@v587d/capital-generation 2.7.1 → 2.7.3

package/selected-skills/peter-lynch-skill/skills/peter-lynch-skill/references/deep/web-research.md

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+# Deep Web Research Workflow
+
+Deep Research is full due diligence. Source gathering must be complete enough
+to support every section of `references/deep/methodology.md`.
+
+The annual report / filing layer is the factual base, but it is not expected to
+answer every methodology question. Use targeted external sources to fill
+methodology-required gaps such as live valuation, peer context, ownership,
+insider activity, industry structure, recession resilience, and recent
+post-period updates.
+
+This file is self-contained. Read `references/filing-rules.md` only when
+regulator/XBRL data, ADRs, secondary listings, specialized financial companies,
+or accounting-basis issues matter.
+
+## Minimum Source Rules
+
+Use sources in this order:
+
+1. company investor relations, annual report, 10-K / 20-F, latest results
+2. regulatory filings, exchange filings, official announcements
+3. exchange or reputable financial data pages
+4. established financial media or reputable industry sources
+
+Never use anonymous blogs, forums, social media posts, or unsourced pages as the
+sole source for financial numbers.
+
+Every retrieval request must fill a Source Ledger slot, resolve a source conflict,
+support a triggered module, or fill a required methodology field. Do not ask for
+another source out of curiosity.
+
+Do not ask source-by-source per fiscal year or per metric when an annual
+report, latest results release, or filing can answer the question. Extract
+revenue, earnings per share (EPS), margins, cash, debt, interest expense,
+shares, dividends, buybacks, and cash-flow lines from the primary source.
+
+Before asking for a seventh source after the sixth Deep retrieval, ask internally:
+
+* What methodology-required fact is missing?
+* Can an existing source answer it?
+* Can the item be marked `unknown`, `not found`, or `not disclosed` without
+  lowering report completeness?
+
+Ask for more when the missing item is required by the methodology and cannot be
+answered from existing sources. Use `unknown`, `not found`, or `not disclosed`
+only after at least one appropriate source path has been checked, or when the
+item is not applicable.
+
+If sources conflict, use filings / annual reports for historical facts, market
+sources for live valuation, and the most recent official company or regulator
+source for post-period updates.
+
+Every important number in the research brief must include metric, period/date,
+value, currency/units, source ID(s), and label: `Reported`, `Calculated`, or
+`Inference`.
+
+Final report citations must use Source Ledger URLs and this format:
+
+`source: [Source name](https://...)`
+
+## Budget
+
+Starting budget:
+
+* **7-10 sources**
+* **8-12 retrieval requests**
+* **10-16 page/document fetches**
+
+This is a starting budget, not a hard cap. Expand it when methodology-required
+facts are still missing, identity is ambiguous, the annual report / filing is
+blocked, live market data is incomplete, sources conflict, or legal,
+regulatory, solvency, fraud, commodity, geopolitical, or technology-disruption
+risk is triggered.
+
+## Default Source Set
+
+For most public companies, start with:
+
+1. latest annual report / 10-K / 20-F
+2. latest quarterly, half-year, earnings release, or trading update
+3. one reputable live market-data page
+4. proxy / ownership / governance source for institutional ownership,
+   management ownership, insider purchases, and compensation alignment
+5. one external industry / competitor source for market structure, peer
+   margins, cyclicality, pricing power, and market-share context
+6. one legal, regulatory, commodity, geopolitical, or technology-risk source
+   when the annual report or business model indicates that the risk is material
+
+Add sources beyond this when they fill a missing methodology field, resolve a
+conflict, or support a triggered module.
+
+## Core Principle
+
+Build the report from two layers:
+
+1. **Annual report / filings layer**: historical financials, segments,
+   geography, debt, cash flow, shares, buybacks, dividends, risks, management
+   discussion.
+2. **External completion layer**: live valuation, industry cyclicality, market
+   share, peer margins, pricing power, competitive positioning, macro
+   sensitivity, ownership, insider activity, recession resilience,
+   forward-looking growth drivers, and special risks not fully answered by
+   filings.
+
+Do not use news or analyst commentary as a replacement for audited historical
+financials.
+
+## Phase 1: Resolve Identity
+
+Identify:
+
+* legal company name
+* ticker / primary exchange
+* country of incorporation / reporting
+* official website / investor relations URL
+* latest fiscal year end
+
+If identity is unclear, resolve it through official or exchange sources before
+asking for more sources.
