When single-wall carbon nanotubes (SWNTs) were formed by pulsed Nd:YAG laser ablation or arc discharge, the yield depended on the metal catalyst: NiCo> Ni∼NiFe≫Co∼Fe>Pd∼Pt. It appears that an effective catalyst for SWNT growth must satisfy three conditions: it must be a good graphitization catalyst, have low solubility in carbon, and have a stable crystallographic orientation on graphite. NiCo, Ni, and NiFe satisfy these three conditions. The poor catalytic activities of Co, Fe, Pd, and Pt for SWNT formation would be explained by the ineffectiveness of Pt and Pd as graphitization catalysts, crystallographic orientation instability of Co crystals on graphite, and high solubility of Fe in graphite.