THE MEMO

The one-page memo

Education only. Not investment advice. Independent academy — not Citadel.

A memo is not a blog post. It is a decision compressed until another adult can audit it.

Use this order, in this many lines:

1. The question, in one sentence.
2. The answer, in one sentence.
3. The three facts that would have to be wrong for you to change your mind.
4. The loss if you are wrong, named in units a person can feel.
5. The action, or the explicit choice to wait.

If you cannot finish the page, the work is unfinished. Length is not rigor.

Drill. Take any opinion you have repeated this month. Put it through the five lines. If line 3 is empty, you have a mood, not a view.