(Summary: Chapter 3)

Information, and in particular accurate data, is the basis for analysis and sound decision-making.

Since it is impossible to cover all possible sources of information, this chapter discusses the most important and one might even say the key sources of information that were popular 100 years ago. (Some of which, to this day, can be used in the work of an analyst.)

Basically, analysts operate with 3 categories of data:
a) Terms of the specific issue, b) The company, c) The industry

The following are numerous examples of relevant sources of information of that time, together with the characteristics of these sources, as well as the data themselves set forth in them. You can start listing all these sources, but it seems to me that many of them at the moment are simply losing their relevance.

Summarizing the information presented, I would like to highlight just a few key sources that are relevant to this day in my opinion:

1) Reports to Stakeholders (monthly, quarterly, semiannual, annual)(And especially — “The Income Account” and “The Balance sheet”)

2) Periodic Reports to Public Agencies

3) Listing Applications

4) Registration Statements and Prospectuses

5) Miscellaneous Official Reports

6) Statistical and Financial Publications

7) Requests for Direct Information from the Company

But I would like to focus on the general approach and specifics of work, as well as the nature of the data depending on the source of information.

One of the most important conclusions that can be drawn is that data is of a very decentralized nature. Moreover, each company can report in completely different ways in each of the sources described above. The differences lie mainly in Frequency, Units and Transparency. I would also like to point out the heterogeneity of the information, and that sometimes you can find quite important data in rather unexpected places. That is why it is worth analyzing as many sources of information as possible.

I would like to note the dualism encountered in reporting, as well as inconsistency in provided data.

It is important to note that if, roughly speaking, the company is doing well, then most likely its reports will be regular, while during periods of recessions and crises, there may be some instability in publications and its reporting.

However, at the same time, companies are seeing changes in the approach to publications and reporting, including their frequency and transparency. That, in my subjective opinion, may signal some important processes within such companies, and the very fact of changes in the format of reports and the nature of publications is an important signal itself.

In other words, the analyst must take into account all sources of information available to him, but first of all he must refer to the original reports of the company, because it makes no sense for any company to withhold information from the public, since this fact first of all signals its general state of affairs.