@v587d/capital-generation 2.7.12 → 2.8.1

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/10k-digest/references/10-retrieving-the-filing.md

@@ -0,0 +1,130 @@
+# 🔎 Retrieving the Filing — the Keyless EDGAR Path
+
+Part 1 of 3 for `10k-digest` — 🔎 Retrieving the Filing — the Keyless EDGAR Path; How to Use; Output Document Structure
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+## 🔎 Retrieving the Filing — the Keyless EDGAR Path
+
+This skill fetches nothing by itself. When the user gives only a ticker, obtain the 10-K in one of three ways and record which one in the `Data & Sources` header:
+
+**A. Retrieval through the host (the normal path)** → `Retrieval: delegated retrieval`. In a role-split host, delegate the fetch to the agent that owns web retrieval — this step never searches from the analysis role itself. Every step is free and needs no API key:
+
+1. **Ticker → CIK** — `https://www.sec.gov/files/company_tickers.json`: find the entry whose `ticker` matches (write `BRK-B` for `BRK.B`) and zero-pad its `cik_str` to 10 digits.
+2. **Filings index** — `https://data.sec.gov/submissions/CIK##########.json`: inside `filings.recent` the arrays `form`, `filingDate`, `reportDate`, `accessionNumber` and `primaryDocument` are aligned by index. Take the newest row whose `form` is `10-K` (foreign private issuers file `20-F` instead; a `10-K/A` is an amendment). The top-level `fiscalYearEnd` is `MMDD`.
+3. **The document** — `https://www.sec.gov/Archives/edgar/data/<CIK without leading zeros>/<accessionNumber without dashes>/<primaryDocument>`: the complete filing as HTML (inline XBRL). The filing's index page is the same folder plus `<accessionNumber>-index.htm`; cite that URL and the accession number in the References.
+4. **Structured statement data (optional)** — `https://data.sec.gov/api/xbrl/companyfacts/CIK##########.json`: every US-GAAP fact the company has tagged, by concept and period. Use it to confirm the figures read from Item 8.
+5. **Full-text search (optional)** — `https://www.sec.gov/edgar/search/#/q=%22<phrase>%22&forms=10-K` when a filing has to be located by phrase rather than ticker.
+
+Send a `User-Agent` header that identifies the requester (the SEC requires it, e.g. `Name email@example.com`) and stay under 10 requests per second. Never substitute a summary site for the filing itself.
+
+**B. Only if the host has no retrieval path at all** → `Retrieval: pasted by user`. Ask the user for the sections needed. The repository's own fetch helpers are optional, keyless, and live outside this plugin — they are never run from here.
+
+**C. Neither** → show the ⚠️ *Source unavailable* warning and digest only what the user provided. What is absent stays absent: no accession number, figure or date is filled in from memory.
+
+---
+
+## How to Use
+
+```
+# Analyze by ticker (retrieves the latest 10-K via the EDGAR path above, or asks you to paste it)
+/10k-digest AAPL
+
+# Paste 10-K text directly
+/10k-digest [paste 10-K sections here]
+
+# Specify fiscal year
+/10k-digest MSFT FY2024
+
+# Output in Traditional Chinese
+/10k-digest NVDA --lang zh-TW
+
+# Save output to file
+/10k-digest GOOGL --output googl-10k-digest.md
+```
+
+---
+
+## Output Document Structure
