We measure change, not presence.

Every public US company files an MD&A — Management's Discussion and Analysis — alongside its quarterly and annual reports to the SEC. It's the place where executives narrate, in their own words, what changed and why. Across the S&P 500 that's ~2,500 filings a year, hundreds of thousands of paragraphs of disclosure language.

Most of it is recycled boilerplate. The interesting fraction is the small percentage where management actually says something new — a forward-looking comment that wasn't there last quarter, a new risk surfaced for the first time, a tone shift on a topic already in the air.

mda-trends reads every MD&A as it hits EDGAR, diffs it against the same company's prior period to strip boilerplate, clusters what survives across filers into named themes, and scores those themes by acceleration — how many new companies are saying the same new thing this quarter that weren't saying it last quarter, across how many sectors.

The result is a feed of thematic shifts in the disclosure record, grounded in real text from real filings. Every quote on the site links back to its source on SEC.gov. We don't paraphrase, we don't add commentary, and we don't use a language model to write the prose around the data — only to name the themes once, after they pass a directional gate.