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The seven sections every long-term investor should know and what to look for in each one.
A 10-K is the annual report a US public company files with the SEC. It is the single most complete description a company writes about itself in a year, and unlike a glossy shareholder letter, its contents are governed by SEC rules. Reading one well is the highest-leverage skill for a long-term owner.
Start with Item 1, Business. This is where the company explains what it actually sells, who its customers are, how it competes, and what it depends on. Read it slowly the first time you study a company, because every later number is easier to interpret once you understand the business model in the company's own words.
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