"I guess you could say I have a checklist that reads: durability, moat, quality, capital allocation, value, growth, misjudgment, and future. I also always compare the company I'm interested in to publicly traded peers. And, most importantly, I look at historical financials going as many years into the past as possible. I'd say I'm usually working from about 20 to 25 years of past financial data. That data is the bedrock of my process. It's the only quantitative part. Everything else I do is qualitative."