The stock market looks forward, not backwards. The NAIC Investors Manual tells you how to use the NAIC Stock Selection Guide to assist you in evaluating management. It is superior management that produces or fails to produce results. Increase your odds of favorable investment results by trying to determine if management has a game plan and is executing it. Look back on management's statements in past reports to shareholders and see how actual strategy and results came out compared to discussion.
Talk is cheap.
Results take lots of effort. Communication may be a problem. I know of the Signal Watchers Investment Club whose members are scattered all over the United States. They have a systematic method of communication. Each month copies of the service are mailed to all the members together with any NAIC Stock Selection Guide analysis a member chooses to contribute to nominate a stock.