This thread covers a lot of the key items to look at when ripping through a 10K & proxy.

If it's your first time looking at a company, don't even think about moving past the Business section until you can clearly describe how the company generates revenue. If you can't do this https://twitter.com/FabiusMercurius/status/1390793393584828421

2/ you either 1) don'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'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.

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.