service, with notice where reasonably possible.
9. Changes to these terms
We may update these terms as the product changes. If a change is material, we'll update the effective date above and make reasonable efforts to let existing users know. Continuing to use Aperto after a change takes effect means you accept the updated terms.
10. Governing law
These terms are governed by the laws of Singapore, without regard to its conflict-of-law principles.
11. Contact
Questions about these terms: hello@aperto.dev.