S&P’s 10-ish Step Guide to Equity Research

I would argue that only steps 1-8 are necessary for your own bottom-up analysis.  You can live without step 2.  Also understand that your results from step 3 are likely to be wrong – don’t let a fancy model fool you into thinking you can predict the future.  Building a model is helpful for understanding the business and getting some sense for what is priced in so I don’t advocate skipping it entirely.

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