Every score in Discourse comes from a document. The document reader opens that document and marks the passages each score came from, so you can check the number against the words.
Opening a document
On a company's Discourse page, every link that ends in an arrow opens the reader at the passage behind it:
- **Guidance Ledger** — *In the release* opens the earnings release at the sentence the figure was quoted from.
- **Themes from the latest call** — *In the call* opens the call at the theme's excerpt.
- **What changed in the risk section** — each change opens the 10-K at that risk factor.
- **Transcript log** — *Read the call* or *Read the release* opens the whole document.
- **Search results** — a passage from Numen or from **Search the documents** opens shaded, from its first paragraph to its last.
The page scrolls to the passage and outlines it.
Palanor summary
Most documents open with a **Palanor summary** in the header: one paragraph on the whole document, written by Palanor. It is our reading, not the company's words. Quote the text, not the summary.
What the highlights mean
- **Coral** marks a Guidance Ledger statement. The note beside it gives the metric, the range, the period, the action against the company's previous figure, and the filed outcome where there is one.
- **Cyan** marks a theme's excerpt. The note gives the theme, its salience and its tone.
- **Magenta underlines** mark mentions of AI, layoffs, recession, tariffs and buybacks. Turn each category on or off under **Mentions** on the left.
Sentiment and confidence sit in the header. They are scored on the whole document, and no single passage carries them, so nothing is highlighted for them.
Risk factors
A 10-K opens as its risk factors, one by one, each marked **added**, **rewritten** or **unchanged** against the prior year's 10-K. Open **Compare with the prior 10-K** under a rewritten risk factor to see the words that were added and removed. Risk factors dropped since last year are listed at the end under **Removed this year**, as they read then.
When a quote isn't highlighted
Each quote is matched to the text exactly first, then with spacing and punctuation set aside, then with a careful word-by-word match. If none of those finds it with confidence, the reader does not guess. The quote is listed under **Not placed in the text**, as stored.
How mentions are counted
**How these are counted**, at the foot of the document, compares three numbers for each category: the underlines, Palanor's word counter, and the model's count. AI, recession and tariffs use the word counter's own word lists, so the underlines match it. The model counts by meaning, so its number can differ.
Who can see what
- SEC filings and Federal Reserve documents are public records. They also have a public page on palanor.com with a link to the original on sec.gov or federalreserve.gov.
- Earnings-call transcripts are provided under licence. They open only on the Terminal, and only when you are signed in. They are not shared outside the product.
Related: [Discourse](/help/modules/discourse) · [Markets](/help/modules/markets) · [Searching the documents](/help/numen/searching-the-documents)