Every old shop in your town has already passed a test that no analyst can run for it. Here is how to read the age of a business as a clue, and how to avoid reading it as a promise.
Some businesses spend big every single year and end up exactly where they began. Others spend a little and keep what they earn. Learning to tell the two apart is one of the quietest skills in investing.
Your broker's statement records every mistake that lost you money. It records nothing about the great opportunities you sold too early or never studied. Indian value investor Sanjay Bakshi keeps a second ledger for exactly that.
In a famous Sherlock Holmes story, the clue that solved the case was something that did not happen. The same habit, noticing what is missing, can help an ordinary investor read a company far more carefully.