If someone new to investing were to ask me where to start when trying to find potential investments, I would first recommend studying predictable, free cash flow generative businesses with an entrenched competitive position. I can't value a business when I can't reasonably estimate the cash the business will generate over the next 5+ years, and I am only interested in owning growing, above average businesses which tend to display the above characteristics. Secondarily, but of no less importance, is to pay a price for that business that affords a margin of safety in case