1. The General Market is Down
2. The Macro View about a Particular Industry is Poor
3. The Macro View about a Particular Geographic Area is Poor
4. There is a Severe Short Term Problem which does not Damage the Business Franchise
5. The Company has Diversified away from its Core High-Return Business
6. The Company Does Not Pay or Has Cut its Dividend
7. The Company is Not Followed
8. The Company is a Spin-Off
9. The Company is Emerging from Bankruptcy
10. The Company is Too Complex