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Check MOAT, then management, but ALWAYS:
Re-check Price
Rarely will the stars align so that great management (skill), moat (of the business/-model) are all clear to be seen for the potential investor and eventually also underpriced by the market (very rare!), so that...
... a clear strong buy is evident. Much more frequently, quality-value investors must wrestle with a situation where one factor is not fulfilling all the criteria searched for - or at least isn't obvious.
As such, it's helpful to challenge the considered company with scenarios with both pitfalls and potential in mind (further details for this process can be found under the link given below; source: Todd Wenning, CFA). Finally: Weigh the pros and cons, make a decision and then be patient (if still needed; Keyword: Price).
link: www.marketwatch.com/story
Todd Wenning-articles: www.toddwenning.com/articles
Video/link: www.morningstar.co.uk/uk/news
