alphacouncil-agent 0.9.4 → 1.0.1

package/mcp/lib/markdown.mjs

@@ -1,6 +1,6 @@
 import { writeFileSync } from "node:fs";
 import { join } from "node:path";
-import { DEBATE_ROLES, REPORT_SECTIONS } from "./constants.mjs";
+import { DEBATE_ROLES, RECORDED_BENCH_MARKER_PREFIX, RECORDED_INSTRUMENT_MARKER_PREFIX, REPORT_SECTIONS } from "./constants.mjs";
 import { writeJson } from "./fsutil.mjs";
 import { headingIncludesAlias, normalizeHeading, parseHeadings } from "./headings.mjs";
 import { isChineseLanguage, languageKey, localized } from "./lang.mjs";
@@ -8,6 +8,8 @@ import { sha256 } from "./personas-v3/canonical.mjs";
 import { compiledPersonaPacks } from "./personas-v3/registry.mjs";
 import { bullets, clip, clipAtBoundary, fence } from "./text.mjs";
 import { completenessStatus, validateFinalReport, verificationStatus, withCompletenessBanner, withDisclaimer, withVerificationBanner } from "./gates.mjs";
+import { isFundOrIndex } from "./instruments.mjs";
+import { intentLabel, VOICE_FIELDS, voiceDisclaimer, voiceFieldLabel } from "./voice.mjs";
 import { agentState, appendEvent, artifactPaths, runPath, taskState } from "./run-store.mjs";
 import { personaTitle, registry } from "./personas/registry.mjs";
 
@@ -72,10 +74,10 @@ export function renderMasterMarkdown(opinion, lang) {
   if (!opinion) return "";
   const title = masterTitle(opinion.master, lang);
   const labels = {
-    zh: { statement: "本轮专属方法席发言（不是大师本人引语）", stance: "立场", verdict: "冻结判断", confidence: "置信度", worker: "专属 worker", summary: "方法席说明", findings: "关键发现", disagreements: "与分析师的分歧", disqualifiers: "触发的排除条件", change: "改变判断所需证据", sources: "来源" },
-    en: { statement: "Dedicated Method-Seat Statement (not a quote from the named person)", stance: "Stance", verdict: "Frozen verdict", confidence: "Confidence", worker: "Dedicated worker", summary: "Method-seat explanation", findings: "Key Findings", disagreements: "Disagreements With The Analysts", disqualifiers: "Disqualifiers Triggered", change: "What Would Change The View", sources: "Sources" },
-    ja: { statement: "専用メソッド席の発言（本人の発言・引用ではありません）", stance: "スタンス", verdict: "凍結済み判定", confidence: "信頼度", worker: "専用ワーカー", summary: "メソッド席の説明", findings: "主な所見", disagreements: "分析担当との相違", disqualifiers: "発動した除外条件", change: "判断が変わる条件", sources: "出典" },
-    ko: { statement: "전용 방법론 좌석 발언(본인의 실제 발언이나 인용이 아님)", stance: "입장", verdict: "동결된 판단", confidence: "신뢰도", worker: "전용 워커", summary: "방법론 좌석 설명", findings: "핵심 발견", disagreements: "분석가와의 이견", disqualifiers: "발동된 제외 조건", change: "판단 변경 조건", sources: "출처" },
+    zh: { statement: "本轮方法席终局陈词（不是大师本人引语）", stance: "立场", verdict: "冻结判断", confidence: "置信度", worker: "陈词来源", summary: "方法席说明", findings: "关键发现", disagreements: "与分析师的分歧", disqualifiers: "触发的排除条件", change: "改变判断所需证据", sources: "来源" },
+    en: { statement: "Final Method-Seat Statement (not a quote from the named person)", stance: "Stance", verdict: "Frozen verdict", confidence: "Confidence", worker: "Statement source", summary: "Method-seat explanation", findings: "Key Findings", disagreements: "Disagreements With The Analysts", disqualifiers: "Disqualifiers Triggered", change: "What Would Change The View", sources: "Sources" },
