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Unlike the simplicity of being a good fiduciary, fundamental analysis and security selection is a very long, detailed, and nuanced subject. The amount of work and difficulty in understanding the many important facets of a business cause many investors to take shortcuts. These shortcuts can often have the eventual effect that the business fundamentals themselves are forgotten. Decisions begin to be made based on the stock and its price actions, not on the business and its fundamental cash flow creation. Fundamental business analysis with an emphasis on future cash flow creation and growth involves an extensive list of issues related to industry dynamics, market growth, competition, capital allocation, cost structure, management, and more.