Research Should End With an Opinion

Good research is more than collecting bullish and bearish arguments. A long list of pros and cons is easy to produce; deciding which ones actually matter is much harder. We pressure-test both sides, look at the evidence behind the thesis, identify the key risks and catalysts, and decide what would need to happen for the investment case to work. The end result is an independent view — including what could break the thesis, where our conviction comes from, and what would make us change our mind.