Read on Twitter
This thread covers a lot of the key items to look at when ripping through a 10K & proxy.
If it& #39;s your first time looking at a company, don& #39;t even think about moving past the Business section until you can clearly describe how the company generates revenue. If you can& #39;t do this
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten"> https://twitter.com/FabiusMercurius/status/1390793393584828421">https://twitter.com/FabiusMer...
If it& #39;s your first time looking at a company, don& #39;t even think about moving past the Business section until you can clearly describe how the company generates revenue. If you can& #39;t do this
2/ you either 1) don& #39;t understand the business yet (explain it to a 10-year old), or 2) business is either too convoluted or management intentionally masks the core revenue engine. This is a no-go for me.
I know the thread wasn& #39;t meant to be all-inclusive, but adding a few items
I know the thread wasn& #39;t meant to be all-inclusive, but adding a few items
3/ MD&A: Remember mgt is biased, read with skepticism
IS: Consistent "one-time" expenses are a red flag. Figure out the unit economics. If positive, can this scale?
CF: Slight tweak - NI/CFO should be ~consistent
Reiterating: READ. THE. FOOTNOTES.
IS: Consistent "one-time" expenses are a red flag. Figure out the unit economics. If positive, can this scale?
CF: Slight tweak - NI/CFO should be ~consistent
Reiterating: READ. THE. FOOTNOTES.
End/ This was an awesome thread that ties in nicely with the long-form process I wrote in newsletter form a little while back.
Using comparison tools = operating leverage. Work smart.
Again - READ. THE. FOOTNOTES.
Using comparison tools = operating leverage. Work smart.
Again - READ. THE. FOOTNOTES.
