Quarterly earnings hit on a fixed cadence: Q1 in April–May, Q2 in July–August, Q3 in October–November, Q4 in January–February. Exact dates in the earnings calendar.

Earnings > consensus AND forward guidance > previously communicated outlook. Classic bull signal. But: at very high valuations (Palantir, Nvidia) it isn’t enough anymore — the market expects beat-and-raise as standard and needs beat-and-massive-raise for the stock to actually move up.

An SEC-mandated disclosure for hedge funds and asset managers with more than $100 m AUM. Lists every US equity holding, due 45 days after quarter-end. Smart-money investors read 13Fs like Kafka — they reveal what the world’s best investors quietly built up.

Banks report first — JPM, GS, Citi on the first earnings Friday. They set the tone: are they seeing stress in consumer credit? Are reserves rising? Is the M&A pipeline weak? All of that forecasts the quality of the entire season.

First, pause for 24 hours. The initial reaction is often wrong (algos and retail panic). If you invest long-term, ask: is the story intact? On a good stock down −15% after earnings: often a buying opportunity. On a structural problem: sell.

Statistically, no. Earnings-day trades are 50/50 after costs — volatility gets priced in before the event (implied vol crashes after). Earnings bets are gambling, not investing.