Jason , exactly my experience as a fund manager . My colleagues used to be puzzled that I would spend time reading an annual report rather than meet a hot shot sell side analyst who had come to meet us at office. But I was the only one to miss so many such meetings to work on my own models and read enough annual reports(that it used to terrify my assistant, who wondered what kind of impression, I was making on others in the organisation). It cant be a coincidence that I found exactly what you are saying( relying on sell side rating changes) happening with majority of my other colleagues in the industry. Thanks for the refresher