Mohnish Pabrai, the manager of Pabrai Investment Funds, has produced a long-run track record that compounds in the high teens annualized over multiple decades — and he runs the strategy with a research process that is much closer to a checklist than to a spreadsheet model. In *The Dhandho Investor* (2007) he describes reading the 10-K cover-to-cover for every company he considers, then putting the candidate through a structured set of questions that he refined over years of post-mortems on his own mistakes. The discipline is what produces the returns; the spreadsheet is downstream of the discipline.

This lesson is about that discipline — the systematic walk through every platform tab, in a fixed order, asking the same questions of every candidate so the process is repeatable and your post-mortems can identify which step you skipped when a position goes wrong.