+    ja: { statement: "メソッド席の最終見解（本人の発言・引用ではありません）", stance: "スタンス", verdict: "凍結済み判定", confidence: "信頼度", worker: "見解の生成元", summary: "メソッド席の説明", findings: "主な所見", disagreements: "分析担当との相違", disqualifiers: "発動した除外条件", change: "判断が変わる条件", sources: "出典" },
+    ko: { statement: "방법론 좌석 최종 발언(본인의 실제 발언이나 인용이 아님)", stance: "입장", verdict: "동결된 판단", confidence: "신뢰도", worker: "발언 출처", summary: "방법론 좌석 설명", findings: "핵심 발견", disagreements: "분석가와의 이견", disqualifiers: "발동된 제외 조건", change: "판단 변경 조건", sources: "출처" },
   }[languageKey(lang)];
   return [
     `## ${title}`,
@@ -110,27 +112,85 @@ export function renderMasterMarkdown(opinion, lang) {
   ].filter((line) => line !== "").join("\n");
 }
 
+/** Reader-facing labels for the method-seat section, one entry per supported run language. */
+const MASTER_STATEMENT_COPY = Object.freeze({
+  zh: {
+    heading: "\u9010\u5e2d\u65b9\u6cd5\u8f93\u51fa", acted: "\u6709\u5224\u65ad\u7684\u5e2d\u4f4d", abstained: "\u8bf4\u8fd9\u4e0d\u5f52\u5b83\u7ba1\u7684\u5e2d\u4f4d",
+    stance: "\u7acb\u573a", intent: "\u610f\u5411", origin: "\u9648\u8bcd\u6765\u6e90", statement: "\u672c\u8f6e\u53d1\u8a00\uff08\u4e0d\u662f\u672c\u4eba\u5f15\u8bed\uff09",
+    findings: "\u5173\u952e\u53d1\u73b0", disagreements: "\u4e0e\u5206\u6790\u5e08\u5206\u6b67", change: "\u6539\u53d8\u5224\u65ad\u6761\u4ef6", sources: "\u6765\u6e90\u6216\u660e\u786e\u7f3a\u53e3",
+    abstainLead: (n) => `\u53e6\u6709 ${n} \u5e2d\u5728\u672c\u8f6e\u4e0d\u7ed9\u65b9\u5411\uff0c\u5404\u81ea\u7f3a\u7684\u662f\u65b9\u6cd5\u5fc5\u9700\u7684\u8f93\u5165\uff0c\u8fd9\u4e0d\u662f\u770b\u7a7a\u7968\uff1a`,
+  },
+  en: {
+    heading: "Method-Seat Outputs", acted: "Seats with a view", abstained: "Seats that say this is not theirs to call",
+    stance: "Stance", intent: "Intent", origin: "Statement source", statement: "Recorded statement (not a quote)",
+    findings: "Key findings", disagreements: "Disagreements", change: "What would change the view", sources: "Sources or explicit gaps",
+    abstainLead: (n) => `A further ${n} seat(s) issue no direction this round, each missing a method-critical input. These are not bearish votes:`,
+  },
+  ja: {
+    heading: "\u30e1\u30bd\u30c3\u30c9\u5e2d\u3054\u3068\u306e\u51fa\u529b", acted: "\u5224\u65ad\u3092\u793a\u3057\u305f\u5e2d", abstained: "\u81ea\u5206\u306e\u62c5\u5f53\u3067\u306f\u306a\u3044\u3068\u3057\u305f\u5e2d",
+    stance: "\u30b9\u30bf\u30f3\u30b9", intent: "\u610f\u5411", origin: "\u898b\u89e3\u306e\u751f\u6210\u5143", statement: "\u4eca\u56de\u306e\u767a\u8a00\uff08\u672c\u4eba\u306e\u5f15\u7528\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09",
+    findings: "\u4e3b\u306a\u6240\u898b", disagreements: "\u5206\u6790\u62c5\u5f53\u3068\u306e\u76f8\u9055", change: "\u5224\u65ad\u304c\u5909\u308f\u308b\u6761\u4ef6", sources: "\u51fa\u5178\u307e\u305f\u306f\u660e\u793a\u7684\u306a\u6b20\u843d",
+    abstainLead: (n) => `\u4ed6\u306b ${n} \u5e2d\u306f\u4eca\u56de\u65b9\u5411\u6027\u3092\u793a\u3057\u307e\u305b\u3093\u3002\u3044\u305a\u308c\u3082\u30e1\u30bd\u30c3\u30c9\u306b\u5fc5\u8981\u306a\u5165\u529b\u3092\u6b20\u3044\u3066\u304a\u308a\u3001\u5f31\u6c17\u7968\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff1a`,
