Pro Investor Academy
Beginner
5 min read

Where Reliable Information Comes From

Primary sources beat commentary, and free official sources cover most needs.

What you'll learn

  • Rank sources from primary filings to commentary
  • Find free official sources such as SEC EDGAR
  • Check who is behind a source

Optional supplemental lesson. It doesn't count toward the certificate. Suggested after Lesson 6.1: Fundamental Analysis.

Back to Lesson 6.1

Primary sources first

A company's own regulatory filings are the primary record: annual reports, quarterly reports, and disclosures of material events. In the U.S. these are freely available through the SEC's EDGAR system.

Ownership disclosures, fund holdings reports and insider transaction filings are also public. Commentary about a filing is not a substitute for the filing.

A source hierarchy

Rank what you read by how far it sits from the underlying evidence.

  • Regulatory filings and official company disclosures
  • Company investor materials and earnings calls
  • Regulator and government statistical data
  • Reputable financial journalism
  • Analyst commentary and newsletters
  • Social media posts and anonymous forums

Free and independent resources

Investor.gov (SEC) and FINRA publish free investor education and fraud alerts. S&P Dow Jones Indices publishes the SPIVA Scorecards on active manager performance.

Why this matters

The quality of a conclusion is capped by the quality of its sources.

Terms used in this lesson

Select a term to read its definition.

  • EDGAR

    The SEC's free public database of company regulatory filings.

    View in the glossary
  • 10-KU.S. rule

    The annual report a U.S. public company files with the SEC. It includes audited financial statements, a business description and risk factors.

    View in the glossary
  • 10-QU.S. rule

    The quarterly report a U.S. public company files with the SEC for its first three fiscal quarters. Its financial statements are generally unaudited.

    View in the glossary
  • Primary source

    The original document or data, such as a company's own filing, rather than someone's summary of it.

    View in the glossary
See the full glossary

Key takeaways

  • Primary sources such as company filings beat commentary.
  • Free official sources cover most research needs.
  • Always check the date and the author's incentives.
Written by
Pro Investor Academy Research Team
Content type
Educational article
Published
2026-09-13
Last reviewed
2026-09-13

Sources

Building an Investment Thesis

Educational content only. This lesson is not investment, tax or legal advice and does not recommend buying or selling any specific investment. All investing involves the risk of loss.