+
+## Phase 2: Find Latest Full Annual Report
+
+Use annual-report discovery targets first — each line below is one thing to ask
+the host's retrieval channel for, worked through in order and stopped once a
+complete, current annual report or equivalent full-year filing is in the ledger:
+
+* `"{company name}" investor relations annual report site:{company-domain}`
+* `"{company name}" annual report {current year OR prior year} investor relations`
+* `"{company name}" 10-K site:sec.gov`
+* `"{company name}" 20-F site:sec.gov`
+* `"{ticker}" SEC 10-K 20-F annual report`
+* `"{company name}" annual report PDF`
+* `"{company name}" integrated report`
+
+Selection rules:
+
+* Must be a full annual report or equivalent full-year filing.
+* Prefer the most recent completed fiscal year.
+* Do not use quarterly or interim reports unless no annual report exists.
+* The company name must match the entity being researched.
+
+If found:
+
+* record title, fiscal year, format, URL, sections used, and fetch limitations
+* have the host's retrieval path read the document — in a host that splits
+  roles, hand over the URL and work from the text that comes back (a PDF is
+  parsed by the retrieval role, not opened from here)
+* extract all normal historical financial facts before external gap-fill requests
+* do not fetch separate annual-report pages for each year unless the latest
+  annual report lacks a required historical table
+* do not ask for separate sources per statement line, ratio,
+  dividend, buyback, or historical year already covered by the annual report
+
+If not found after the reasonable source paths above:
+
+* note `Annual report: not found`
+* continue with regulator filings and verified market sources
+* do not ask the user to upload a PDF
+
+If a PDF cannot be fetched, prefer HTML annual report, XBRL filing, SEC filing
+page, exchange filing page, or investor-relations annual-report landing page.
+
+## Phase 3: Extract Annual-Report Base
+
+Extract targeted sections first:
+
+* business overview
+* segment and geography data
+* income statement
+* balance sheet
+* cash flow statement
+* debt, liquidity, lease, pension, and goodwill notes when material
+* share count, buyback, dividend, and capital-allocation notes
+* management discussion and analysis
+* risk factors relevant to triggered concerns
+
+Record report-ready facts:
+
+* identity and business description
+* revenue, gross profit, operating income, net income, EPS
+* operating cash flow, capital expenditures, free cash flow
+* cash, debt, equity, liabilities, shares outstanding
+* segment revenue and segment profit if disclosed
+* geography breakdown if disclosed
+* dividend history
+* buybacks / repurchases
+* share issuance / dilution
+* principal risks and management commentary
+
+Use filings and annual reports as the primary source for historical financial
+facts. Do not replace them with third-party data unless official sources are
+missing or unclear.
+
+## Annual-Report Base Template
+
+Use this internal template:
+
+```md
+## Annual-Report Base
+
+### Identity
+- Legal company name:
+- Ticker / exchange:
+- Country of incorporation / reporting:
+- Reporting currency:
+- Fiscal year end:
+- Investor relations URL:
+
+### Annual Report / Filing Details
+- Title:
+- Fiscal year:
+- Format:
+- URL:
+- Filing form/accession/section:
+- Sections used:
+- Fetch limitations:
+
+### Business Description
+- Business model:
+- Products/services:
+- Customers:
+- Geographies:
+- Segments:
+- Source ID(s):
+
+### Historical Financials
+| Metric | Period | Value | Currency/units | Label | Source ID(s) |
+|---|---:|---:|---|---|---|
+| Revenue | | | | Reported | |
+| Gross profit | | | | Reported | |
+| Operating income | | | | Reported | |
+| Net income | | | | Reported | |
+| Diluted EPS | | | | Reported | |
+
+### Cash Flow
+| Metric | Period | Value | Currency/units | Label | Source ID(s) |
+|---|---:|---:|---|---|---|
+| Operating cash flow | | | | Reported | |
+| Capital expenditures | | | | Reported | |
+| Free cash flow | | | | Calculated | |
+
+### Balance Sheet
+| Metric | Period | Value | Currency/units | Label | Source ID(s) |
+|---|---:|---:|---|---|---|
+| Cash and equivalents | | | | Reported | |
+| Short-term borrowings | | | | Reported | |
+| Current portion of long-term debt | | | | Reported | |
+| Long-term debt | | | | Reported | |
+| Total interest-bearing debt | | | | Calculated | |
+| Shareholders' equity | | | | Reported | |
+| Diluted shares outstanding | | | | Reported | |
+
+### Segment and Geography Data
+- Segment revenue/profit:
+- Geography revenue/profit:
+- Concentration notes:
+- Source ID(s):
+
+### Capital Allocation
+- Dividends:
+- Buybacks:
+- Share issuance/dilution:
+- Major capital expenditure:
+- Source ID(s):
+
+### Management Commentary and Risks
+- Growth drivers:
+- Margin drivers:
+- Principal risks:
+- Invalidation points:
+- Source ID(s):
+
+### Methodology Coverage Checklist
+- Business model, segments, geography, hype check:
+- Diagnostic profile inputs: cyclicality, turnaround, growth profile, maturity, asset angle:
+- Track record: revenue, EPS, predictability, margins, ROE, share count:
+- Balance sheet: debt, net debt, interest coverage, current ratio, receivables, inventory, net cash, pensions, leases, goodwill:
+- Cash flow: net income vs operating cash flow, free cash flow, capex, dividends:
+- Growth: drivers, contribution %, duplication model, whitespace, unit economics:
+- Competition: industry structure, competitors, peer margins, market share, pricing power:
+- Ownership: institutional ownership, management ownership, insider buying:
+- Valuation: share price, market cap, trailing P/E, forward P/E, PEG, EV/EBITDA, dividend yield, 52-week range, historical comparison if available:
+- Triggered modules: cyclicality, turnaround, asset angle, stalwart resilience, fast-growth quality, mature income:
+- Final score inputs:
+
+### Missing Methodology Items
+- [item] — [not disclosed / not found / not applicable] — [source path checked]
+```
+
+Keep one evolving research brief. Do not create duplicate annual-report briefs.
