What: What is the stock you want to talk about? Are you long or short the stock? Why: Your reasons for being long or short the stock. Try to have 3 reasons if possible: Reason 1: Could be something at the macro level (you like/dislike the market it's in because of growth rates, market share, any other relevant trends) Reason 2: Could be something at the micro level (you like/dislike the company itself because of its products, strategy, management team, etc. - or all of the above) Reason 3: Extra brownie points if one of your reasons is valuation based-you think the stock is overvalued/undervalued because it's trading at [10]x when all of its peers are trading at [5]x, and you think that's justified/ not justified because of xyz reasons Risks: Play devil's advocate. What is the #1 risk to your thesis? What would someone who's taking the other side claim? Mitigating Factors: Why are you not worried about the above risk? As an investor it's important to think about both sides to show that you've covered all your bases.