| Fundamental truths |
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| Challenge assumptions |
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| Transformative tech / exponential growth |
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| Institutional investment |
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| Leadership quality |
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| Risk management |
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| Do I understand this industry |
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| Is there a risk of losing capital? |
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| Debt |
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| - Rate of interest |
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| - Maturity |
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| - Ability to meet debt commitments |
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| - Debt to market cap ratio |
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| - Convertible vs non-convertible |
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| Metrics |
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| PE ratio |
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| Other metrics |
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| For Bitcoin Reserve Companies |
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| BTC yield - growth possibility and risks to growth |
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| Conviction in Bitcoin and no altcoins |
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| Bitcoin is a significant part of their treasury and / or market cap |
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| Risk of BTC yield dilution from debt |
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| Potential to outperform Bitcoin |
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| Longevity |
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| Is this a stock you would like to own forever? |
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| If you had only 20 Punch Cards would you make this investment? |
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| If you had all the money, would you buy this entire business (vs just buying some stocks)? |
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