98% of companies I go analyze.

I say no.
Not because I am being difficult.
Because most companies do not pass the filter.
Every company must check all 5 boxes:
1. Below intrinsic value
2. Has a moat
3. Has pricing power
4. Durable competitive advantage
5. OK to hold long term if assigned
Miss one. It is a no. Move on.
The name of the game is saying no.
Not finding reasons to say yes.
When something passes all 5.
That is when I allocate.
That is when I sell the put.
That is when I buy the LEAP.
That is when the position makes sense.
Most people are too eager to say yes.
That is why they lose money.