Tony explains the fair­ly short list of finan­cial met­rics that he pays atten­tion to (see the QAV work­sheet). These help him tell if the com­pa­ny’s shares offer a high enough qual­i­ty at a price that he thinks is going to achieve the kind of return he wants to make. Out of the ~2500 com­pa­nies on the ASX, he believes only a very small num­ber pass even his first hur­dle. Val­ue invest­ing is all about find­ing the hand­ful of high qual­i­ty com­pa­nies whose shares are going cheap.