Investment Memo
Investment thesis
[Asset, opportunity, and thesis]
Company and market
[Market, moat, team, and traction evidence]
Product and moat
[Revenue quality, margins, retention, and cash]
Traction and unit economics
[Valuation method, assumptions, and comparable set]
Financial profile and valuation
[Open diligence questions and downside case]
Risks and diligence
[Recommendation, sizing, conditions, and decision owner]
Recommendation and sizing
[Recommendation and sizing: decision, evidence, owner, constraints, and next action]