Financial performance, earnings, margins, and capital expenditure, read period over period out of the filings rather than out of a summary of them. What a business earns, what it spends to keep earning it, and how much of either is repeatable.
Where a business sits among the companies it competes with, and what the structure of its industry allows it to earn. Supply and demand are read against the capacity that already exists and the capacity being built, because an industry that can add supply keeps less of what it earns.
What the current price implies about a business, stated explicitly, and where the research supports a different conclusion. A view that agrees with the price is not a position, however well argued it is.
Which economic conditions a business is exposed to, and how much of its result depends on them rather than on its own operations. A thesis that requires a macroeconomic call to work is recorded as such.
Research is carried to a conclusion about what it means for a position, or it is filed. Work is kept either way: the record of what did not hold is as useful as the record of what did, and it is the reason the same ground is not covered twice.