Question to all the investors/day traders out there....

Do you actually read any of the filings? like the 10Q/10K S1 8K and the like?

Do you even look at the financial statement extracts that are on Yahoo finance or other sites?

I have more than 10 years in the game now. I have authored 10Ks/10qs, audited 10ks/10qs, consulted on financial statements, consulted on IPOs, audited controls, created controls, actually authored the accounting books for public companies and whatnot.

I am really struggling to see the point of this anymore. Especially in the age of the retail investor.

Based on what I see here and various other sites, I don't think the average retail investor or really any investor actually gives a crap about a company's financial statements beyond Revenue. Obviously, nobody cares about profit because, so many companies just lose money.

Just a few weeks ago, a client and a firm partner spent nearly 2 days discussing one sentence in a 10Q filing. That's a lot of money for one sentence. A sentence that maybe 2-3 lawyers will care about at maximum.

I am also surrounded by insider information on a daily basis, and I am shocked at insignificant insider information is. Sometimes I think it will significantly affect a stock, and usually, it never does.

How much would really change for retail investors if we were to slash all these regulatory filings? I know the AICPA will fight this because CPAs, including myself, only get more money when more regulations come out. Of course the SEC will fight this as well. However, is it really necessary?

Is it really necessary when index funds are king?
Is it really necessary when stocks are valued by social media?

 

Nope market is 100% disconnected from the actual companies performance now. Now investors go by how many times "stonk" is mentioned, if it has a picture of a dog on it, or if Elon musk tweets about it.

With the exception of ASO, every stock I have is a throw a dart at the board and buy that.