October 8, 2026 · 10 min
Red flags in the footnotes, and what they are not
Some footnotes are worth a closer read. Here is what I look for, and what is only a legal phrase.
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Plain Reports
One plain letter every Thursday on how to read an annual report, with a part of the report to try for yourself.
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- 37
Read the notes before the numbers
Why I turn to the notes first, and the three I read before I look at a single figure.
- 35
What the word revenue is hiding
Revenue is counted when a company says it has earned it, and that can be a different day from when the money arrives.