Of all the questions that I hear when it comes to investing, a big chunk of it is related to valuation.  Valuation is the reasoning process where investors consider the price of buying or selling an investment. Different individuals with different risk profiles will focus and value things differently.  Personally, I tend to put a huge emphasis on the business moat of a company. And I guess that is most of the case for value growth or even dividend investors. A deep and wide moat means that a castle is well protected. Hence, it can focus on the economic welfare of its inhabitants living within the castle. Conversely, castles with small moats would focus more on defences to prevent enemies’ attack. Quality or Value? There is a converse relationship between quality and valuation. Companies with a quality business model will often have a higher valuation and vice versa. Hence at...