Most people open a 10-K and ask AI to summarize it. A summary is the one output that hides the thing you actually came for.
A filing is hundreds of pages. The job is not to compress them. It is to find the few that changed.
The common mistake: "Summarize this 10-K." The failure mode: you get a tidy paragraph that reads like every other year, and you miss the one sentence management reworded. The disciplined version: ask AI to sort, not to summarize.
Run this before you read a single page:
-> What CHANGED: list every item that differs from last year's filing. New language, dropped language, restated numbers. Page cited on each. -> What MATTERS: of those changes, which touch revenue, margins, debt, or guidance. Rank them. -> What needs VERIFICATION: every figure that lacks a source, a page, and a date goes on a separate list before you trust it.
Three lists. Then you open the filing and read only what earned your attention.
What AI is not doing here: deciding if the changes are good, what they are worth, or whether you act. That is your judgment, not its output.
AI sorts the pages. You own the thesis.
Save this and run it on your next filing.
Educational content only. Not investment advice, and not a recommendation to buy, sell, or hold any security. Wall Street Prompt. Always verify against the primary source filing.