An interviewer asks 'what would make you wrong?' How do you answer?

How to answer

I name specific thesis-killers, not generic risks. For each I state the metric I'd watch and the level that breaks the thesis: 'if gross margin doesn't inflect above 40% by Q3, the mix-shift thesis is dead'; 'if net revenue retention drops below 100%, the moat is eroding.' I separate risks already priced in from ones that aren't, and flag which are hedgeable. The goal is pre-committed falsification points and sell discipline, not claiming the thesis is risk-free.

Key idea: Listing macro risks (recession, rates) that apply to every stock. The answer should be company-specific metrics that would falsify your variant view.