Chapter 10 of 10All chapters
Chapter 10 of 10
A reading routine
Twenty minutes well spent.
An order that works
Skim the auditor's opinion, read the cash flow statement, check revenue and margin trends over five years, check debt and maturities, then read the notes on policies and segments.
- Five years of data reveals what one year hides.
- Write down two questions you would ask management; they focus the reading.
Getting the documents
Listed companies publish annual reports free on their own sites and through regulators. It is primary evidence, and reading it directly beats reading someone's summary of it.