How do you decide what is actually worth holding?

Everyone says “buy and hold,” but that advice feels incomplete. Holding only works if the business still deserves your patience. For individual stocks, I think there has to be a real framework: revenue growth, cash flow, debt levels, valuation, competitive advantage, and whether management is actually creating shareholder value. A stock can be cheap for a reason, and a fast growing company can still be overpriced. The hard part is balancing growth, quality, income, and risk over a 5–10 year period. Curious how others approach this: do you use a checklist before holding long term, or is it mostly conviction after doing your own research?