The most useful line in a research note: what would change my mind?

Research should define an opportunity clearly enough to be challenged. State the business problem, the proposed path to improvement and the evidence you expect to see.

Separate a valuation assumption from a fact. A multiple, growth rate or margin forecast is an input, not a promise. Explore how the conclusion changes when those assumptions are less favorable.

Finally, document the developments that would invalidate the thesis. This makes the next review a comparison against a written standard, rather than a search for reasons to defend an earlier decision.