Annual reports are like birthday cards
I was thinking today that getting a printed annual report is like getting a birthday card in the mail from a distant friend. It’s a relationship document, simply an acknowledgment that you’re special. And when it’s a slim little “summary report,” it’s interpreted that the company doesn’t love you as much. And when its a 10-K wrap, it’s a bit insulting and you know they don’t give a crap about you. But when it’s a nice glossy annual report with lovely pictures and lots of financial stuff you’ll never actually read, you feel important. Everyone likes to feel important.