Practice Drills: Peer Reviewing an Investment Memo Like a Fund Committee

A hands-on drill course for serious investors who want to judge an investment idea as hard as a fund's investment committee would, whether the memo came from a colleague, an advisor, a newsletter or your own notebook. You will learn what a committee is actually for, build a ten-question review scorecard and triage a memo in ten minutes by finding the one claim the whole thesis rests on. Then stress-test the thesis: separate facts from estimates and hopes, test whether the variant perception is real, and verify every number against annual reports, exchange filings and screener.in. Attack the valuation with a DCF audit, a reverse DCF and a peer-multiple check for cherry-picking. Hunt the risks the memo left out, from promoter pledges to related party transactions, write the bear case it should have written, and test whether the position size fits the conviction and the liquidity. Finish by writing structured review feedback, running a mock committee vote on two competing memos, and peer reviewing a full memo on an NSE midcap end to end. Every drill uses Indian companies, NSE and BSE data, SEBI disclosures and INR figures.