Private beta opening in small groups for investors who keep research notes.Join the waitlist →
Research software for web, Mac and iPhone

Your thesis, checked against every new filing.

Annula keeps your investment research in one place: every thesis, assumption and source. When a new filing or headline affects what you believe, it shows you exactly where and keeps the thesis current inside the goals you set. Every change is logged, and you can undo any of it.

Annula keeps your investment research in one place: every thesis, assumption and source.

One email when your spot opens. Nothing else.

Or try the live demo →

Web app Native Mac app iPhone app · soon Your research stays yours Free public data
Reads10-K10-Q8-KDEF 14A13FS-1Press archiveYour notes
app.useannula.com
SATURDAY, SEPTEMBER 27

One thing changed this week. Your Costco thesis is still intact.

Ask anything. The answer is built as a board.↵
COSTRevised, holding$912
MSFTIntact$428
ASMLRisk flagged$702
NUIntact$13.62
TSMIntact$188
$1,004$948COST FAIR VALUE

The Sep 25 8-K showed slower sign-ups in two regions, so A2 now covers renewals only. Renewals held.

See the work
Board · built by your delegate · 5 blocks · 7 sources

Is COST still worth holding at $912?

Answermodel · 5 sources

Yes, with less room than before. Fair value is $948, 3.9% above the price. The case now rests on renewals.

Reverse DCFcalc
Price implies7.1%
Your model8.0%

FCF growth a year, 10 years

The passage8-K Ex.99.1 p.2

New member sign-ups in two regions grew more slowly than in prior quarters, while renewal rates remained consistent.

Renewal rate10-K tables

90.4% worldwide · tripwire 89%

Your tripwiresyours

Renewals below 89% · clear

Sign-ups recover by Q2 · watching

Price above $1,040 · 14% away

NEEDS YOU · COST · proposed by your delegate

Add A5 and track whether sign-ups recover within two quarters?

New assumptions are outside what the delegate may do alone. It could move fair value by ±$36.

8-K · against A2Press · for A2Your Aug 17 note
AAdd A5EEditSSnoozeXNo
Added A5 · first check: Costco September sales, Oct 8

Open the full demo →

01 · The problem

Research doesn't fail. It goes stale.

You write the thesis once, when conviction is highest. Then filings, calls and headlines pile up, and nobody checks them against what you actually believed.

Day 1

You write the thesis.

Clear reasons, sources in hand, a view you could defend line by line.

Day 90

The world moves.

Two 10-Qs, an 8-K, forty headlines. Some touch your reasons. Which ones?

Day 400

You can't say why you own it.

The notes are still there. The reasoning drifted, and nothing recorded how.

02 · How it works

A thesis that keeps up.

Annula turns what you wrote into assumptions it can check, watches for evidence, and brings every change to you as a proposal.

Step 1

Bring what you have

Paste notes, import a doc, or start from a ticker. Your existing thinking is the starting point, not a blank page.

Step 2

Check what it understood

Your thesis becomes a short list of assumptions Annula can test. Edit any of them. Your wording always wins.

Step 3

See evidence, for and against

New filings and news are matched to the exact assumption they affect, with the page or headline attached.

Step 4

Decide, and keep every ring

Accept or reject each proposed revision. Every version is kept, so you can see exactly how your view grew.

COST · Costco Wholesale1 / 4
03 · Your assistant

Annula stays on it, so you don't have to.

It reads what's new, asks what you'd ask, and drafts updates for you to approve.

