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The 20-minute annual report checklist

Twenty questions, in the order that matters, on one printable page. Use it with any company's annual report to find what deserves a closer look.

• Start with the auditor and the cash flow statement, not the chairman's letter.
• The five numbers that tell most of the story, with what "good" looks like.
• The red flags hidden in the notes: related parties, contingent liabilities, pledged shares.

Want the reasoning behind each question? Read How to read an annual report, or the full guide on how to assess a stock and a mutual fund.

For educational purposes only. Not investment advice or a recommendation to buy, sell or hold any security.