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Does reading financial statements (quarterly or annual reports) really help investing?
Yes, especially if you are a value investor. The importance and relevance of financial statements depends on the company. IMO, the statements of a troubled "too big to fail" bank like Citibank or Bank of America are meaningless. In other industries, the statements will help you distinguish the best performers -- if you understand the industry. A great retail example was Bed, Bath and Beyond vs. Linens and Things. Externally, the stores appeared identical -- they carried the same product and even offered the same discounts. Looking at the books would have revealed that Linens and Things carried an enormous amount of debt that fueled rapid growth... debt that killed the company.