 Good day, fellow investors. Today we're going to discuss the importance of reading especially the risk part of an annual report. A US company gives a 10k annual report while a company that has headquarters outside the US has a 20f annual report and in those annual reports item 1a in the 10k is risk, risk factors and also at the top page 5 to 7 usually in the 20f risk factors are explained for the whole company. Our viewer Ola Wasey Lapite wrote a comment on my video about UPI holdings about their risks and how we should read the 20f and what are the concerns and this is essential to investing in every stock. You have to always read the 20f especially the risk part because then you can understand what can happen and if that happens you can understand how to behave in that situation. We go through a few examples in order to show what does it mean, where do you find what to look at and to make it more familiar. So you will see it's a lot of work to read those reports those are 100-200 reports but slowly if you know where to look it takes much less time and it gives a lot of value to every kind of investment analysis or investment idea. Just an example if you here look at Unilever's 20f you can see that there are risks from 36 to 2042 so six pages of risks. If I go deeper into the example what are the risks from brand preference, portfolio management, sustainability, climate change because they work in food so if the climate changes they have to adapt, they have to be sustainable, a risk of diseases and everything that can make such a company. Treasuries, pensions, a big company, a lot of pension liabilities if they are funds don't match the returns expected then they have to pay much more for that. So a lot of risks. Just a look at 20f from UPI you can see here that there is a lot to read however the key risks are usually on the top about the information of the company. Nevertheless very important to read the 20f and 10k reports. If I type in risk in my chrome search and the word risk comes out 323 times in UPI's 20f so really you can see how focused is a company on risk and describing it in the annual report. As for the risks mentioned in our viewers comment about the Chinese real estate and their risks inherent to that. Is it a bubble? Is it not a bubble? It's clearly explained in UPI's 20f and I'm also going to make a video about it in order to show what are the risks, the timing of the bursting of the bubble and how can money still be made. So it's a very interesting approach but if you read such 20f you can understand the risks better and see if this is something for you. As I said for US companies the 10k item 1a is the risk factor sector so you really can read in this case I have put Apple global and regional economic conditions global markets for the company's products competition and so on and so on and so on. Usually companies are very detailed because the issuer of the stocks the JP Morgan's the Goldman Sachs write this for them so it's very very detailed. So to conclude always before making any investment in a stock at least read the risk part in detail really paragraph by paragraph because that's the essential for understanding what's going on and what can go wrong in the business. What if the economy changes? What if there is a recession? What are the risks? How fast does the company have to make changes and so on and so on. So very interesting very important to read. I'm looking forward to your comments leave them below if you have any questions any other suggestions about what's important to read in the annual report for our viewers in order for us to be better investments lower our risks and increase our returns. I'll see you in the next video.