Your assistant · 01 / 05
Suggested for youCOST · today
Did the fee increase slow sign-ups anywhere else?A2 got contradicting evidence yesterdayNew
Why this? A new 8-K contradicts A2, and you usually check regional data when renewals move.
How did margins hold up in the last drawdown?A4 is untested · you asked this for 3 other holdingsPattern
What does the new proxy say about pay targets?DEF 14A filed 6 days ago, unreadUnread
Overnight · 3 new filings41 pages read
COST · 8-K · Monthly sales releaseEx. 99.1 · p. 2Affects A2
COST · 8-K · Ex. 99.1 · p. 2 · example excerpt
Comparable sales grew in most regions. New member sign-ups were slower in two regions following the annual fee change. Renewal rates remained consistent with prior periods.
MSFT · 10-Q · First quarterIn line with A1Routine
NU · 6-K · Quarterly resultsNo assumption affectedRoutine
Proposed revision · COST A2awaiting you
NOWThe latest fee increase does not slow member growth.
PROPOSEDThe latest fee increase does not slow renewals.
Adds A5 · New sign-ups recover within two quartersNew
8-K · Slower sign-ups in two regionsAGAINST
Press · Renewals unchanged since the increaseFOR
Keep mineEditAccept
Ask about COST3 sources
Have renewals changed since the fee increase?
Not so far. Management says renewal rates are unchanged 1. New sign-ups did slow in two regions 2, which is why A2 is under review. Your note from August expected a short dip 3.
1 · Press
Sep 24 · 3 outlets
2 · 8-K
Ex. 99.1 · p. 2
3 · Your note
Aug 17
What will next quarter's renewal rate be?
I can't answer that from your sources. The filings report past rates only.
Monday briefweek of Sep 21
3assumptions moved
1needs your decision
12filed as routine
COST A2 · decide on the proposed revision2 sources against, 1 for2 min
ASML A1 · new export rule publishedEvidence against · no action yet5 min
MSFT A3 · capex guide raisedSupports your rangeFYI
01 / 05

Suggests what to ask

Opens every session with the questions most worth asking today, based on what changed and what you usually check.

  • Ranks questions by new evidence and your own habits
  • Explains why each suggestion is there
  • Gets sharper as you ask or skip
Under the hood · learns from your own reading and asking history, stored with your research
02 / 05

Reads every new filing

When a 10-Q, 8-K or proxy lands for a company you follow, it reads every page against your assumptions and only interrupts you when something matters.

  • Watches SEC EDGAR for every company you follow
  • Ties each passage to a specific assumption
  • Stays quiet about routine filings
Under the hood · filings come straight from SEC EDGAR, fingerprinted and saved with your research
03 / 05

Drafts revisions, never applies them

When the evidence moves, Annula drafts new wording with every source attached. Your research only changes when you accept.

  • Shows old and new wording side by side
  • Attaches the evidence for and against
  • Can narrow, add or retire an assumption
Under the hood · the model can only propose; applying a change always takes your click
04 / 05

Answers with sources

Ask anything about a company or your portfolio. Every sentence points to the filing page, headline or note behind it.

  • Answers from your filings, news and notes
  • Numbered citations with page and date
  • Says so plainly when the sources don't cover it
Under the hood · figures come from Annula's calculator, never from the model
05 / 05

Briefs you every Monday

One page across all your theses: what moved, what needs a decision, and what you can safely ignore.

  • Covers every thesis you follow
  • Sorted by what needs you first
  • Waiting in the app and on your iPhone
Under the hood · built from the same log as everything else, so every line links to its source
01 / 05

Suggests what to ask

Opens every session with the questions most worth asking today, based on what changed and what you usually check.

Suggested for youCOST · today
Did the fee increase slow sign-ups anywhere else?A2 got contradicting evidence yesterdayNew
Why this? A new 8-K contradicts A2, and you usually check regional data when renewals move.
How did margins hold up in the last drawdown?A4 is untested · you asked this for 3 other holdingsPattern
What does the new proxy say about pay targets?DEF 14A filed 6 days ago, unreadUnread
02 / 05

Reads every new filing

When a 10-Q, 8-K or proxy lands for a company you follow, it reads every page against your assumptions and only interrupts you when something matters.

Overnight · 3 new filings41 pages read
COST · 8-K · Monthly sales releaseEx. 99.1 · p. 2Affects A2
COST · 8-K · Ex. 99.1 · p. 2 · example excerpt
Comparable sales grew in most regions. New member sign-ups were slower in two regions following the annual fee change. Renewal rates remained consistent with prior periods.
MSFT · 10-Q · First quarterIn line with A1Routine
NU · 6-K · Quarterly resultsNo assumption affectedRoutine
03 / 05

Drafts revisions, never applies them

When the evidence moves, Annula drafts new wording with every source attached. Your research only changes when you accept.

Proposed revision · COST A2awaiting you
NOWThe latest fee increase does not slow member growth.
PROPOSEDThe latest fee increase does not slow renewals.
Adds A5 · New sign-ups recover within two quartersNew
8-K · Slower sign-ups in two regionsAGAINST
Press · Renewals unchanged since the increaseFOR
Keep mineEditAccept
04 / 05

Answers with sources

Ask anything about a company or your portfolio. Every sentence points to the filing page, headline or note behind it.

