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Building your investment thesis

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Analysis in progress

Fetching financial statements

5 years of income, balance sheet, and cash flow data

Reviewing 10-K disclosures

Analysing management commentary

Pulling analyst estimates

Forming the core argument

Understanding how they make money

Auditing the numbers

Stress-testing the moat

Sizing up the leadership team

Sizing the opportunity ahead

Crunching the multiples

Forming the verdict

Tallying up the evidence