It's not the risk factors themselves, although I believe reading them is useful...it's the CHANGES in the risk factors that can really tell you something, whether the change is in how they are ordered or whether it's a subtle wording change or a new paragraph. Obviously, not every change is important or actionable from an investment perspective. Most aren't, like changing dates or things that are non-substantive like that.
I believe every investor should know how a company views the risks in an investment in its stock...and that is most evident when something changes. I can tell you that a lot of thought is put into changing an existing risk factor because public companies know that changes are heavily scrutinized by analysts, institutional investors and in the event something goes wrong, the SEC (and potentially the Department of Justice).
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