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.