+  },
+  ko: {
+    heading: "\ubc29\ubc95\ub860 \uc88c\uc11d\ubcc4 \ucd9c\ub825", acted: "\ud310\ub2e8\uc744 \ub0b8 \uc88c\uc11d", abstained: "\uc790\uae30 \uc18c\uad00\uc774 \uc544\ub2c8\ub77c\uace0 \ubc1d\ud78c \uc88c\uc11d",
+    stance: "\uc785\uc7a5", intent: "\uc758\ud5a5", origin: "\ubc1c\uc5b8 \ucd9c\ucc98", statement: "\uc774\ubc88 \ubc1c\uc5b8(\ubcf8\uc778 \uc778\uc6a9\uc774 \uc544\ub2d8)",
+    findings: "\ud575\uc2ec \ubc1c\uacac", disagreements: "\ubd84\uc11d\uac00\uc640\uc758 \uc774\uacac", change: "\ud310\ub2e8 \ubcc0\uacbd \uc870\uac74", sources: "\ucd9c\ucc98 \ub610\ub294 \uba85\uc2dc\uc801 \ub370\uc774\ud130 \uacf5\ubc31",
+    abstainLead: (n) => `\uadf8 \uc678 ${n}\uac1c \uc88c\uc11d\uc740 \uc774\ubc88 \ud68c\ucc28\uc5d0 \ubc29\ud5a5\uc744 \uc81c\uc2dc\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uac01\uac01 \ubc29\ubc95\ub860\uc5d0 \ud544\uc694\ud55c \uc785\ub825\uc774 \uc5c6\uc73c\uba70 \uc57d\uc138 \ud22c\ud45c\uac00 \uc544\ub2d9\ub2c8\ub2e4:`,
+  },
+});
+
+/**
+ * Seats that reached a decision are what a reader came for; seats that could not are context.
+ *
+ * The previous layout gave both the same weight, so a run where twenty-five seats abstained
+ * printed twenty-five near-identical rows and buried the one seat that had a view. Deciding
+ * seats now get room to speak and abstaining seats collapse into one readable paragraph.
+ * Every selected stable ID still appears in this section: the publication gate checks for
+ * exactly that, and it is also the honest requirement -- no seat may quietly vanish.
+ */
 function renderMasterStatements(run) {
   const key = languageKey(run?.language);
-  const heading = { zh: "逐席专属方法输出", en: "Dedicated Method-Seat Outputs", ja: "専用メソッド席ごとの出力", ko: "전용 방법론 좌석별 출력" }[key];
-  const statementLabel = { zh: "本轮发言（不是本人引语）", en: "Recorded statement (not a quote)", ja: "今回の発言（本人の引用ではありません）", ko: "이번 발언(본인 인용이 아님)" }[key];
-  const findingsLabel = { zh: "关键发现", en: "Key findings", ja: "主な所見", ko: "핵심 발견" }[key];
-  const disagreementsLabel = { zh: "与分析师分歧", en: "Disagreements", ja: "分析担当との相違", ko: "분석가와의 이견" }[key];
-  const changeLabel = { zh: "改变判断条件", en: "What would change the view", ja: "判断が変わる条件", ko: "판단 변경 조건" }[key];
-  const sourcesLabel = { zh: "来源或明确缺口", en: "Sources or explicit gaps", ja: "出典または明示的な欠落", ko: "출처 또는 명시적 데이터 공백" }[key];
+  const copy = MASTER_STATEMENT_COPY[key] || MASTER_STATEMENT_COPY.en;
   const voiced = (run?.master_opinions || []).filter((opinion) => Boolean(opinion.voice_statement));
   if (!voiced.length) return "";
-  const items = voiced.map((opinion) => [
-    `### ${masterTitle(opinion.master, run.language)} (\`${opinion.master}\`)`,
-    `- ${key === "zh" ? "立场" : key === "ja" ? "スタンス" : key === "ko" ? "입장" : "Stance"}: ${opinion.stance || "unknown"}`,
-    `- ${key === "zh" ? "专属 worker" : key === "ja" ? "専用ワーカー" : key === "ko" ? "전용 워커" : "Dedicated worker"}: ${opinion.dedicated_worker?.status || opinion.voice_status || "not_recorded"}`,
-    `- ${statementLabel}: ${opinion.voice_statement || opinion.verdict || opinion.summary || ""}`,
