You'd be amazed how many investors form opinions about a company without ever reading its annual report.

They read the headline. They check the P/E. They scan a tweet thread. They form a view.

Meanwhile, the 10-K has the actual answers — customer concentration, contract terms, management incentives, off-balance-sheet liabilities, growth capex buried in SG&A.

Reading a 10-K takes 1-2 hours. It's the highest-ROI activity in investing. And almost nobody does it.