Do you ever feel just a little overwhelmed
when you’re about to dive into a company’s financial statements?
當你即將深入研究一家公司的財務報表時，是否曾感到有點不知所措？
00:07
The sheer volume is upsetting… And honestly, this is the one I just went
through and it is actually smaller than most...
單是那龐大的資料量就令人頭痛……老實說，這是我剛看完的一份，而且它其實比大多數都還要小...
00:17
Well, in this video, I walk you through step-by-step
how to confidently navigate this intimidating cluster…
好在，這支影片我將一步步帶你學會，如何自信地駕馭這令人望而生畏的資訊叢林……
00:29
Alright, I said it last time and I’ll say
it again: it’s so good to be back!
好吧，我上次說過，這次我要再說一次：回來真好！
00:35
If this is your first time here, welcome,
my name is Stephen Spicer and it’s my goal to help you invest smarter, so hit that subscribe
button and notification bell and join us on
如果你是第一次來，歡迎你，我是 Stephen Spicer，我的目標是幫助你更聰明地投資，所以請按下那個訂閱按鈕和通知小鈴鐺，加入我們的
00:46
this journey.
旅程。
00:47
After my last video, I heard you loud and
clear, you want more clips from the Empowered Stock Selector course.
Pull up and print off the company's most recent
10K, 10Q, conference call transcript (you can find all that on Seeking Alpha), also
if you can find old shareholder's letters
from previous annual reports, those can be
useful here as well.
從過往的年報中獲取的資訊，這裡也能派上用場。
02:20
Most lay investors are not doing this, even
though they know they should.
大多數散戶投資者並沒有這樣做，即使他們知道應該要這麼做。
02:25
In fact, I bet many professionals don't actually
do this...
事實上，我敢打賭很多專業人士其實也沒做...
02:30
but although it’s intimidating at first, it doesn’t have to be THAT hard.
但雖然一開始會覺得 intimidating，其實不必那麼困難。
02:38
Here's what I recommend you do: Review the conference call to see what management
is focusing on.
我建議你這樣做：檢視法說會內容，看看管理層在關注什麼。
02:44
Go through all the questions that are being
asked by analysts and investors—this can give you some great insight into the concerns
that others are seeing with the company and/or
瀏覽分析師和投資者提出的所有問題——這能讓你深入了解其他人對該公司和/或
02:55
industry, questions that you too may want
answered.
產業的擔憂，以及你自己可能也想知道答案的問題。
02:59
Then, pull out the most recent 10K.
接著，找出最新的 10-K 報表。
03:03
These can be overwhelming documents, sometimes
hundreds of pages long.
這些文件有時會令人望而生畏，長達數百頁。
03:07
Just remember, the longer they are, the fewer
people there are that have actually read them, so there's more opportunity for you to have
an advantage, for you to understand something
請記住，文件越長，真正讀完的人就越少，所以你更有機會取得優勢，理解到
03:19
that others don’t yet.
別人尚未理解的東西。
03:22
And remember: this is your money we're talking
about.
而且記住：我們談論的可是你自己的錢。
03:24
If you want to be successful long-term, you
need to give yourself every opportunity to succeed (and that may mean suffering through
a lengthy 10K).
如果你想長期成功，就必須給自己所有成功的機會（這可能意味著要硬著頭皮看完冗長的 10-K 報表）。
03:34
Now, I print these documents out, so that
I can mark them up and retain the information better (I recommend you do the same).
現在，我會把這些文件印出來，這樣我可以做標記並更好地保留資訊（我建議你也這樣做）。
03:45
I also tend to have them up on the computer,
just in case I want to Control F (the find feature on my computer) a certain term in
this massive document.
Ultimately, you're going to at least skim
the entire thing.
最終，你至少要快速瀏覽完整份文件。
03:59
But you can start with some of the more important
"items." Again, if there are problems, let's find them
as soon as possible, so we don't waste any more time.
但你可以從一些更重要的「章節」開始。再說一次，如果有問題，讓我們儘早發現，
04:10
I recommend starting with Item 1.
我建議從第 1 項開始。
04:12
Read the company's description of what it
does.
閱讀公司對其業務的描述。
04:15
By now you know this.
到目前為止你應該已經知道了。
04:16
Just make sure it aligns with what you were
thinking and that you understand it and the industry.
只需確保這與你的想法一致，並且你理解它以及該產業。
04:23
If you don't understand it at all, you should
not be investing here.
如果你完全不了解，就不應該在這裡投資。
04:26
If you have a question or two about it, and
you can't find the answer online, record it in the "questions/concerns" box in your workbook,
we'll deal with it in the next part of this
Make sure the numbers you've been working
with are indeed correct.
確保你一直在使用的數字是正確的。
04:48
Make sure the cash flow statement makes sense
to you.
確保現金流量表對你來說是合理的。
04:52
For example, if most of the company's cash
flow is coming from investing activities instead of operating activities, that may not be sustainable.