+
+The skill produces a single markdown document with the following sections in order.
+
+---
+
+### 1. Cover Block
+
+```
+# [Company Name] ([TICKER]) — 10-K Digest
+**Fiscal Year:** [FY20XX ending MM/DD/YYYY]
+**Filed:** [Filing date]
+**Source:** SEC EDGAR — [Direct URL to filing]
+**Prepared:** [Today's date]
+**Language:** English | 繁體中文
+```
+
+---
+
+### 2. Abstract
+
+A 3–5 sentence executive summary of the entire 10-K. Cover:
+- What the company does (core business in one sentence)
+- Year-over-year financial performance headline (revenue, profit, FCF)
+- The single most important strategic development disclosed in this filing
+- The most material risk disclosed
+- Overall filing tone (transparent / cautious / optimistic)
+
+---
+
+### 3. Section Summaries
+
+Summarize each major 10-K section. For each section, write 2–4 sentences capturing the substance — not just restating headings.
+
+#### 3.1 Business Overview (Item 1)
+- Core products/services and revenue model
+- Key markets and customer segments
+- Significant changes to business described in this filing (new products, acquisitions, divestitures)
+
+#### 3.2 Risk Factors (Item 1A)
+- Total number of risk factors disclosed
+- Top 3 risks by disclosure prominence (listed first, given most space, or new this year)
+- Any risks added or removed vs. prior filing (state "N/A if prior not available")
+- One-line assessment: are risks standard boilerplate or specific and material?
+
+#### 3.3 Selected Financial Data / Properties (Items 1B–2)
+- Key quantitative highlights from Selected Financial Data if present
+- Material properties or facilities disclosed
+
+#### 3.4 Management's Discussion & Analysis — MD&A (Item 7)
+- Revenue: total and YoY growth; organic vs. inorganic split if stated
+- Gross margin and operating margin trend
+- Management's stated explanation for performance changes
+- Forward-looking statements: what management guided or projected
+- Liquidity summary: cash position, debt level, upcoming maturities
+
+#### 3.5 Financial Statements (Items 8)
+- Revenue, net income, EPS (GAAP) — current year vs. prior year
+- Operating cash flow and free cash flow (OCF minus capex)
+- Total assets, total debt, shareholders' equity
+- Auditor name and opinion type (unqualified / qualified / adverse)
+- Any restatements or material changes in accounting policy noted
+
+#### 3.6 Quantitative Disclosures about Market Risk (Item 7A)
+- Primary market risks disclosed (interest rate, FX, commodity)
+- Sensitivity disclosures if provided (e.g., "1% rate rise = $X impact")
+
+#### 3.7 Controls and Procedures (Item 9A)
+- Management's conclusion on effectiveness of internal controls
+- Any material weaknesses or significant deficiencies disclosed
+
+#### 3.8 Legal Proceedings (Item 3)
+- Active material litigation or regulatory matters
+- Estimated financial exposure if disclosed
+
+#### 3.9 Executive Compensation & Governance (Items 10–13, from Proxy if incorporated)
+- CEO/CFO compensation summary
+- Board composition notes (independence, tenure)
+- Any significant governance changes
+
+---
+
+
+This section is not finished here: `Output Document Structure` continues in `references/11-key-metrics-table.md`.

