Value in 60 Seconds: Honestly, who reads an entire 10-K or annual report? Why does it matter?

27 Jul 2023 · 1 min

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1:29

In this brief discussion, the speakers explore how few people actually read a full 10‑K filing from cover to cover. One speaker recounts his early experience of having to retrieve paper copies from a library, stacking thousands of reports in his office, and describes the deep learning that comes from such a thorough read. He argues that reading the entire filing is the best way to understand how businesses operate, how disclosures are crafted, and how to extract data for accounting, finance, economics, business strategy, and technology work. The conversation underscores the educational value of a full 10‑K read and invites others to share their own experiences.

Whether it's at a conference or one of these, I would love to have a survey of people who've actually read an entire 10-K cover to cover.
Let's ask the group here. If you've read a 10-K, not just a 10-Q, but a 10-K, the monster, cover to cover, let us know. I'm curious how many we have here that have done that deep read. David, I'm curious, how many have you read? Oh gosh.
I mean, when I started doing this work, you couldn't get them in digital. We used to have to call the library and bring down paper. And literally in my office, I had stacks of paper along the walls. This, I don't know, thousands. It was fun for a while. I loved it because there's no better way to learn how businesses work. There's just no substitute. So important to not just understanding how to get data out of filings, but it's important to understand how businesses and disclosure work. Things you got to know both of these things to do what we do. It's accounting, it's finance, it's economics, it's business strategy and technology. I love some of the comments that we've gotten back.
Uh, I read one 20 years ago and I gave up. I tried, but I couldn't keep my eyes open. I've been involved in writing one. I read all of that one. Some good ones. Probably a lawyer.