Equity Research
I want to keep fundamental company work separate from quantitative signal research. I am leaving this section empty until I have a report that is worth publishing rather than filling it with a generic stock pitch.
A thesis should show the assumptions that are carrying it.
I do not want every report to end with a neat target price just because that is what an equity-research template usually expects. I would rather make the business drivers, valuation assumptions, risks, and falsification conditions explicit.
Business and industry
Revenue model, competitive structure, unit economics, key industry drivers, and what the market may already be pricing.
Evidence and valuation
Financial statements, operating drivers, scenario-based valuation, sensitivities, and the assumptions doing most of the work.
What would change my mind
Bull case, bear case, key risks, thesis-break conditions, and dated updates when the evidence changes.