As young analysts learning the ropes, a piece of useful advice that we received from senior DB credit analysts like Juergen Fiedler was to resist the temptation of investigating and explaining 10-12 credit risks. Most companies have just 3-4 credit drivers that make or break them. The extensive list of business risks mentioned in the 10K is not worth a deep dive, as they are largely mitigated (the worthwhile ones are usually brushed under the carpet).
It reminds me of a tale that Osho used to narrate.
In a district, it was customary to welcome the archbishop by a tolling of the bells. One day, when the archbishop visits a church, the bells stay silent. Puzzled, he decides to quiz the priest. Now it so happened that the priest was particularly fond of the phrase 'There are 50 reasons for this'. When asked about the uncanny silence of the bells, the priest, as usual, explains - 'There are 50 reasons for this.' He then adds, 'the first one being that we do not have any bells. They have gone for repair.' The archbishop interrupts, 'You need not tell me the rest. That is enough.'
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