September 3, 2026 · 11 min · method
How to research a stock before you buy — without a buy button
“What stocks should I buy?” is the wrong first question. The useful sequence is: where capital may flow this decade, where we are in the cycle, whether this name is a business or a story, whether the thesis survives a red team, when you would scale in, and when you would be forced to sell.
Fundamental analysis still starts with filings — revenue, ROE, leverage, owner earnings — not a vibes model. If numbers are missing, a serious seat stays inconclusive. Inventing a P/E is not equity research.
Then invert. Charlie Munger’s move is not a slogan: write what would kill the idea. Earnings quality (Einhorn), hidden assumptions (Burry), governance, tail risk. A stock screener can rank. It cannot interrogate.
Agents61 maps that checklist onto 61 named agents and will not print a buy ticket. Use it as homework. The capital, and the mistake, remain yours.
Start with the wrong question’s opposite
“What stocks should I buy?” is a shopping prompt. The useful sequence is: where capital may flow this decade, where we are in the cycle, whether this name is a business or a story, whether the thesis survives a red team, when you would scale in, and when you would be forced to sell.
Filings before vibes
Fundamental analysis still starts with revenue, ROE, leverage, owner earnings — not a vibes model. If numbers are missing, a serious seat stays inconclusive. Inventing a P/E is not equity research. That rule is why the crypto board refuses stock templates on BTC.
Invert before you size
Write what would kill the idea. Earnings quality, hidden leverage, related-party structure, consensus with no residual, tails the model assumes away. A stock screener can rank. It cannot interrogate.
What Agents61 maps onto the checklist
Trend and cycle seats cover the map. Selection seats classify. Debate seats invert. Timing and Kelly seats talk about pace, not permission. The clerk stacks. You still own the capital.
FAQ
- How long should a first pass take?
- Twenty minutes is enough to know if the name is worth a full desk run. See the Learn guide. A full isolated run is homework, not a trade.
- Will the desk tell me to buy?
- No. Isolated briefs never say you should buy.
Related notes
Agents61 is a research simulation. Not investment advice.