-    `- ${findingsLabel}: ${(opinion.key_findings || []).slice(0, 4).join("；") || "—"}`,
-    `- ${disagreementsLabel}: ${(opinion.disagreements || []).slice(0, 3).join("；") || "—"}`,
-    `- ${changeLabel}: ${(opinion.what_would_change_my_mind || []).slice(0, 3).join("；") || "—"}`,
-    `- ${sourcesLabel}: ${(opinion.source_ids || []).join(", ") || (opinion.disqualifiers_triggered || []).join(", ") || "—"}`,
-  ].join("\n")).join("\n\n");
-  return `### ${heading}\n\n${items}`;
+  const acted = voiced.filter((opinion) => opinion.stance && opinion.stance !== "out_of_scope");
+  const abstained = voiced.filter((opinion) => !opinion.stance || opinion.stance === "out_of_scope");
+
+  const seatBlock = (opinion) => {
+    const intent = opinion.position_intent ? intentLabel(opinion.position_intent, run.language) : null;
+    const lines = [
+      `##### ${masterTitle(opinion.master, run.language)} (\`${opinion.master}\`)`,
+      `- ${copy.stance}: ${opinion.stance || "unknown"}${intent ? ` \u2014 ${copy.intent}: *${intent}*` : ""}`,
+      `- ${copy.origin}: ${opinion.dedicated_worker?.status || opinion.voice_status || "not_recorded"}`,
+    ];
+    // The five-field voice reads as prose; a legacy flat statement keeps its single line.
+    if (opinion.voice && typeof opinion.voice === "object") {
+      for (const field of VOICE_FIELDS) {
+        const text = String(opinion.voice[field] ?? "").trim();
+        if (text) lines.push(`- **${voiceFieldLabel(field, run.language)}**: ${text}`);
+      }
+    } else {
+      lines.push(`- ${copy.statement}: ${opinion.voice_statement || opinion.verdict || opinion.summary || ""}`);
+    }
+    lines.push(`- ${copy.findings}: ${(opinion.key_findings || []).slice(0, 4).join("\uFF1B") || "\u2014"}`);
+    lines.push(`- ${copy.disagreements}: ${(opinion.disagreements || []).slice(0, 3).join("\uFF1B") || "\u2014"}`);
+    lines.push(`- ${copy.change}: ${(opinion.what_would_change_my_mind || []).slice(0, 3).join("\uFF1B") || "\u2014"}`);
+    lines.push(`- ${copy.sources}: ${(opinion.source_ids || []).join(", ") || (opinion.disqualifiers_triggered || []).join(", ") || "\u2014"}`);
+    return lines.join("\n");
+  };
+
+  const sections = [`### ${copy.heading}`, voiceDisclaimer(run.language)];
+  if (acted.length) sections.push(`#### ${copy.acted}`, acted.map(seatBlock).join("\n\n"));
+  if (abstained.length) {
+    // One paragraph, not one row per seat. The stable IDs stay visible so the gate and the
+    // reader can both account for every selected seat without twenty-five identical lines.
+    const merged = abstained
+      .map((opinion) => `${masterTitle(opinion.master, run.language)} (\`${opinion.master}\`) \u2014 ${opinion.voice_statement}`)
+      .join(" ");
+    sections.push(`#### ${copy.abstained}`, `${copy.abstainLead(abstained.length)}\n\n${merged}`);
+  }
+  return sections.join("\n\n");
 }
 
 /**
@@ -267,15 +327,32 @@ export function renderDecisionTable(decisions, lang) {
 }
 
 /** Registry title when the persona resolves, the raw id when it does not. */
+/**
+ * Maturity vocabulary belongs in metadata, not in a heading a reader has to parse.
