I love the 10-K and 10-Q reports!
These are legal documents where everything is disclosed – hidden often –
like in a set of nesting Russian dolls (matryoshka nesting dolls) but still
there if you know where to look.
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Required for all public companies, you may not
have this document for private or oversees companies unless required by the
Dodd act.
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Very, very boring read – often the more boring
the text, the more they are trying to bury.
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Format dictated by the FTC so forget usability –
although once you learn to read one of these you will quickly know how to read
the next one.
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Very, very, very capable of being used in
court. So they don’t explicitly lie here
– they can mold, shape and influence - but they face possible criminal and
civil prosecution if they intentionally lie.
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All the fun stuff – what they are paying senior
people, who owns how much stock, actual inventory problems, reserves for
losses, pending lawsuits and litigation, etc.
•
This is where the analysts hunt. This is the bread and butter of the public
disclosure research database.
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