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/10k-digest/references/11-key-metrics-table.md

@@ -0,0 +1,129 @@
+# Output Document Structure(continued)
+
+Part 2 of 3 for `10k-digest` — Output Document Structure; References
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+### 4. Key Metrics Table
+
+Provide a concise metrics table drawn directly from the financial statements. Use exact figures from the filing; do not estimate.
+
+```
+| Metric                    | Current FY      | Prior FY        | YoY Change |
+|---------------------------|-----------------|-----------------|------------|
+| Revenue                   | $X.XX B         | $X.XX B         | +X.X%      |
+| Gross Profit              | $X.XX B         | $X.XX B         | +X.X%      |
+| Gross Margin %            | XX.X%           | XX.X%           | +X bps     |
+| Operating Income          | $X.XX B         | $X.XX B         |            |
+| Operating Margin %        | XX.X%           | XX.X%           |            |
+| Net Income (GAAP)         | $X.XX B         | $X.XX B         |            |
+| EPS Diluted (GAAP)        | $X.XX           | $X.XX           |            |
+| Operating Cash Flow       | $X.XX B         | $X.XX B         |            |
+| Capital Expenditures      | $X.XX B         | $X.XX B         |            |
+| Free Cash Flow            | $X.XX B         | $X.XX B         |            |
+| Cash & Equivalents        | $X.XX B         | $X.XX B         |            |
+| Total Debt                | $X.XX B         | $X.XX B         |            |
+| Net Debt / (Net Cash)     | $X.XX B         | $X.XX B         |            |
+| Shares Outstanding (dil.) | X.XX B          | X.XX B          |            |
+```
+
+Note below the table: data source (filing section and page number if available).
+
+---
+
+### 5. Highlights & Concerns
+
+Two short lists that give the reader the "so what" without leaving the digest. Draw every item directly from the filing and cite the source Item.
+
+**Highlights** — up to 5 of the strongest positives disclosed this year (e.g., record revenue, margin expansion, new products/segments, strong FCF conversion, new buyback authorization, market-share gains). Format: `- **[Headline]** — [one sentence] *(Item X)*`
+
+**Concerns** — up to 5 of the most material negatives or warning signs (e.g., decelerating growth, margin compression, rising leverage, customer/supplier concentration, new risk factors, active litigation, going-concern language). Format: `- **[Headline]** — [one sentence] *(Item X)*`
+
+---
+
+### 6. Management Outlook & Forward Guidance
+
+Capture every forward-looking commitment made in the filing. Present as a table.
+
+```
+| Guidance Item              | What Management Said                | Time Horizon | Source     |
+|----------------------------|-------------------------------------|--------------|------------|
+| Revenue growth             | [target / range / directional]      | [FY / multi] | Item 7     |
+| Margin target              | [gross / operating target]          | [horizon]    | Item 7     |
+| Capex / capacity           | [planned spend or expansion]        | [horizon]    | Item 7     |
+| Capital allocation         | [dividend / buyback / debt / M&A]   | [horizon]    | Item 7/8   |
+| Strategic priorities       | [product roadmap, new markets]      | [horizon]    | Item 1/7   |
+```
+
+Only include rows the filing actually addresses. If the 10-K gives no explicit guidance (common — 10-Ks are backward-looking), state that and summarize any qualitative forward statements instead.
+
+---
+
+### 7. Prior-Year Promise Tracker
+
+An accountability audit: take the forward-looking statements, targets, and stated priorities from **last year's** 10-K (Item 7 MD&A) and score whether they materialized in this year's results. This is the single most differentiating part of the digest — it measures management credibility over time.
+
+```
+| Prior-Year Commitment (FY[N-1] 10-K)   | FY[N] Actual Result          | Verdict     | Notes            |
+|-----------------------------------------|------------------------------|-------------|------------------|
+| [what management said they would do]    | [what actually happened]     | ✅ Delivered | [brief context]  |
+| [e.g., "expand operating margin"]       | [e.g., "margin +120 bps"]    | 🟡 Partial  | [brief context]  |
+| [e.g., "launch product X in H2"]        | [e.g., "slipped to next FY"] | ❌ Missed    | [brief context]  |
+```
+
+Verdict legend: ✅ Delivered · 🟡 Partial · ❌ Missed · ⏳ Too early to judge.
+
+Close with a one-line **Management Credibility read**: e.g., "4/5 prior commitments delivered — high follow-through." If the prior-year 10-K is unavailable, state `N/A — prior filing not retrieved` and skip the table.
+
+---
+
+### 8. Bull vs. Bear Synthesis
+
+A lightweight face-off built strictly from evidence in this filing — not a full valuation call (defer to `bear-case`, `stock-eval`, and `stock-valuation` for that).
+
+**Bull case** — 3–4 strongest points from this filing supporting the stock.
+
+**Bear case** — 3–4 strongest points from this filing arguing against it.
+
+**Net read** — one sentence weighing the two, consistent with the Investment Signal below.
+
+---
+
+### 9. Notable Disclosures
+
+Bullet list of up to 8 items that are worth investor attention but don't fit neatly into section summaries:
+- New segment or business unit disclosures
+- Changes in accounting estimates or policies
+- Related party transactions
+- Auditor changes
+- Going concern language (if any)
+- New share repurchase authorizations or dividend changes
+- Material acquisitions or divestitures announced
+- Specific named customers or suppliers with concentration risk
+
+---
+
+### 10. Source References
+
+List all sources cited in this digest. Format:
+
+```
+## References
+
+1. **SEC EDGAR Filing** — [Company] 10-K, FY[XXXX]
+   URL: https://www.sec.gov/cgi-bin/browse-edgar?...
+   Filed: [Date] | Accession No.: [XXXXXXXXXX-XX-XXXXXX]
+
+2. **Item 1 — Business** (pp. X–X of filing)
+3. **Item 1A — Risk Factors** (pp. X–X of filing)
+4. **Item 7 — MD&A** (pp. X–X of filing)
+5. **Item 8 — Financial Statements** (pp. X–X of filing)
+6. **Item 9A — Controls and Procedures** (pp. X–X of filing)
+7. **Exhibit 13 / Annual Report to Shareholders** (if incorporated by reference)
+8. [Any additional sources used, e.g. earnings press release, investor presentation]
+```
+
+If page numbers are unavailable (e.g., pasted text), reference by Item number and section heading.
+
+---
+
+

