Triage article is a very good article about prioritising patients to treat.
It gives you an overview of how battlefield medicine works. This principle is also applied to emergency medicine. Imagine you were in accident and emergency department. If you were to suffer heart attack, you want to be treated straight away and not waiting for your queue. If you were to suffer minor cuts, you could wait to be treated.
Triage in fact is equivalent to time management. Do the really important stuffs first that can make an impact.
So how does triage apply to investing?
Warren Buffett said to be a great investor, you have to study all listed companies to find the hidden gems; starting from alphabet A to Z.
However, this may not be the most efficient way.
You have to apply "triage" principle to stock analysis too. You should screen for companies that are hitting 52 weeks low, and these are the companies to analyse first. The other effective way is to study the most recent filings of great investors, i.e Mohnish Pabrai. For example, recent filing showed that Mohnish Pabrai invested over 11.5% of CryptoLogic shares. As he is a great manager and with such a significant investment, it should be the top priority to analyse why he bought so much. If you study CryptoLogic now and think is it worth a lot more, you could buy the company now without paying excessively.