• Look over the 10-year summary balance sheet, income statement, and statement of cash flows on Morningstar.com or another Web site. Look for trends, and make notes of anything that raises an eyebrow and deserves further investigation. This process should give you an initial road map for investigation. • Read the most recent 10-K filing front to back. Pay special attention to the sections that describe the company and its industry, the sections about risks and competition, any mention of legal issues (sometimes labeled “commitments and contingencies”), and the “management’s discussion and
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