Free Research Resources for Investors

Quality investment research doesn't have to cost money. This lesson covers the best free resources for fundamental and technical analysis. [DEFINITION] Investment Research: The process of gathering and analyzing information about securities to make informed investment decisions, including financial statements, industry analysis, and market data. ### SEC Filings (EDGAR) **What it offers:** - All public company filings (10-K, 10-Q, 8-K) - Insider trading reports (Form 4) - Proxy statements - Direct from the source—no interpretation **Key filings:** - **10-K:** Annual report with full financials - **10-Q:** Quarterly report - **8-K:** Material event disclosure - **Form 4:** Insider transactions [KEY] SEC filings are the most reliable source—companies must disclose accurately or face legal consequences. Always start here. Access at: sec.gov/edgar ### Yahoo Finance **What it offers:** - Financial statements and ratios - Earnings calendars and estimates - News aggregation - Free portfolio tracking **Best for:** - Quick fundamental snapshot - Historical price data download - Earnings and dividend information Access at: finance.yahoo.com [TIP] Yahoo Finance's "Statistics" tab gives you a comprehensive overview of valuation metrics, growth rates, and financial health in one place. ### Company Investor Relations **What it offers:** - Earnings presentations - Annual reports with commentary - Investor day materials - Management guidance Usually found at: [company website]/investor-relations ### Finviz (Covered in Lesson 107) **Best for:** - Stock screening - Market visualization (heat map) - Quick fundamental and technical overview ### Federal Reserve Economic Data (FRED) **What it offers:** - Thousands of economic data series - Historical data for GDP, inflation, employment, etc. - Free charting and download **Best for:** - Macroeconomic research - Economic indicator tracking - Academic-quality data Access at: fred.stlouisfed.org ### Investor Letters and Podcasts **Quality free content:** - Berkshire Hathaway annual letters (buffett's essays) - Howard Marks memos (Oaktree) - Ray Dalio's Principles (Bridgewater) - Investment podcasts (Invest Like the Best, The Investor's Podcast) [EXAMPLE] Warren Buffett's annual letters are a free masterclass in investing. Every letter since 1965 is available at berkshirehathaway.com. ### Building Your Research Workflow [EXERCISE] For a stock you're considering, gather information from: SEC EDGAR (10-K), Yahoo Finance (statistics), and the company's investor relations page. What unique information does each provide? |ANSWER| SEC EDGAR provides raw, legally-required disclosures—most detailed and reliable. Yahoo Finance provides quick summary statistics and estimates—fastest for overview. Investor Relations provides management's interpretation and forward guidance—useful for understanding strategy. Together, they give a complete picture. ### Organizing Your Research **Create a system:** 1. Folder structure by ticker 2. Save key filings and notes 3. Track thesis and updates 4. Review periodically **Documentation:** - Write down why you're interested - Note key metrics and targets - Track thesis changes over time - Record what you learned [WARNING] Free resources require more effort to synthesize. Paid services often provide synthesis—you're paying for someone else's time. ### Red Flags in "Free" Research Be cautious of: - "Stock picks" with undisclosed interests - Sponsored content disguised as analysis - Social media hype without analysis - Tips from unverified sources [SCENARIO] You want to research a small-cap stock with limited analyst coverage. What free resources would you prioritize? For small-caps: 1) SEC filings are essential—likely your best source. 2) Company investor relations—management presentations. 3) Industry trade publications (often free online). 4) Finviz for peers and sector comparison. 5) Google News for any recent coverage. Small-caps require more work because less is written about them, but SEC filings ensure basic disclosure.