+ *
+ * `admitted_label` carries the governance suffix ("... Provisional Operator Lens") so that an
+ * internal artifact can never be mistaken for a validated method model. A reader scanning a
+ * report does not need that phrase repeated on all twenty-six headings; the section already
+ * carries a disclaimer and the admission level travels with the pack. Strip it for display
+ * only -- the label itself, and every hash over it, is untouched.
+ */
+const MATURITY_SUFFIX = /[\s\u3000]*(provisional operator lens|\u4e34\u65f6\u64cd\u4f5c\u89c6\u89d2|\u66ab\u5b9a\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u30ec\u30f3\u30ba|\uc784\uc2dc \uc624\ud37c\ub808\uc774\ud130 \ub80c\uc988)[\s\u3000]*$/iu;
+
+export function displayMasterLabel(label) {
+  const text = String(label || "").trim();
+  const stripped = text.replace(MATURITY_SUFFIX, "").trim();
+  return stripped || text;
+}
+
 function masterTitle(id, lang) {
   if (!id) return "Master";
   try {
     const v3 = compiledPersonaPacks().get(id);
     const v3Title = v3?.admitted_label?.[languageKey(lang)];
-    if (v3Title) return `${v3Title} (${id})`;
+    if (v3Title) return displayMasterLabel(v3Title);
     const persona = registry().get(id);
     const title = personaTitle(persona, lang);
-    return title && title !== id ? `${title} (${id})` : id;
+    return title && title !== id ? title : id;
   } catch {
     return id;
   }
@@ -469,7 +546,8 @@ export function writeReportQuality(run, markdown) {
   return quality;
 }
 
-const RECORDED_BENCH_MARKER_PREFIX = "alphacouncil:recorded-master-bench:v1:";
+// Shared with the quality gate through constants so the gate can find the system-owned
+// section by anchor instead of by heading text. See the note next to the constants.
 
 function recordedBenchMarker(run) {
   const subject = (run?.master_opinions || []).map((opinion) => ({
@@ -490,6 +568,91 @@ function isMasterBenchHeading(title) {
   return Boolean(normalized && section?.aliases.some((alias) => headingIncludesAlias(title, alias)));
 }
 
+function isInstrumentStructureHeading(title) {
+  const normalized = normalizeHeading(title);
+  const section = REPORT_SECTIONS.find(({ id }) => id === "instrument_structure");
+  return Boolean(normalized && section?.aliases.some((alias) => headingIncludesAlias(title, alias)));
+}
+
+/**
+ * Own the ETF/index structure section at the deterministic system boundary.
+ *
+ * PM prose may discuss a fund, but it cannot turn a fund into an operating company. The
+ * classifier owns the research route and any PM-authored section is retained as commentary.
+ */
+function withRecordedInstrumentStructure(run, markdown) {
+  const instrument = run?.grounding?.instrument;
+  if (!isFundOrIndex(instrument)) return String(markdown || "");
+  const body = String(markdown || "");
+  const lines = body.split(/\r?\n/);
+  const headings = parseHeadings(body);
+  const removals = [];
+  const commentaryTitle = localized(run.language, {
+    zh: "PM 对资产研究路径的叙述（非系统记录）",
+    en: "PM Commentary on the Instrument Research Path (non-authoritative)",
+    ja: "PMによる銘柄調査経路の説明（非公式記録）",
+    ko: "PM의 종목 조사 경로 설명(비공식 기록)",
+  });
+  for (const [index, heading] of headings.entries()) {
