gives you an idea of the importance of financial statements. who reads them, and why. Who buys investment instruments, and why.

1. Retirees Small Savers Small firms Retirement funds Mutual funds Money- market Stockbrokers Retail customers Wholesale customers Institutional Investors Individual Investors Conduits Specialist advisers Who buys investment instruments Research High-Alpha hedge funds Ratings agency Listed companies Private equity, venture capital Bond issuers What to buy Hedge Funds Bond Brokers Analysts Advice Instruments

2. Board Management Marketing Production Operations Buyers Suppliers Finance Equity Analyst Credit analyst Strategist Rating agency Stockholders Equity funds, VC funds, raiders Potential stockholders Potential lenders Bond funds, high-yield (junk) bonds Financial statements Investment bankers Lenders Who reads financial statements, & why