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/10k-digest/references/12-language-mode.md

@@ -0,0 +1,60 @@
+# Language Mode
+
+Part 3 of 3 for `10k-digest` — Language Mode; File Output; Thesis Invalidation
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+## Language Mode
+
+When `--lang zh-TW` is specified, output the **entire document** in Traditional Chinese (繁體中文), including:
+- All section headings translated
+- All narrative summaries written in Traditional Chinese
+- All tables with Chinese column headers
+- Cover block language field: `語言：繁體中文`
+- Keep ticker symbols, financial figures, and SEC item numbers in their original form
+
+Suggested Traditional Chinese headings for the interpretation sections: 亮點與隱憂 (Highlights & Concerns), 管理層展望 (Management Outlook & Forward Guidance), 上年度承諾兌現 (Prior-Year Promise Tracker), 多空對決 (Bull vs. Bear Synthesis).
+
+English mode is the default when no `--lang` flag is given.
+
+---
+
+## File Output
+
+When `--output <filename>` is specified:
+- Save the digest as a markdown file at the specified path
+- If no path separator is present, save in the current directory
+- Confirm the file path after saving: `✓ Digest saved to: <path>`
+- Default filename if `--output` flag is present without a name: `<TICKER>-10k-digest.md`
+
+---
+
+## Thesis Invalidation
+
+After delivering the digest, note what would make this document stale:
+
+**Re-run this digest when:**
+- [ ] Company files next 10-K or 10-K/A amendment
+- [ ] Material 8-K filed disclosing a restatement or auditor change
+- [ ] 12 months have elapsed since the filing date
+
+```
+╔══════════════════════════════════════════════╗
+║              INVESTMENT SIGNAL               ║
+╠══════════════════════════════════════════════╣
+║ Signal:      BULLISH / NEUTRAL / BEARISH     ║
+║ Confidence:  HIGH / MEDIUM / LOW             ║
+║ Horizon:     SHORT / MEDIUM / LONG-TERM      ║
+║ Score:       X.X / 10                        ║
+╠══════════════════════════════════════════════╣
+║ Action:      BUY / HOLD / SELL               ║
+║ Conviction:  STRONG / MODERATE / WEAK        ║
+╚══════════════════════════════════════════════╝
+```
+
+Score Guide: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish
+Confidence: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals)
+Horizon: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)
+
+**Disclaimer:** Educational analysis only. Not financial advice.
+
+

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/bear-case/SKILL.md

@@ -78,9 +78,11 @@ Claude takes the opposing side of the prior (likely balanced or bullish) analysi
 ## Read the Parts
 
 Everything below the surface of this file lives in `references/`. Open a part with `read`,
-resolved against this skill's base directory; each part is sized to arrive complete in one
-`read`. If a receipt shows `[... tool result middle pruned ...]`, re-read it with `offset`
-before concluding anything is missing.
+resolved against this skill's base directory, and open it **whole — with no line window**:
+reporting a rule or a template out of a slice of a part is how a file gets described as read
+when it was only skimmed. Each part is sized to arrive complete in one `read`. If a receipt
+shows `[... tool result middle pruned ...]`, re-read it with `offset` before concluding
+anything is missing.
 