+    if (heading.level > 2 || !isInstrumentStructureHeading(heading.title)) continue;
+    const next = headings.slice(index + 1).find((candidate) => candidate.level <= heading.level);
+    const start = heading.line - 1;
+    const end = next ? next.line - 1 : lines.length;
+    if (heading.body.includes(`<!-- ${RECORDED_INSTRUMENT_MARKER_PREFIX}`)) removals.push([start, end]);
+    else lines[start] = `${"#".repeat(heading.level)} ${commentaryTitle}`;
+  }
+  for (const [start, end] of removals.sort((left, right) => right[0] - left[0])) {
+    lines.splice(start, end - start);
+  }
+
+  const copy = {
+    zh: {
+      heading: "## 基金与指数结构", asset: "资产类型", model: "研究模型", source: "分类依据", raw: "数据源原始类型", company: "经营公司财务路径", noCompany: "不适用；不得把基金或指数当作经营公司读取营收、公司 EPS、管理层指引或 Form 4", required: "强制研究项目", requirements: instrument.index_like
+        ? "指数方法、带时点的成分与权重、集中度、行业/因子暴露、广度、再平衡、聚合盈利与估值口径、宏观敏感度，以及可用的衍生品定位"
+        : "跟踪指数与方法、带时点的持仓和权重、前十大及行业集中度、费用率、规模、流动性、溢折价或跟踪差、资金流、借贷/衍生品、再平衡、税务结构与持仓穿透基本面",
+      aggregation: "聚合纪律", aggregationRule: "必须披露同日口径和覆盖权重；不得把少数成分股相加成基金或指数自身的营收、EPS或现金流", notApplicable: "明确不适用项",
+    },
+    en: {
+      heading: "## Fund and Index Structure", asset: "Asset type", model: "Research model", source: "Classification source", raw: "Raw feed type", company: "Operating-company financial route", noCompany: "not applicable; do not treat a fund or index as a company with its own revenue, company EPS, management guidance or Form 4 activity", required: "Required research", requirements: instrument.index_like
+        ? "index methodology, dated constituents and weights, concentration, sector/factor exposures, breadth, rebalances, aggregate earnings and valuation methodology, macro sensitivity, and listed-derivative positioning when available"
+        : "tracked index and methodology, dated holdings and weights, top-ten and sector concentration, fee, AUM, liquidity, premium/discount or tracking difference, flows, lending/derivatives, rebalances, tax structure, and holdings-level fundamental look-through",
+      aggregation: "Aggregation discipline", aggregationRule: "state one-date methodology and coverage weight; never add a few constituents into fund or index revenue, EPS, or cash flow", notApplicable: "Explicitly not applicable",
+    },
+    ja: {
+      heading: "## ファンドと指数の構造", asset: "資産タイプ", model: "調査モデル", source: "分類根拠", raw: "データ源の原分類", company: "事業会社の財務経路", noCompany: "適用外。ファンドや指数を、固有の売上高・企業EPS・経営陣ガイダンス・Form 4を持つ事業会社として扱わない", required: "必須調査項目", requirements: instrument.index_like
+        ? "指数算出方法、基準日付き構成銘柄とウェイト、集中度、業種・ファクター、ブレッドス、リバランス、集計利益・評価方法、マクロ感応度、利用可能なデリバティブ需給"
+        : "連動指数と方法、基準日付き保有銘柄とウェイト、上位10銘柄・業種集中度、経費率、純資産、流動性、乖離・トラッキング差、資金フロー、貸株・デリバティブ、リバランス、税制、保有銘柄ルックスルー",
+      aggregation: "集計規律", aggregationRule: "同一基準日の方法とカバーウェイトを明記し、一部構成銘柄を足してファンド・指数固有の売上高、EPS、CFにしない", notApplicable: "明示的な適用外項目",
+    },
+    ko: {
+      heading: "## 펀드와 지수 구조", asset: "자산 유형", model: "조사 모델", source: "분류 근거", raw: "데이터 소스 원본 유형", company: "영업회사 재무 경로", noCompany: "적용되지 않음. 펀드나 지수를 자체 매출, 기업 EPS, 경영진 가이던스 또는 Form 4가 있는 영업회사로 취급하지 않음", required: "필수 조사 항목", requirements: instrument.index_like
+        ? "지수 방법론, 기준일이 있는 구성 종목과 비중, 집중도, 섹터·팩터 노출, 시장 폭, 리밸런싱, 집계 이익·밸류에이션 방법, 거시 민감도 및 가능한 파생상품 포지셔닝"
