THE IVS RESEARCH RECORD

What we believed.
What happened.
What changed.

A serious investor should be able to inspect how thinking changes through time. The newest opinion is not enough.

Conviction deserves a memory.

Keep the original argument intact. Let the evidence test it. Make the revision visible.

The thesis, its horizon and the conditions that would make it wrong.

What the business and market revealed. A target touched and a move sustained answer different questions.

The evidence that strengthened, weakened or broke the argument. Good judgment includes the discipline to revise.

The Member Research Record connects original views with later evidence and revisions.