Abstract
For several decades, my mailbox has been cluttered each year with annual reports and proxy statements from companies in which I own shares. The annual report, with its glowing color photos, tells me just how wonderful the company did in the past year. The introductory essay from the chief executive relates how wonderful things will be next year. But the financial summary may be contradictory to management's self-praise. More of that may be confirmed if I wade deeply into the fine print in the back part of the report.
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