The Value Investor's Pre-Buy Process

Most investment mistakes are made before the purchase — not after. A repeatable seven-step process prevents emotion, narrative, and price momentum from substituting for rigorous analysis.

Why This Matters

Buffett has repeatedly described his investment process as sequential filters: each step must be passed before the next begins. Failing any step means stopping, not adjusting the standard to continue. This decision system operationalises those filters into a process that can be run consistently across every opportunity, ensuring that discipline is built into the method rather than left to willpower in the moment.