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The 60-second filter
The screening pass every full report starts from — free, and enough on its own to tell you whether a ticker deserves an afternoon of your time.
Five questions before you read a 10-K
- Business archetype. High-margin and low-turnover, low-margin and high-turnover, or leverage-driven? The archetype tells you what financial shape to expect.
- Supply-demand structure. Which of the six structures is this market in, and how intense does that make competition?
- Moat, evidenced. Which of the five moat types applies — and does it show up in gross margin, pricing power, and return on equity, or only in the narrative?
- R / N / g. Return on equity, how long the advantage can hold, and how fast the asset base compounds. These three place the company on its value-creation cycle.
- What the price assumes. Not "is it cheap" — what has to be true for the current price to be right.
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