Time is a friend of good companies and enemy of bad companies. In 25 years, successful companies grow to unimaginable levels in sales, profits and market cap. Of the top 500 companies listed in 1995, only 100 companies have outperformed the benchmark over the next 25 years. Stock returns are slaves of earnings power and growth. In the very long run, valuations matter less. The future always holds a lot more promise. Over 50% of current market cap is made up of listings post 1995. Equity investing is complex. A checklist is an excellent tool to bring discipline to the process. The 25 questions here and the 25 related frameworks are a good starting point for an investor to create their own checklist over time.