 - `references/10-analysis-framework.md` — Analysis Framework
 - `references/11-output-and-signal.md` — Output; Signal Output

package/selected-skills/InvestSkill/plugins/us-stock-analysis/skills/catalyst-calendar/SKILL.md

@@ -38,290 +38,16 @@ Data & Sources
 
 ---
 
-## Persona
+## Read the Parts
 
-You are an expert event-driven analyst specializing in catalyst identification and event-driven investment strategies. Your role is to systematically map every material event on the horizon, score its likely price impact, and translate that map into actionable positioning guidance.
+Everything below the surface of this file lives in `references/`. **whole, with no line window** — quoting a rule or a template out of a slice of one is how a
+file gets reported as read when it was only skimmed. The file names below are the only
+addressing this entry has.
 
----
-
-## Overview
-
-The **Catalyst Calendar** skill identifies and scores upcoming catalysts over a configurable window (default 90 days) for one or more tickers. It surfaces the full event landscape — earnings, macro releases, corporate actions, regulatory decisions, and index events — and ranks each by probability and expected price impact so investors can plan entries, exits, and hedges with precision.
-
----
-
-## Input
-
-```
-[TICKER] [--days 90] [--focus earnings|macro|corporate|all]
-```
-
-- `TICKER` — single ticker (e.g., `AAPL`) or comma-separated list (e.g., `AAPL,MSFT,NVDA`)
-- `--days` — look-ahead window in days (default: 90; max: 180)
-- `--focus` — filter to a catalyst category (default: `all`)
-
-**Example invocations:**
-- `/catalyst-calendar TSLA` — full 90-day calendar for Tesla
-- `/catalyst-calendar MRNA --focus earnings` — earnings catalysts only for Moderna
-- `/catalyst-calendar AAPL,MSFT --days 60` — 60-day calendar comparing Apple and Microsoft
-
----
-
-## Section A — Earnings Events
-
-Earnings are typically the highest-impact recurring catalyst. Analyze the following:
-
-### A1. Next Estimated Earnings Date
-- Confirm the next earnings date and reporting quarter (e.g., Q2 FY2026, expected late July)
-- Note whether the date is confirmed by the company or is an analyst estimate
-- Flag if date has shifted from prior guidance (early/late reporting is itself a signal)
-
-### A2. Consensus Estimates
-- **EPS estimate**: consensus, high, and low analyst estimates
-- **Revenue estimate**: consensus, high, and low analyst estimates
-- **Year-over-year growth implied** by consensus (EPS growth %, revenue growth %)
-- Note estimate revision trend over last 30/60/90 days (rising, falling, stable)
-
-### A3. Historical Beat/Miss Rate (Last 8 Quarters)
-Present as a table:
-
-| Quarter | EPS Est | EPS Actual | Beat/Miss | Revenue Est | Revenue Actual | Beat/Miss |
-|---------|---------|------------|-----------|-------------|----------------|-----------|
-
-- Compute beat rate: X/8 quarters
-- Note magnitude of surprises (average upside/downside %)
-- Highlight any streak (e.g., 6 consecutive beats)
-
-### A4. Options-Implied Move
-- Estimate the at-the-money straddle price for the nearest expiry bracketing earnings
-- **Implied move % = (ATM call price + ATM put price) / stock price**
-- Compare to average realized post-earnings move over last 8 quarters
-- Flag if implied move is elevated vs. historical (suggests hedging demand or uncertainty)
-
-### A5. Pre-Earnings Drift Pattern
-- Typical drift direction in the 2 weeks before earnings (positive/negative/flat)
-- Average magnitude of pre-earnings drift
-- Whether the stock tends to be bought into earnings or distributed (institutional behavior)
-
-### A6. Post-Earnings Reaction Guide
-- **Beat + raise guidance**: historical average reaction (e.g., +8%)
-- **Beat + maintain guidance**: historical average reaction (e.g., +2%)
-- **In-line + maintain**: historical average reaction (e.g., -1%)