+
+## Phase 4: External Gap-Fill Searches
+
+After the annual-report base is built, map the brief against the Methodology
+Coverage Checklist. Ask the host's retrieval channel for targeted external
+sources covering any methodology-required gap that the annual report or filing
+did not answer:
+
+* `"{company name}" latest quarterly results guidance`
+* `"{ticker}" market cap PE forward PE PEG EV EBITDA 52 week range`
+* `"{company name}" insider buying institutional ownership`
+* `"{company name}" market share competitors industry outlook`
+* `"{company name}" pricing power margins competitors`
+* `"{company name}" dividend buyback share repurchase`
+* `"{company name}" recession EPS dividend history`
+* `"{company name}" peer margins competitors operating margin`
+* `"{company name}" market share industry report`
+
+Do not run this pack automatically. Ask only for the sources needed to complete
+the methodology coverage checklist.
+
+Use external sources for questions not fully covered by the annual report:
+
+* industry cyclicality
+* competitor comparison
+* market share trends
+* pricing power
+* customer retention / churn if relevant
+* macro sensitivity
+* regulatory changes
+* technology disruption risk
+* expected industry growth
+* insider transactions
+* institutional ownership
+* management ownership and compensation alignment
+* recession resilience
+* peer margins
+* live valuation metrics
+
+For ownership, check the annual report or filing package first. If ownership is
+missing or incomplete there, use proxy, governance, regulator, exchange, or
+reputable ownership data sources.
+
+Do not add external sources for historical financial facts, segment facts, cash
+flow, debt, dividends, buybacks, or management discussion when the annual report
+or filing already covers them.
+
+Competitor, market-share, industry, ownership, and peer-valuation requests are
+required when those fields are not already covered by the existing source
+ledger. Keep them targeted and stop when the methodology field has enough
+evidence for a concise judgment.
+
+For latest quarterly or interim results, use this fallback order:
+
+1. company earnings release or trading update
+2. quarterly / half-year report
+3. regulator filing or exchange announcement
+4. reputable financial news only if primary sources are blocked, unavailable,
+   or do not contain the required decision-critical item
+
+Do not use news or analyst commentary for recent financial numbers when a
+company or regulator source is available.
+
+## Phase 5: Live Market Data
+
+Use one market-data source first.
+
+Gather:
+
+* current share price
+* market cap
+* trailing P/E
+* forward P/E
+* PEG
+* EV/EBITDA
+* dividend yield
+* 52-week range
+
+Fallback order:
+
+1. primary exchange quote page
+2. company investor-relations stock quote page
+3. major financial data publisher
+4. another reputable market-data source
+
+Add a second market-data source if the first is missing a methodology-required
+metric, appears stale, conflicts with another source, or cannot be fetched.
+
+If forward P/E, PEG, EV/EBITDA, or another valuation metric remains unavailable
+after one reputable market-data source and one reasonable fallback, mark it
+`not found` and record the sources checked.