例如，如果公司的大部分現金流來自投資活動而非營運活動，這可能不可持續。
05:02
Take special care to review and understand
all the footnotes to the financials.
特別注意審查並理解財務報表的所有附註。
05:11
Next, examine the "risk" factors outlined
by the company.
接下來，檢查公司概述的「風險」因素。
05:16
Many of these will be generic, but some will
be very specific to their company.
其中許多內容會很通用，但有些會非常具體針對其公司。
05:21
Pay attention to those.
請注意這些內容。
05:23
Sometimes underlying management concerns will
be discretely manifest here but not publicly.
有時潛在的管理層憂慮會在這裡低調地顯現，但不會公開。
05:30
Think about it, that way, if something does
happen, they can point to that line item and say, "see, we were aware of it and trying
to address it...!" Also, this is where the company will note
if they generate a significant portion of
Obviously, that would increase the risk involved
significantly, so pay attention to those type of company-specific risks.
顯然，這會顯著增加相關風險，因此請注意這些特定於公司的風險。
05:56
Look at the "legal proceedings" section.
查看「法律訴訟」章節。
05:58
It is not uncommon for large companies to
have several outstanding lawsuits against them.
大公司有幾樁懸而未決的訴訟對他們提起，這並不少見。
06:04
They are almost always downplayed publicly
but they're given a more direct treatment here (for a similar reason as I mentioned
with the risks).
他們在公開場合幾乎總是輕描淡寫，但在這裡會給出更直接的說明（原因與我之前提到的風險類似）。
06:13
Anything listed as potentially having a "material"
impact should be examined thoroughly before investment!
任何列為可能具有「重大」影響的事項，都應在投資前徹底審查！
06:22
If the company has a "properties" section,
that can be a great place to find hidden assets not really being considered in the market's
current valuation of the company.
如果公司有「資產」部分，這可能是尋找市場目前對公司估值中未真正考慮到的隱藏資產的好地方。
06:35
This could be valuable for your sum-of-parts
analysis or could come into play when considering the potential downside; as in, the stock might
drop below a certain point, but YOU know this
Then, if there has been a 10Q since that 10K,
skim every paragraph of it as well, including (especially) the financials.
在閱讀所有內容時，記下任何額外的問題或疑慮。
07:13
Make note of any additional questions or concerns
you have as you read through everything.
如果相關，我建議記錄頁碼和段落。
07:19
If relevant, I'd recommend recording the page
and paragraph.
如果你能找到舊的股東信（不是所有公司都會發布，因為這不是強制性的），我建議閱讀每年所做的承諾。
07:24
If you were able to dig up old shareholder's
letters (not all companies produce these since they’re not required), I recommend reading
through the promises that were made each year.
如果你能找到，而且管理層相同，我甚至會回溯到 10 年前。
07:37
I'd even go back 10 years if you can find
them and if the management is the same.
Annual reports and shareholder's letters are
meant to paint the company in a good light, so you should always read them with a grain
of salt, BUT if you get the opportunity to
管理層是否有信守承諾的歷史？
07:54
read them like this, they can be incredibly
insightful.
對於他們目前的承諾，你應該抱持什麼樣的看法？
07:58
Does management have a history of living up
to its promises?
好了，我知道這資訊量很大——光是口頭講述就覺得很枯燥...
08:03
How should you feel about what they're currently
promising?
天啊，如果我剛開始，知道如何處理這一切會幫我省下這麼多時間（我後來才學會！）。
08:06
Alright, I know that was a lot - it was dry
just talking through it...
這並不意味你必須完全照做。
08:12
Ah man, if I were just getting started, that
would have saved me so much time to know how to work my way through all this (I picked
it up!).
但現在你有了一個起點——而不是只有一句籠統的建議：去讀財務報表！
08:23
That doesn’t mean you HAVE to do it exactly
like this.
當你閱讀財務報表時，你尋找的最重要的東西是什麼？
08:27
But now you have a starting point - instead
of just some general counsel: go read the financial statements!
但現在你有了一個起點——而不僅僅是笼统的建议：去讀財務報表吧！
08:32
What’s the most important thing you look
for when you go through financial statements.
當你閱讀財務報表時，你尋找的最重要的東西是什麼？
08:36
Let us know in the comments.
歡迎在下方留言告訴我們。
08:37
And if this is your first time here, don’t
forget to subscribe and click the bell to start investing smarter with us on the regular.
如果這是您第一次來訪，別忘了訂閱並點擊小鈴鐺，讓我們帶您定期更聰明地投資。
08:45
And if you want to learn more about The Empowered
Stock Selector course, go to InvestLikeSpicer.com - that’ll cue into what’s going on right
now.
![How to Read a Company's Financial Statements [Step-by-Step]](https://i.ytimg.com/vi/7PEU-D3XPZ8/maxresdefault.jpg)