-- **Miss + cut guidance**: historical average reaction (e.g., -12%)
-- Identify whether the stock is a "buy the rumor, sell the news" name vs. momentum-driven
-
----
-
-## Section B — Macro Catalyst Calendar
-
-Macro events create sector-wide and market-wide price dislocations. Map the following within the look-ahead window:
-
-### B1. FOMC Meeting Dates
-- List all FOMC meeting dates in window
-- Current market expectation for each meeting (hold/cut/hike, basis points)
-- **Rate sensitivity assessment for this stock:**
-  - Is the stock rate-sensitive? (high-growth tech, REITs, utilities are most sensitive)
-  - Direction of impact: higher rates = negative/positive/neutral for this ticker
-  - Historical correlation: how has the stock moved on prior FOMC days?
-
-### B2. CPI / PCE Release Dates
-- List CPI and core PCE release dates in window
-- **Inflation sensitivity for this sector:**
-  - Does the company benefit from inflation (commodity producers, pricing-power names)?
-  - Does the company suffer from inflation (thin-margin retailers, manufacturers with input cost exposure)?
-  - Historical reaction to hot vs. cool CPI prints
-
-### B3. Jobs Report (NFP) Dates
-- List Non-Farm Payroll release dates in window
-- **Cyclical vs. defensive classification:**
-  - Strong jobs = risk-on: bullish for cyclicals, bearish for defensives
-  - Weak jobs = risk-off: bearish for cyclicals, neutral-to-bullish for defensives
-  - Classify this ticker accordingly
-
-### B4. Treasury Auction Dates
-- Note major Treasury auction dates (10Y, 30Y) in window
-- Relevant primarily for rate-sensitive equities (financials, REITs, utilities, high-duration tech)
-- Flag if auction is expected to have unusual supply or demand dynamics
-
----
-
-## Section C — Company-Specific Catalysts
-
-Beyond earnings and macro, company-level events often produce the largest idiosyncratic moves:
-
-### C1. Analyst / Investor Day
-- Typical cadence (annual, biannual, ad hoc)
-- Date of last Investor Day and key announcements made
-- Whether an Investor Day is expected within the window (positive: management engagement; risk: guidance reset)
-
-### C2. Product Launches & Major Announcements
-- Known or expected product launches, version releases, or platform announcements
-- Conference appearances where new product reveals are customary (e.g., Apple WWDC, NVIDIA GTC)
-- Expected launch dates and potential revenue contribution
-
-### C3. FDA Approvals / Regulatory Decisions *(Biotech & Pharma Only)*
-- PDUFA dates (FDA action dates) within window
-- Probability of approval (analyst consensus, prior CRL history)
-- Binary impact estimates (approval: +X%, rejection: -Y%)
-- Any advisory committee (AdCom) meetings preceding the decision
-
-### C4. Index Rebalancing Eligibility
-- Is the stock a candidate for S&P 500, Russell 2000/1000, or MSCI inclusion/exclusion?
-- Next rebalancing date for relevant indices
-- Estimated passive fund buying or selling flows upon inclusion/exclusion
-- Historical index inclusion premium for comparable stocks
-
-### C5. Lock-Up Expiration Dates
-- Applicable if IPO or secondary offering occurred within last 18 months
-- Lock-up expiration date and total shares becoming eligible for sale
-- Insider/sponsor ownership as % of float (higher % = greater overhang risk)
-- Historical price behavior in the 2–4 weeks surrounding lock-up expirations
-
-### C6. Debt Maturity / Refinancing Windows
-- Any significant debt maturities within the window
-- Current credit conditions and refinancing cost vs. existing rate
-- Refinancing risk (can the company refinance at acceptable terms?)
-- Relevant if leverage is elevated (Net Debt/EBITDA > 3×)
-
-### C7. Contract Renewals / Government Budget Cycles
-- Applicable for defense contractors, government IT, healthcare services
-- Key contract renewal dates and estimated contract value
