In this episode, Emily Needell, Deputy Chief Investment Strategist at Piper Sandler, joins us to explore the concept of "quality" in stocks. We discuss how quality is defined, the key metrics used to identify high-quality companies, and common misconceptions surrounding the term. Indicators such as high profitability, strong interest coverage ratios, and robust free cash flow are highlighted as hallmarks of quality. We also challenge traditional assumptions, including the notion that low leverage and high dividend yields necessarily signal quality. Finally, the episode examines why quality stocks have consistently outperformed in recent years, particularly in a range-bound economic environment with elevated interest rates.