The Value Thesis

The Value Thesis

Investment Notes

My Simple Process for Reading 10-Ks

How to Really Understand a Business: Start With the 10-K and Proxy

Arda Solmaz's avatar
Arda Solmaz
Nov 13, 2025
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Most people hate reading filings. I get it. But without them, you simply can’t understand a business. Once a company passes my quick mental screener, I go into the filings, and this is how I read financials.

Business Section

This section tells you the basics you actually need:
What does this business do? What problem is it solving? Who are the customers, a…

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