InvestorTraceResearch notes
Read the filing with a question
Separate the reported fact, the explanation and the work still to do.
Know what you are trying to establish.
Before collecting excerpts, write the question. You might be trying to understand revenue growth, the movement in working capital or a change in the business. The question helps you decide which parts of the report deserve a closer reading.
Keep the period and source with the number.
A percentage is incomplete without its comparison. Note whether the figure is quarterly or annual, the period it refers to and where it appears. Check the company’s definitions rather than assuming similarly named measures are identical.
Attribute the explanation.
If management attributes a change to timing, record it as management’s explanation. It is distinct from the reported number and from your conclusion. Keep competing explanations or missing details in the note.
End with the next piece of evidence.
A useful note can end with a question. Identify what would help answer it and where you expect to look. Keep the source available so you can reread the original context when new information arrives.
Reported fact · Attributed explanation · Open question
Bring the question behind your research.
Tell us what you want to work through and where InvestorTrace could fit.