According to @QCompounding, Warren Buffett prioritizes reading the annual reports of the target company and its competitors as the main research material for investment decisions. Source: Compounding Quality on X, Nov 14, 2025. The post signals that traders should anchor their process on audited filings like Form 10-K and Form 20-F plus competitor disclosures to evaluate revenue growth, margins, cash flow, leverage, and risk before taking positions. Source: Compounding Quality on X, Nov 14, 2025; U.S. SEC Form 10-K and Form 20-F. Applying this, traders can extract KPIs from MD&A and the financial statements to run cross-company comparisons that may reveal mispricings ahead of earnings or guidance updates. Source: Compounding Quality on X, Nov 14, 2025; U.S. SEC Item 303 (MD&A).