Stray Dog
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The checklist

Ten questions to answer before you buy. Tap one to see where to look

  1. 1RunwayCan sales keep growing fast for years?
    Where to look
    Annual report, industry data
    A good answer
    Fast growth for years, and you can say why this company wins
    Read ‘A long runway’
  2. 2LeaderIs it number one in its race?
    Where to look
    Market share, how customers choose
    A good answer
    Number one, with the race defined the way customers choose
    Read ‘The leader pulls away’
  3. 3Return on capitalIs it 20% or more, and holding?
    Where to look
    Income statement and balance sheet
    A good answer
    Held for years; any fall explained by investment
    Read ‘Return on capital’
  4. 4GrowthIs growth speeding up?
    Where to look
    Quarterly reports
    A good answer
    Steady or faster, year on year
    Read ‘The quality of growth’
  5. 5FounderIs the founder still running it?
    Where to look
    Proxy statement, insider filings
    A good answer
    A big stake, and insiders not steadily selling
    Read ‘Founder-led, owner-run’
  6. 6CapitalDoes it spend shareholders’ money well?
    Where to look
    Cash flow statement, share count
    A good answer
    Good deals, buybacks at fair prices, little dilution
    Read ‘Capital allocation’
  7. 7MoatDo its moats show in its margins?
    Where to look
    Its gross margin and its rivals’
    A good answer
    Higher than rivals, year after year
    Read ‘A moat shows up in the margins’
  8. 8PriceIs the price in the bottom third?
    Where to look
    Its valuation history, or your scenarios
    A good answer
    In the bottom third of its range
    Read ‘How to set the range’
  9. 9YouCan you explain it, and keep up with it?
    Where to look
    Your own notes
    A good answer
    How it makes money, its moat, and what the market has wrong
    Read ‘Only own what you understand inside out’
  10. 10PortfolioStill no leverage, and 3 to 5 stocks?
    Where to look
    Your account
    A good answer
    No borrowed money; no more names than you can follow
    Read ‘No leverage, ever’
See the case study: Palantir, step by step