Jonathan Lo's Tiger Brokers seminar highlights four pillars of stock evaluation: valuation, financial quality, competitive advantage and macroeconomic conditions.

A low share price does not necessarily mean a stock is undervalued. Investors should examine earnings sustainability, debt obligations, operating cash flow and valuation relative to future growth.

Economic moats such as switching costs, network effects, pricing power and cost advantages can protect profitability, but even excellent businesses become risky investments when purchased at excessive valuations.

My take: I prioritise sustainable free cash flow and durable competitive advantages, followed by reasonable valuation. Macroeconomic trends and technical analysis help provide context, but should not override business fundamentals.

Ultimately, investment returns depend on both business performance and the price paid.