+
+## Deep Research Brief
+
+Before writing, compile a structured internal brief:
+
+```md
+## Deep Research Brief
+
+### Source Ledger
+- [S1] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+- [S2] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+- [S3] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+- [S4] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+- [S5] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+- [S6 optional] [source label]: [URL] — [period/date] — [what it supports] — [quality]
+
+### Annual-Report Base
+- Summary from Annual-Report Base:
+- Key verified financial facts:
+- Key verified business facts:
+- Key management risks:
+
+### Live Valuation Facts
+- Data gathered:
+- Share price:
+- Market cap:
+- Trailing P/E:
+- Forward P/E:
+- PEG:
+- EV/EBITDA:
+- Dividend yield:
+- 52-week range:
+- Source ID(s):
+
+### External Interpretation Findings
+- Industry cyclicality:
+- Competitors / market share:
+- Peer margins:
+- Pricing power:
+- Macro sensitivity:
+- Regulatory or technology disruption risk:
+- Insider transactions:
+- Institutional ownership:
+- Management ownership:
+- Recession resilience:
+- Source ID(s):
+
+### Methodology Coverage
+- Section 1 Business model and understandability:
+- Section 2 Diagnostic profile:
+- Section 3 Long-term track record:
+- Section 4 Balance sheet and financial safety:
+- Section 5 Cash flow and earnings quality:
+- Section 6 Growth drivers and room to grow:
+- Section 7 Competitive position:
+- Section 8 Valuation:
+- Section 9 Triggered special modules:
+- Section 10 Final score inputs:
+
+### Calculations and Inferences
+- [calculation or inference]:
+- Inputs:
+- Formula / reasoning:
+- Source ID(s):
+
+### Source Conflicts
+- [conflict or none]:
+- Resolution:
+
+### Unknowns and Lower-Conviction Areas
+- [item]:
+- Sources checked:
+```
+
+## Deep Validation Before Writing
+
+Confirm:
+
+* company identity verified from official or exchange source
+* latest full annual report located, or the gap explicitly noted
+* every important number and claim has source ID(s)
+* every methodology section has enough evidence for a concise answer
+* historical facts came from filings / annual report first
+* live valuation came from market source, not filing
+* no figures invented to fill gaps
+* interpretation claims are grounded in evidence
+
+When evidence is incomplete, say `unknown`, `not disclosed`, or `not found`,
+and record the source path checked. Do not omit a methodology-required item
+silently.

package/selected-skills/peter-lynch-skill/skills/peter-lynch-skill/references/disclaimer.md

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+
+Financial data in this report may differ slightly from other sources due to variations in accounting standards and reporting methods or differences in data providers. This report is AI-generated and may contain errors or inaccuracies. Always verify information independently before making any investment decisions. This report does not constitute financial advice and is provided for informational purposes only. You are solely responsible for any investment decisions and their outcomes.

package/selected-skills/peter-lynch-skill/skills/peter-lynch-skill/references/filing-rules.md

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+# Filing, XBRL, And Specialized Company Rules
+
+Read this file only when using regulator/XBRL data, analyzing ADRs or secondary
+listings, comparing accounting bases, or researching specialized financial
+companies.
+
+## Regulator And XBRL Data
+
+Direct regulator pages and no-key regulator JSON endpoints are acceptable web
+sources when fetched by the host agent, such as SEC company submissions and
+companyfacts pages.
+
+When using XBRL or regulator fact feeds:
+
+* Cite the filing form, fiscal period, accession number, filing date, and URL.
+* Do not select a value only because it appears in the newest filing.
+* Distinguish reported-period values from comparative prior-year values repeated
+  inside a newer filing.
+* Prefer facts whose `end`, `frame`, fiscal year, fiscal period, and form match
+  the period being analyzed.
+* For full-year figures, prefer annual facts from the latest 10-K, 20-F, annual
+  report, or equivalent full-year filing.
+* For quarterly updates, use the current quarter or year-to-date fact
+  intentionally and label which one it is.
+* If a concept has multiple values for the same period, reconcile using the
+  annual report statement label, note disclosure, or filing context before using
+  it.
+
+## Accounting Basis
+
+For non-US issuers, record the accounting basis used, such as International
+Financial Reporting Standards (IFRS), US Generally Accepted Accounting
+Principles (US GAAP), or local generally accepted accounting principles.
+
+Do not mix accounting bases in a trend unless the brief explicitly explains the
+reconciliation.
+
+## ADRs And Secondary Listings
+
+For American depositary receipts (ADRs) or secondary listings:
+
+* state whether valuation metrics refer to the ADR, ordinary share, or primary
+  listing
+* record quote currency
+* record ADR ratio if it affects per-share comparisons
+* do not mix per-ADR and per-ordinary-share figures without reconciling them
+
+## Specialized Financial Companies
+
+For banks, insurers, brokers, asset managers, and similar financial companies,
+mark the balance sheet as specialized.
+
+Do not treat deposits, policyholder reserves, client assets, or total
+liabilities as ordinary industrial debt.
+
+Collect sector-specific safety metrics when available, such as:
+
+* regulatory capital
+* solvency ratio
+* net interest margin
+* combined ratio
+* assets under management
+
+Lower conviction if standard debt-to-equity tests do not apply cleanly.