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In defence of boring disclosure

The most valuable page in an annual report is the one written to be ignored.

Investor relations has become very good at producing documents that are pleasant to read and difficult to use. The notes remain the exception, largely because nobody has worked out how to make them charming.

Read the notes first

Start with changes in accounting estimate, related party transactions, and anything described as “immaterial” in a sentence longer than twenty words.

CapitalSignal Research

Read the work behind the coverage

Long-form analysis from the desk: market structure, capital allocation and the numbers companies would rather you skipped.

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