Ask about COST3 sources
Have renewals changed since the fee increase?
Not so far. Management says renewal rates are unchanged 1. New sign-ups did slow in two regions 2, which is why A2 is under review. Your note from August expected a short dip 3.
1 · Press
Sep 24 · 3 outlets
2 · 8-K
Ex. 99.1 · p. 2
3 · Your note
Aug 17
What will next quarter's renewal rate be?
I can't answer that from your sources. The filings report past rates only.
05 / 05

Briefs you every Monday

One page across all your theses: what moved, what needs a decision, and what you can safely ignore.

Monday briefweek of Sep 21
3assumptions moved
1needs your decision
12filed as routine
COST A2 · decide on the proposed revision2 sources against, 1 for2 min
ASML A1 · new export rule publishedEvidence against · no action yet5 min
MSFT A3 · capex guide raisedSupports your rangeFYI

Runs on the AI you choose

Switch whenever you like. Only the engine you pick sees your research. Codex, Claude Code and local models run through the Mac app.

ChatGPT plan

Codex

Use the ChatGPT plan you already pay for.

Connects
Sign in with ChatGPT
Your data goes to
OpenAI
Assistant jobs
Your install

Claude Code

Work from the Claude Code on your Mac.

Connects
Your own install
Your data goes to
Anthropic
Assistant jobs
Pay per use

API key

Bring an OpenAI or Anthropic key.

Connects
Paste a key
Your data goes to
The provider you pick
Assistant jobs
Private

Local AI

An open model on your Mac. Works offline.

Connects
Runs on your Mac
Your data goes to
Nowhere
Assistant jobs
Private

No AI

Filings, news, portfolio and history still work.

Connects
Nothing to connect
Your data goes to
Nowhere
Assistant jobs
04 · Show your work

Check the math yourself.

AI can sound sure and be wrong. Annula keeps models away from the numbers and on the record: figures are computed by code from the filings, every model step is logged with its sources, and you can retrace any result.

AI can sound sure and be wrong. Annula keeps models away from the numbers.

COST · Membership fee growth, FY2025
+8.3%
Example figures
Membership fees, FY2025$5,200M10-K FY2025 · Note 1 · p. 34, table row 3
Membership fees, FY2024$4,800M10-K FY2024 · Note 1 · p. 33, table row 3
(5,200 − 4,800) ÷ 4,800 = 0.0833 → +8.3%
Computed by
Annula's calculator, the same way every time
AI involved
None. Models never produce numbers
Re-run
Open both pages, or copy the formula into a spreadsheet

Activity log · COST A2

Saved · exportable
System8-K filed and downloaded from SEC EDGAR
Sep 25 · 16:31 · accession no. and file hash saved
SystemPassage matched to A2 by keywords and company
Sep 25 · 16:32 · Ex. 99.1 p. 2 · rule set v3
ModelRead passage: contradicts A2
Sep 25 · 16:32 · Codex · prompt, sources and output saved
ModelDrafted revision: narrow A2 to renewals
Sep 25 · 16:33 · Codex · 3 sources attached
YouAccepted revision. Thesis v5 saved
Sep 27 · 09:12 · v4 kept, one click to compare

Your research is yours.

Keep it in your account, or only on your Mac. Export everything, log included.

Nothing happens outside your goals.

The delegate acts only where your rules allow, and every step can be undone.

Every claim has a source.

Filing, page, headline, date. If there's no source, Annula says so.

A tree keeps a record of every year. So does your research.

05 · Questions

Before you join

Who is Annula for?

Individual investors who write down why they own something and want that reasoning to stay current as new information arrives.

Does Annula give investment advice?

No. It organizes your research, finds evidence that bears on your assumptions, and shows you where it came from. Every decision stays with you.

Where is my data stored?

In your Annula account, isolated from other users and encrypted. If you would rather keep it off our servers, the Mac app can store everything on your Mac only.

What does it cost?

Annula is free during the private beta. Bring the AI you already have: an OpenAI or Anthropic key, or Codex, Claude Code or a local model in the Mac app. See pricing.

Early access

Start with the thesis you already have.

Join the waitlist and we'll invite you when there's room in the next group.

One email when your spot opens.