For a first, the company:
- must be profitable
- must pay a dividend or at least buying back share to create value for me as I continue hold shares while at the same time increasing my share ownership
- must have a defensible competitive business advantage in its field of business
- must have honest management in place with skin in the game to run the company for the collective interest of all shareholders
- must be on the look out for a "tuck in" business or "bolt on" business enterprise to increase cash flow and Buffett-like float to allocate. (and by float I mean capital that is not yours, but come with zero interest charges that you can use until a claim is made against it, eg. insurance premium)
- must be growing its asset faster than it can deploy its capital on its own steam without borrowed money
- must be priced at below its asset value whether listed or not
- must be targeting "share of mind" (Disney) rather than "share of market" (Coca Cola) business
- must be clear from government regulatory legal squabble
See Peter Lynch video https://www.youtube.com/watch?v=P5RroqvVCPc
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