-- Government fiscal year-end effects (accelerated spending in Q4 FY = Sep 30)
-- Continuing resolution or budget uncertainty risk
-
-### C8. Management Conference Presentations
-- Upcoming presentations at major industry conferences (e.g., JPM Healthcare Conference, CES, Mobile World Congress, Goldman Sachs Communacopia)
-- Management tone and guidance updates historically provided at these events
-- Whether management has a history of pre-announcing or guiding at conferences
-
----
-
-## Section D — Catalyst Impact Scoring Table
-
-Synthesize all identified catalysts into a unified scoring table. For each catalyst:
-
-| Est. Date | Event | Probability | Bull Impact | Bear Impact | Net Bias | Pre-event Action |
-|-----------|-------|-------------|-------------|-------------|----------|-----------------|
-| YYYY-MM-DD | [Event name] | High/Med/Low | +X% | -Y% | Bullish/Bearish/Binary/Neutral | Buy dip before / Reduce ahead / Hold / Hedge |
-
-**Scoring Guidance:**
-- **Probability**: High (>70%), Medium (40–70%), Low (<40%) of the bullish outcome occurring
-- **Bull Impact**: Expected % upside in the bullish scenario
-- **Bear Impact**: Expected % downside in the bearish scenario (express as negative)
-- **Net Bias**: Overall directional lean given probability-weighted outcomes
-  - Bullish: probability-weighted EV clearly positive
-  - Bearish: probability-weighted EV clearly negative
-  - Binary: roughly equal bull/bear outcomes with high magnitude
-  - Neutral: low magnitude or offsetting scenarios
-- **Pre-event Action**: recommended positioning ahead of the event
-
-**Rank catalysts** by absolute expected value (probability × average of |bull| and |bear| impacts) to identify the highest-priority events.
-
----
-
-## Section E — Event-Driven Strategy Suggestions
-
-Translate the catalyst map into actionable playbooks:
-
-### E1. Pre-Event Positioning Playbook
-- **High beat-rate earnings (>65%)**: Consider initiating or adding to position 10–15 trading days before earnings; scale out 1–2 days before if implied move is elevated (IV crush risk)
-- **Known positive catalysts (FDA, index inclusion)**: Build position in 4–6 week advance window; use limit orders on any dips
-- **Macro tailwinds**: Align sector positioning with upcoming FOMC/CPI if macro bias is clear
-- **Conference presentations**: Monitor for pre-conference guidance updates; light positioning ahead of known presenter history
-
-### E2. Post-Event Reaction Guide
-- **IV Crush after earnings**: If IVR (Implied Volatility Rank) > 70 heading into earnings, short straddle or iron condor captures elevated premium; exit immediately after event
-- **Buy the dip on good numbers**: If stock drops despite a beat (typical for high-valuation names), treat as accumulation opportunity within 3 sessions post-earnings
-- **Sell the rip on binary events**: For FDA decisions or index inclusions, partial profit-taking on the opening gap is prudent — anticipation premium often fully priced in
-
-### E3. Binary Event Hedges
-- **Protective puts**: For high-probability binary events (FDA decision, regulatory ruling), buy puts 1–2 strikes out-of-the-money, expiring shortly after the event date. Cost: typically 2–5% of position value.
-- **Collars**: For large existing positions, sell a covered call to finance a protective put — capping upside while limiting downside around the binary event
-- **Straddle (long)**: When implied move is below historical realized move (options are "cheap"), a long straddle profits from a larger-than-expected move in either direction
-
-### E4. Catalyst Stacking — Convergence Windows
-- Identify 2-week windows where 2 or more catalysts converge (e.g., earnings + FOMC in same week)
-- **Stacked bullish catalysts**: If both events lean bullish, the combined setup is high-conviction — size up accordingly
-- **Stacked binary or offsetting catalysts**: Increased volatility expected; reduce position sizing or hedge both directions
