"Judges Feedback from FactSet Best Short Idea Contest"

From an email that Sum Zero sent out.

"Unless you’re looking at very small companies or you’re in a period of general market dislocation, you’re not dealing with neglect but instead taking a position on a controversial aspect of a business. Summarizing the available data from financials/presentations/CCs is 60-80% of the work; it basically puts you in an informed position as to what is controversial but it doesn’t provide an edge or advantage on the controversy. Said differently, getting to the point where you understand what is controversial is 60-80% of the work, and it is the easy part. You need to be analytical, but it doesn’t require discomfort or creativity."

Probably everyone in the business got this email, but kind of amusing to repost.