From Tech Insidr:

... As I've studied the markets intensely over the past several years, I have come across a variety of mistakes that plague most investors.

However, the single most common and dumbest mistake that most investors make is not studying the financial statements.

It always amazes me how some investors will blindly buy shares in a company without even looking over the financial statements.

If you don’t even understand the raw numbers, income statement, cash flow, or balance sheet behind a company... how can you possibly feel confident in your investment thesis?

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