Finding a good growth stock is about identifying a business that can reinvest its income at a high rate of return for a long time. And I think Halma (LSE:HLMA) fits the bill. The FTSE 100 conglomerate has underperformed the broader index since the start of the year. But it has some extremely attractive characteristics that I think investors should pay attention to. Halma is a collection of subsidiaries focused on industrial safety, environmental monitoring, and life sciences. The company aims to grow by acquiring other businesses and improving them. This has resulted in revenue growth of 10% a year over the last decade and earnings per share have increased from 28p to 62p. But this is only part of why Halma is such an impressive company. With growth stocks, it’s important to see sales and profits increasing. But a company also needs to be using its cash intelligently, particularly when it comes to acquiring other businesses. Pretty much any acquisition will increase revenues, but overpaying for a subsidiary is a bad use of cash. And even for billionaire inveastor Warren Buffett, the risk of paying too much is impossible to eliminate entirely. One of the best things a firm...