Both of this edition’s log items turn on the same thing, from opposite sides. Solomon’s filing produces a headline percentage that is true of half the document and false of the whole; the number travelled unchallenged into syndicated coverage because it was computed from the field nearest the transaction. Control Empresarial’s filings produce a holding figure that appears to be the controlled variable rather than an output of the trading.

The transferable observation is not about either man. It is that in a Form 4 the number most people read is the transaction line, and the number that carries the information is the “owned after” column — which is also the only column the filer can aim at. Where a sequence of landings is arbitrary, the trades are driving. Where landings are round, the holding is driving and the trades are residuals.