Annual reports are especially bullshit in some American states where you cannot change the address of your corporation's registered agent without filing one and paying the annual filing fee ...
So not only are they bullshit from an investment point of view, but also they are bullshit from a smaller corporation point of view.
Epic rant!! Friedman would be smiling. And I have an MBA and agree with you.
Not that this is a defense, but there are usually two other players cranking the annual reports -- external auditor and PR. The auditor is not going to want inaccurate statements in the annual. But at the same time, they don't want to blurt out -- "They fold in 6 months!" (though some have.) Then there are the PR flacks that don't give a damn about the truth or not. Smells fine, cut me a check!
Generally I read the electronic version off of EDGAR. A lot of the pontification has been stripped. Even more entertaining is the 10Q report.
Funny how those that make the measuring stick are also the ones stating how great it is and also how disappointed they are in the available profit for investors. Our great experiment has been killed by a thousand cuts exactly like the profits that never make it back down the chain.
Carlin Rant Scale is an 9. Any rant that says "cocksucker" is worthy of the George Carlin Rant Scale of 9.
ReplyDeleteAnnual reports are especially bullshit in some American states where you cannot change the address of your corporation's registered agent without filing one and paying the annual filing fee ...
ReplyDeleteSo not only are they bullshit from an investment point of view, but also they are bullshit from a smaller corporation point of view.
Epic rant!! Friedman would be smiling. And I have an MBA and agree with you.
ReplyDeleteNot that this is a defense, but there are usually two other players cranking the annual reports -- external auditor and PR. The auditor is not going to want inaccurate statements in the annual. But at the same time, they don't want to blurt out -- "They fold in 6 months!" (though some have.) Then there are the PR flacks that don't give a damn about the truth or not. Smells fine, cut me a check!
Generally I read the electronic version off of EDGAR. A lot of the pontification has been stripped. Even more entertaining is the 10Q report.
That whiny and nasally voice you do is very entertaining.
ReplyDeleteFunny how those that make the measuring stick are also the ones stating how great it is and also how disappointed they are in the available profit for investors. Our great experiment has been killed by a thousand cuts exactly like the profits that never make it back down the chain.
ReplyDelete