Start with an explicit question
Research is most useful when it addresses a decision: the resilience of a business, the sensitivity of an asset to interest rates or the consistency of a manager’s process.
Separate evidence and assumptions
Sources should be assessed for relevance, timeliness and limitations. An investment thesis should state what is known, what is inferred and what would cause the view to change.
Make uncertainty visible
Scenarios can clarify possible outcomes without assigning false precision to forecasts. Research informs judgment; it does not remove the possibility of loss.