Your starting question
Can you defend the investment case?
An attractive story needs evidence, business logic and a serious opposing case. Practise reaching a conditional conclusion rather than assembling an unweighted list of advantages and disadvantages.
By the end: Write and defend a balanced investment committee memo, then update it when new evidence arrives.
Try the short baseline. Identify what you need to investigate.
Use diagrams, worked examples and regular choices with feedback.
Work the case in your companion workbook and discuss the trade-offs.
Complete the review and record what changed your mind.
3.1 · The Investment Case
Check the evidence
The Investment Case · the work you will do
- 1Check the evidence
- 2Build the opposing case
- 3Test what matters
- 4Reach a judgement
Video coming soon · about 1 minutes
Welcome to The Investment Case
Use the narration below while the recording is being made, then try the decisions in this lesson.
Read the full narration
Welcome to On Judgement. In The Investment Case, we will follow four connected steps. Check the evidence. Then Build the opposing case. Then Test what matters. Then Reach a judgement. You do not need to know the answers before you start. Make an initial choice, read or watch the explanation, and use the feedback to reconsider. A mistake is useful when you can explain what it revealed. Work on the cases independently or discuss them with your club. Keep longer written responses for the parts where you need to make an argument of your own. By the end, use the evidence and calculations to explain a decision and what could change it.
Investing Judgement · Module 3.1
Make the case. Then test it.
Turn investing knowledge into an evidence-based argument: inspect sources, follow the business logic, weigh the opposing case and reach a balanced judgement.
How to use this module
Start with your own answer, then read the explanation, work the example and attempt three activities before opening feedback. Each lesson ends with jargon and five practice checks. Work independently, in pairs or with your club. Finish with the lab and a twenty-question review plus a written case. Allow roughly 5–8 hours including discussion; adjust with your teacher.
- 3.1.1 What Is the Investment Case?
- 3.1.2 What Counts as Evidence?
- 3.1.3 Follow the Business Logic
- 3.1.4 Build the Opposing Case
- 3.1.5 Test the Numbers
- 3.1.6 Reach a Balanced Judgement
- 3.1.7 The Investment Committee
Before you start · five baseline questions
3.1 The Investment Case
Turn investing knowledge into an evidence-based argument: inspect sources, follow the business logic, weigh the opposing case and reach a balanced judgement.
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Distinguish a business description from an investment thesis.
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Assess provenance, relevance, measurement and incentives.
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Build a causal chain from operations to cash and value.
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Represent a strong counterargument accurately.
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Calculate contribution, profit and break-even.
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Compare alternatives against a stated objective.
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3.1.7 The Investment Committee
Defend a thesis and distinguish factual from objective disagreements.
Defend a thesis and distinguish factual from objective disagreements.
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Practice lab · The Investment Case
Investigate DailyCup, save a first memo and revise it after new evidence.
Investigate DailyCup, save a first memo and revise it after new evidence.
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Evidence and Interview Toolkit
Case canvas, source register, opposing-case table, interview prompts and the jargon reference.
Case canvas, source register, opposing-case table, interview prompts and the jargon reference.
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Module 3.1 review and final assessment
Twenty practice questions and an original 15-mark written case with a balanced-judgement rubric.
Twenty practice questions and an original 15-mark written case with a balanced-judgement rubric.