Catalyst

An identifiable event that could cause the market to revalue a security: a demerger, a capacity commissioning, a regulatory decision, a change in management, a debt repayment.

A catalyst is not required for an investment to work, and requiring one narrows the field to situations everyone else can also see. Its value is in shortening the holding period, which matters when capital has a cost or a horizon.

Cheap without a catalyst can stay cheap for years, and Indian holding companies are the standing demonstration.

Say whether the thesis needs one. Many do not.