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> there’s quite a bit of copying going on, as SEC filings from several companies include identical passages The author is a great financial forensics sleuth! H

> there’s quite a bit of copying going on, as SEC filings from several companies include identical passages The author is a great financial forensics sleuth! Here is the passage “In light of the compelling consumer proposition, piracy services are subject to rapid global growth highlighted inside each conpany's 10-K on one site (shameless plug): NFLX: https://last10k.com/sec-filings/nflx#:~:text=In%20light%20of%20the%20compelling%20consumer%20proposition%2C%20piracy%20services%20are%20subject%20to%20rapid%20global%20growth https://last10k.com/sec-filings/nflx#:~:text=In%20light%20of... FUBO: https://last10k.com/sec-filings/fubo#:~:text=in%20light%20of%20the%20compelling%20consumer%20proposition%2C%20piracy%20services%20are%20subject%20to%20rapid%20global%20growth https://last10k.com/sec-filings/fubo#:~:text=in%20light%20of... RDBX: https://last10k.com/sec-filings/rdbx#:~:text=in%20light%20of%20the%20compelling%20consumer%20proposition%2C%20piracy%20services%20are%20subject%20to%20rapid%20global%20growth https://last10k.com/sec-filings/rdbx#:~:text=in%20light%20of... CURI: https://last10k.com/sec-filings/curi#:~:text=in%20light%20of%20the%20compelling%20consumer%20proposition%2C%20piracy%20services%20are%20subject%20to%20rapid%20global%20growth https://last10k.com/sec-filings/curi#:~:text=in%20light%20of...

kelnos 3y ago
To be fair, though, companies really need to put things like this into their SEC filings, regardless if it's actually affecting them or not. Because if it could affect them, and they don't disclose it, some group of shareholders is going to sue, claiming that the company should have anticipated whatever risk to their business ended up coming to bite them, and disclosed it ahead of time. Granted, there's a balance to be maintained: put too much random, theoretical crap in there, and people will either think a) you're lying about all this stuff just to cover your ass, or b) the business they're in is a complete minefield and not worth investing in. So I don't really take it as gospel that piracy is truly eating into Netflix's bottom line just because they've identified it as a business risk in their 10-K. (I do believe them in this case, though, since it's an obvious outcome of the fragmentation of desirable content across so many streaming services.)

kelnos 3y ago

To be fair, though, companies really need to put things like this into their SEC filings, regardless if it's actually affecting them or not. Because if it could affect them, and they don't disclose it, some group of shareholders is going to sue, claiming that the company should have anticipated whatever risk to their business ended up coming to bite them, and disclosed it ahead of time. Granted, there's a balance to be maintained: put too much random, theoretical crap in there, and people will either think a) you're lying about all this stuff just to cover your ass, or b) the business they're in is a complete minefield and not worth investing in. So I don't really take it as gospel that piracy is truly eating into Netflix's bottom line just because they've identified it as a business risk in their 10-K. (I do believe them in this case, though, since it's an obvious outcome of the fragmentation of desirable content across so many streaming services.)