TechniqueInvestingLetter
State, for each holding, what would have to happen for the thesis to be right
Write the thesis with its test attached: the variant view, the evidence, and the event that would confirm or refute it.
Writing a stock pitch, reviewing a portfolio, and any investment committee that wants to know what would change your mind.
From Greenhaven Road Capital's Q2 2026 letter, on changing how the portfolio is built · Scott Miller