In my mind, Charlie Munger is likely the second smartest investor in the world. He is the man that really brought a qualitative side of analysis into Warren Buffett's previously pure quantitative mindset.
He gives some simple but valuable insights in this video. You owe it to your future self and family to watch it!!
As he outlines, their approach to finding value is as simple as 4 steps:
Invest only in businesses:
1. You are capable of understanding
2. With intrinsic characteristics that give it a durable competitive advantage
3. With management in place who have a lot of integrity and talent
4. At a price that makes sense & gives margin of safety