One of the most interesting and easy to read sections in quarterly financial reports is called the "Management Discussion and Analysis".

One of my club members just asked how to find this for Microsoft (MSFT). I thought the answer might be something everyone would be interested in:

I find the easiest way to find SEC filings is to go to the company Investor relations page. I usually google something like "MSFT Investor Relations" to find it.

Most companies have a section on their site for the SEC filings and you can get them in several formats. Here's a link to the Word version of the Microsoft Annual Report. It's also called a 10-K. A quarterly report would be called a 10-Q.

http://www.shareholder.com/visitors/activeedgardoc.cfm?f=rtf&companyid=MSFT&id=8733512

You can also get it in an HTML version to look at in your browser and you can even get an Excel version of all the tables and reports.

If you open the Word version and scroll down a little way, you will see a table of contents.

The Management Discussion and Analysis is a section in every 10K report. Many times each item in the table of contents is a link. If you press your CTRL key and then click on it, you will jump right to that section in the report.

You'll find if you read this section for the companies you own stock in, you'll learn a lot more about their businesses.


Laurie Frederiksen
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