Reverse Confession

One of the best free sources of business education is the Investor Relations pages of companies with Public Equity. The annual “Letter to Shareholders” is normally the most accessibly written and engaging, but anyone can access the presentations the management make to owners. Amazon’s business philosophy is plain for the world to see, with the 1997 Letter attached every year. It is worth re-reading each time. A Form 10-K is an annual report required by the United States Securities and Exchange Commission (SEC). Less glossy, there is a wealth of information listed companies are required to share. The Risk Factors are the section I always start on. It is like Catholic Confession in reverse. Like it is okay whatever you do, as long as you have identified it in advance. Disarmingly honest managing of expectations that feels like the opposite of a sales pitch. Like Eminem in “8 mile” tearing himself to shreds in a rap battle before the other guy says a word. There is a lot of information out there, and it is hard to filter. But the Investor Relations pages of businesses you admire is a good place to start (and continue) learning, whatever your way of making money is. (ir.aboutamazon.com)