What Does "Show Me Your Underwear" Mean?
"Show me your underwear" is a colloquial expression used to ask for proof, transparency, or underlying details behind a claim. In finance, it often refers to requesting documentation, data, or verification that supports a statement, model, or investment thesis.
Why Is This Phrase Used in Finance?
Analysts, auditors, and regulators use the phrase metaphorically to stress the importance of due diligence. It highlights the need to see raw data, assumptions, and controls rather than relying on surface-level summaries. Clear underlying evidence helps reduce risk and improve decision making.
How to Respond When Asked for Underwear
When asked to show your underwear, provide concise, verifiable evidence such as financial statements, source data, or methodology notes. Focus on accuracy, completeness, and relevance. For guidance on documentation standards, see the U.S. Securities and Exchange Commission's guidance on disclosure.
