Discourse is what public companies are saying, read line by line. Every earnings call we can find — the S&P 500, five years deep — and the earnings release when the call isn't in yet, scored for tone, confidence, guidance, and the words that keep coming up.
What gets scored
Each document is read once by Numen and stored as a set of measures:
- **Sentiment** — management tone, from −1 to +1. Above +0.65 is bullish; below 0 is bearish.
- **Confidence** — how certain management sounded, 0 to 1. When confidence spreads apart across the universe, that dispersion is itself a signal.
- **Guidance** — for revenue, margin, and capital spending: raised, held, or lowered, and by how many percentage points when a number was given.
- **Language** — how often the document mentions AI, recession, layoffs, tariffs, and buybacks.
- **Themes** — what the call was about, with a salience and tone per theme. These drive the emerging and fading lists.
A call transcript always wins the quarter over a release. Fiscal labels are the company's own; everything aggregates on the calendar quarter of the call date.
Public sentiment
The panel at the top reads the whole universe: sentiment with its change against the prior quarter, confidence and its spread, the bull/neutral/bear split, guidance posture, and sentiment by sector. The trend chart runs at one week, thirty days, sixty days, one year, or five years — the shorter scales show only the documents scored in that window, and the counts above the chart say how many companies and reportings are in view. Drag across the chart to read the value on any date.
The corpus
Every tracked company, one row each, read from its latest scored document. Click any column header to sort; click again to reverse. Rows with no value sort to the bottom either way.
**Columns** opens the picker. Seventeen are available, in four groups:
- **Tone** — Sentiment · Δ (vs prior quarter) · Tone (the score as a word) · Confidence · Δ Conf
- **Guidance** — Rev guide · Margin guide · Capex guide, each shown as ▲ raised, — held, ▼ lowered, with the move in percentage points when the extractor found one
- **Language** — AI · Δ AI · Recession · Layoffs · Tariffs · Buybacks, as mention counts on the latest document
- **Document** — Sector · Source (call or release) · Latest call
Your column set and sort are remembered in this browser. **Reset** returns to the default view — sector, sentiment, Δ, revenue guidance, AI, recession, latest call.
Companies with no scored document yet sit dimmed beneath the table. The call lane syncs daily; the release lane hourly.
Where it flows
Discourse feeds the lattice as the `discourse.*` signal family — sentiment, confidence, dispersion, guidance posture, revision pressure, mention rates, and sentiment per sector — and those feed The Discourse Index, The Hesitation Index, Capital Deployment Posture, and AI Margin Compression. Macro View's *What companies are saying* section is the same read, condensed.