What do you think is the most important thing to watch when investing? 🤔

The longer I invest, the more my view changes on what truly creates value.

At the beginning, I focused mainly on P/E, PEG ratio, or whether a stock was cheap.

Today, I look at companies completely differently.

According to long-term studies by McKinsey and BCG, it is precisely revenue growth that is the most important factor driving shareholder returns over the long term. Of course, this assumes that the company can also translate that growth into higher profits and free cash flow.

That’s why, for every investment, I ask myself a simple question:

Can this company sell more products or services 10 years from now than it does today?

Valuation is important.

Margins are important.

Buybacks are a nice bonus.

But if a company can’t increase its revenue over the long term, it will be very difficult for it to generate above-average returns over the next 10–20 years.

That’s why, with every investment, I try to answer a few questions:

✅ Does the company have a large runway for revenue growth? ✅ Does it have a strong competitive advantage (moat) that will allow it to grow even 10 years from now? ✅ Do EPS and free cash flow grow along with revenue? ✅ Can management allocate capital wisely? ✅ Only then do I consider whether the valuation is reasonable.

Maybe that’s why I like companies like Google, Meta, Mastercard, S&P Global, or Uber. I don’t invest in them because they are cheap today, but because I believe that in 10 years their revenue, profits, and cash flow will be significantly higher than today.

If you had to pick just one factor when analyzing a company, what would it be? 📈