Avoid This SEC EDGAR Pitfall

Another lesson learned: Use RSS, not the webpage.

TL;DR

Using an RSS reader prevents you from missing crucial exhibits filed alongside SEC forms that don't appear when accessing forms directly through the SEC website.

Photo by Diego PH on Unsplash

The Discovery That Changed My Process Tooling

I missed a crucial investor letter last week—and it could have cost me valuable insights. This insight causes me to write this post, and I will update the Global Crossing Airlines article to incorporate that letter.

[EDITED] Catching Lightning in a Bottle: GlobalX's Discovery Moment

While researching Global Crossing Airlines for a recent post about potential small-cap discovery signals, I accessed their latest 13D filing through the SEC website's standard interface. The filing showed a value fund I follow had taken a stake in the company, which triggered my interest in the stock.

But here's what I discovered now by accident: there was a second exhibit—a letter from the fund to the company's management—that I missed last week. This letter contained specific recommendations and sought collaboration to “enhance shareholder value”, information that wasn't referenced anywhere in the main 13D form.

This taught me that the SEC's convenient direct-link system can actually cause investors to miss critical information.

Why This Happens: The Technical Problem

When you access SEC filings through the standard website interface https://www.sec.gov/, you're typically taken directly to the primary document (indicated by "primary_doc.xml" in the URL). While this seems efficient, it bypasses the complete filing package.

Here's what I found in the Global Crossing Airlines case:

What the main SEC page showed:

• Direct link to the SCHEDULE 13D form

• Reference to Exhibit 99.1 at the end of the form (but not linked to)

• No indication of additional documents

What was actually filed:

• The main 13D form

• Exhibit 99.1 (referenced in the form, but not linked to)

• Exhibit 1: A detailed investor letter (not referenced in the main form)

The missing exhibit contained the fund's call to action for shareholder value enhancement.

The Solution: RSS Feeds Show Everything

The most reliable way to see all filed documents is through the SEC's RSS feeds, which link to the complete filing index rather than individual documents.

Quick Setup Guide

Step 1: Get an RSS Reader

• Free options: Feedly, Inoreader, or browser extensions

• Most can import feeds with one click

Step 2: Find the Company's RSS Feed

1. Go to the company's SEC filing page

2. Click "View filings" (the toggle button)

3. Look for the RSS icon in the filings list

4. Click to subscribe (most readers auto-detect)

Step 3: Access Complete Filings

• RSS feeds link to index.html files

• These show ALL documents in each filing package

• No more missed exhibits or attachments

Why This Matters Beyond One Filing

This isn't just about Global Crossing Airlines. Unreferenced exhibits may contain valuable information. For active investors, missing that means missing context that could significantly impact investment decisions. Institutional investors likely have systems to catch these filings automatically—individual investors using the standard SEC interface may not.

What's Next

I'm updating my Global Crossing Airlines analysis to incorporate insights from that investor letter and will publish the revision by Friday. The additional context actually strengthens the small-cap discovery thesis I outlined.

Going forward, I'm transitioning all my SEC filing monitoring to RSS feeds. It's a small workflow change that could prevent missing significant information.

Your Turn

Have you encountered similar gaps in SEC filing access? Do you have other research workflow tips that help ensure complete information gathering?

I'd love to hear about your experiences—reply to this email or leave a comment below.

Disclaimer

I own shares of Global Crossing Airlines and stand to benefit if they rise in price. I may decide to purchase or sell shares at any time without prior notice. Do your own research and size positions appropriately if you invest. Nothing here is meant to be understood as investment or financial advice.