Write The Thesis In Pyramid Form
Structure a stock thesis using the Minto Pyramid Principle and SCQ framing.
The move: lead with the answer and stack the logic below it. The Pyramid Principle is built for high-stakes professional communication. Start with the governing thought, then support it with grouped reasons. In equity research, that means the first screen of the note should reveal the call, the why, and the risk. Use SCQ to find the opening: Situation: what investors already know. Complication: what changed, or what consensus is missing. Question: what decision now matters. Answer: your investment view. Then build the body with three clean supports. Each support should be different in kind: for example, demand evidence, margin…
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