Write the Investment Memo Top Down
Structure an investment memo with a top-line recommendation and distinct supporting reasons.
Principle: Lead with the decision, then prove it with clean support. Answer First The reader should know the recommendation, position size, and decision condition before reading the evidence. This respects the committee's time and makes debate sharper. Group the Support Use distinct evidence pillars: valuation, business quality, catalyst, risk, and portfolio role. Do not mix the same idea under multiple headings. Keep Conditions Visible A good memo states what would change the decision. Target price, kill criteria, and sizing limits belong near the recommendation, not buried in the appendix.
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