Noah reports

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Original reports and wire stories from the Noah signal engine. Every story indexed, every source cited.

Live · last filed 12 Aug 2026, 19:17 UTC

Long-form Report
Long-form Report

Aeroplan’s C$10bn mark is a 6.5% capital trade

The minority sale gives Aeroplan a real third-party mark, but the proceeds mostly refinance a bond and fund buybacks while loyalty cash remains undisclosed.

Long-form Report
Long-form Report

IWG’s $2bn room claim is really a 6.5-cent fee test

The room maths works. The harder question is what reaches IWG. Partner sales grew 36%, but recurring management fees were only 6.5 cents per system-revenue dollar and first-half cash conversion went b...

Long-form Report
Long-form Report

WHO’s wording puts Hantavirus at 0.7%, not 4%

Polymarket is pricing a disease scare. The contract pays only if WHO uses one exact word by year-end, and Noah puts that event at 0.7%, 3.3 points below the market.

Long-form Report
Long-form Report

Bald Range’s calm night did not close the wildfire loss

The 156 sq km fire expanded without strong winds after forcing roughly 20,000 people out. Underwriters should wait for mapped damage and restoration before treating the loss as stable.

From the wire

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