Lesson 10 — How to Write a Thesis

What you'll do

A thesis is a short note on why a company interests you and what would change your mind. You will write your first one, and a few plain sentences are enough.

Step by step

1. Click Thesis Tracker in the sidebar (/thesis). To read a finished thesis first, click See Example (/thesis/example); it follows a worked example, Bajaj Finance, from the first note to months of tracking.
2. Click Start Thesis (/thesis/new). If you would rather collect notes before forming a view, choose Research this company first instead.
3. Pick Company: search by name or BSE code (the exchange's number for a company), choose the company and click Next.
4. Your View: pick the option that fits where you are today. The page explains each one, and Still Studying is a perfectly good start.
5. Why & Risks: answer Why do you like this company? in one or two sentences, such as "strong brand, improving margins", then What worries you?
6. What to Watch: answer What are you watching next quarter?, for example revenue growth or margins, and What would make you change your mind? For example, "sales fall for two quarters in a row". That last answer is your "thesis breaker".
7. Click Create Thesis. On your thesis page, follow the Your next step card, such as Start tracking, which turns on reminders and updates.

Why this matters

Writing your reasons down turns a hunch into something you can test. When new results arrive, you can check them against what you wrote instead of reshaping your story to fit the news, and over time you learn which of your ideas held up.

Related lesson: Lesson 01 — The Analysis Framework

Key takeaway

A thesis is your reasons, written down before the news arrives. Two honest sentences beat a long essay. "Likha hua yaad rehta hai."

Try it