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To: edwin k. who wrote (123222)	8/15/2002 8:44:44 AM
From: Art Bechhoefer	Respond to of 152472

>>If an investor were to read and totally understand the balance sheet, as well as all that is writen in, say, the annual report, wouldn't that be enough in most cases?<< Warren Buffett, in his letter to shareholders appearing in the Berkshire Hathaway annual report, asks for ideas on companies he might be interested in buying. He says that by looking at the financial reports he can tell in about five minutes if the company is worth investing in. I've never been able to do it that fast, but the financial reports and proxy statements are essential, not only for what they say but also for what they DON'T say. Art