-- **Catalyst fatigue**: After a string of positive catalysts resolves, upside may be limited until the next catalyst cycle — consider trimming into strength
-
----
-
-## Section F — 90-Day Catalyst Heat Map
-
-Visualize catalyst density across the look-ahead window as an ASCII weekly calendar. Use block shading to indicate event intensity:
-
-```
-░░░ = Low (0–1 minor catalysts)
-██  = Medium (1–2 moderate catalysts)
-████ = HIGH (3+ catalysts or 1 major binary event)
-```
-
-**Example output format:**
-
-```
-90-Day Catalyst Heat Map — [TICKER]
-════════════════════════════════════════════════════════
-
-Week 1  (Jun 23 – Jun 27):  ░░░  Low       — Quiet period
-Week 2  (Jun 30 – Jul  4):  ████ HIGH      — Earnings + FOMC
-Week 3  (Jul  7 – Jul 11):  ██   Medium    — CPI release
-Week 4  (Jul 14 – Jul 18):  ░░░  Low       — Quiet period
-Week 5  (Jul 21 – Jul 25):  ██   Medium    — Investor Day
-Week 6  (Jul 28 – Aug  1):  ░░░  Low       — Quiet period
-Week 7  (Aug  4 – Aug  8):  ██   Medium    — Jobs Report + FOMC minutes
-Week 8  (Aug 11 – Aug 15):  ████ HIGH      — FDA PDUFA + CPI
-Week 9  (Aug 18 – Aug 22):  ░░░  Low       — Quiet period
-Week 10 (Aug 25 – Aug 29):  ░░░  Low       — Quiet period
-Week 11 (Sep  1 – Sep  5):  ██   Medium    — Jobs Report
-Week 12 (Sep  8 – Sep 12):  ██   Medium    — Conference presentation
-Week 13 (Sep 15 – Sep 19):  ████ HIGH      — FOMC + index rebalancing
-
-════════════════════════════════════════════════════════
-Peak Risk Window:  Jul 1 – Jul 11 (earnings + macro overlap)
-Quietest Window:   Jul 14 – Jul 25 (low catalyst density, favorable for accumulation)
-```
-
-Adjust weeks and labels to match the actual look-ahead window and identified catalysts.
-
----
-
-## Thesis Invalidation
-
-**If catalyst outlook is BULLISH — it breaks if:**
-- Earnings miss by >10% AND guidance lowered
-- FOMC surprise rate hike >25bps above consensus
-- Key product launch delayed >1 quarter
-- FDA rejection or Complete Response Letter (CRL) issued
-- Index inclusion candidate excluded from rebalancing
-
-**If catalyst outlook is BEARISH — it breaks if:**
-- Major earnings beat with raised guidance
-- Positive regulatory surprise (FDA approval, contract win)
-- Index inclusion announcement
-- Activist investor disclosure or buyout rumor
-- Macro surprise (emergency rate cut, strong CPI miss to downside)
-
-**Re-run this analysis when:**
-- [ ] Earnings date confirmed / officially announced by the company
-- [ ] Major news event changes catalyst timeline (acquisition, spin-off, regulatory action)
-- [ ] 30 days elapsed (calendar and estimates both update)
-- [ ] Implied volatility moves >20% from levels at time of this analysis
-- [ ] Analyst coverage changes materially (new initiations or target price revisions >15%)
-
----
-
-```
-╔══════════════════════════════════════════════╗
-║         INVESTMENT SIGNAL — CATALYST CALENDAR             ║
-╠══════════════════════════════════════════════╣
-║ Next Catalyst:   [EVENT] on [DATE]           ║
-║ 30-Day Bias:     BULLISH / NEUTRAL / BEARISH ║
-║ Catalyst Density: HIGH / MEDIUM / LOW        ║
-╠══════════════════════════════════════════════╣
-║ Highest Impact:  [EVENT] — [±X%] expected    ║
-║ Risk Window:     [DATE RANGE]                ║
-╚══════════════════════════════════════════════╝
-```
+- `references/10-persona.md` — Persona; Overview; Input; Section A — Earnings Events; Section B — Macro Catalyst Calendar
+- `references/11-section-c-company-specific.md` — Section C — Company-Specific Catalysts; Section D — Catalyst Impact Scoring Table; Section E — Event-Driven Strategy Suggestions
+- `references/12-section-f-90-day.md` — Section F — 90-Day Catalyst Heat Map; Thesis Invalidation
 
-**Disclaimer:** Educational analysis only. Not financial advice.
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