Use fewer, better questions
Build a repeatable review process without turning it into a long form.
A checklist keeps important questions visible when an investment story becomes persuasive. Its value comes from the questions it makes you answer, not its length.
Separate the business from your reaction
Evaluation criteria ask about the business: cash generation, competitive advantage, management, or valuation. Behavioral guardrails ask about the reasoning: what evidence are you overlooking, and what would change your mind?
Make questions answerable
Prefer a specific question with observable evidence over “Is this a good company?” A useful custom question names the uncertainty and the evidence needed to resolve it.
Keep the record consistent
A thesis retains the checklist selected for that research. Changing your checklist informs future work; it does not silently rewrite an earlier investment case.
For a committee discussion, use the same core questions across candidates and record why any additional question mattered. For an individual holding, keep the questions tied to the reasons you own it.