+        : "추종 지수와 방법론, 기준일이 있는 보유 종목과 비중, 상위 10개·섹터 집중도, 보수, AUM, 유동성, 괴리율·추적 차이, 자금 흐름, 대차·파생상품, 리밸런싱, 세금 구조 및 보유 종목 룩스루",
+      aggregation: "집계 원칙", aggregationRule: "동일 기준일 방법론과 커버 비중을 밝히며 일부 구성 종목을 더해 펀드·지수 자체 매출, EPS 또는 현금흐름으로 만들지 않음", notApplicable: "명시적 적용 제외",
+    },
+  }[languageKey(run.language)];
+  const notApplicable = (run?.grounding?.not_applicable || []).length
+    ? run.grounding.not_applicable.map((item) => `  - ${item}`).join("\n")
+    : "  - —";
+  const marker = `<!-- ${RECORDED_INSTRUMENT_MARKER_PREFIX}${sha256({ instrument, not_applicable: run?.grounding?.not_applicable || [] })} -->`;
+  const systemSection = [
+    copy.heading,
+    "",
+    marker,
+    `- ${copy.asset}: ${instrument.asset_type}`,
+    `- ${copy.model}: ${instrument.research_model}`,
+    `- ${copy.source}: ${instrument.classification_source}`,
+    `- ${copy.raw}: ${instrument.raw_instrument_type || "unknown"}`,
+    `- ${copy.company}: ${copy.noCompany}`,
+    `- ${copy.required}: ${copy.requirements}`,
+    `- ${copy.aggregation}: ${copy.aggregationRule}`,
+    `- ${copy.notApplicable}:`,
+    notApplicable,
+  ].join("\n");
+  const cleaned = lines.join("\n").trimEnd();
+  return `${cleaned ? `${cleaned}\n\n` : ""}${systemSection}\n`;
+}
+
 /**
  * Make the recorded Master Bench a system-owned section.
  *
@@ -641,9 +804,12 @@ function withQuickScope(run, markdown) {
 export function finalReportMarkdown(run, manager) {
   const gate = verificationStatus(run);
   const completeness = completenessStatus(run);
-  const reportBody = withRecordedPriceSnapshot(
+  const reportBody = withRecordedMasterBench(
     run,
-    withRecordedMasterBench(run, manager.report_markdown || manager.summary),
+    withRecordedInstrumentStructure(
+      run,
+      withRecordedPriceSnapshot(run, manager.report_markdown || manager.summary),
+    ),
   );
   return withDisclaimer(
     withCompletenessBanner(
@@ -886,21 +1052,21 @@ function handoffCopy(language) {
   return {
     zh: {
       title: "AlphaCouncil 运行摘要", status: "运行状态与时限", statusLabel: "状态", contract: "报告契约", scope: "执行范围", elapsed: "耗时", deadline: "硬截止时间", deadlineMet: "是否在截止前落盘",
-      fullScope: "full_v2：8 个证据席、每个已选方法席的专属 worker、三轮多空交叉问答和 PM；插件托管运行硬上限 30 分钟。", quickScope: "quick_v1：4 个证据席、1–4 个方法席、单轮多空和短 PM；不等同 full council。",
-      price: "系统记录价格", noPrice: "未取得可验证报价；没有补造价格。", delayed: "延迟行情", conclusion: "结论", rating: "评级", winner: "多空胜负", confidence: "置信度", judgment: "判断", noDecision: "NEEDS_MANAGER_REVIEW；工具或 PM 失败不能转换成投资评级。",
-      masters: "逐席大神方法输出（不是本人引语）", analysts: "分析师逐席内容", worker: "专属代理", key: "关键内容", earnings: "最新财报", forward: "前瞻门槛", news: "新闻/行业信号", recentNews: "近期公司与行业新闻", newsSummary: "新闻席摘要", noDatedNews: "本轮没有取得 as_of 之前 120 天内且带日期的新闻来源。", newsExcluded: "新闻时间门禁排除", valuation: "估值/价位", position: "仓位", gaps: "数据缺口与失败席", invalidation: "失效条件", files: "文件位置", report: "完整报告", index: "代理工件索引", trace: "全部代理追踪", quality: "报告质量检查", missing: "未覆盖。", noGaps: "未记录额外缺口。", noInvalidation: "没有正式失效条件。",
+      fullScope: "full_v2：8 个证据席、全部已选方法席的可审计终局陈词、三轮多空交叉问答和 PM；插件托管运行硬上限 30 分钟。", quickScope: "quick_v1：4 个证据席、1–4 个方法席、单轮多空和短 PM；不等同 full council。",
+      price: "系统记录价格", noPrice: "未取得可验证报价；没有补造价格。", delayed: "延迟行情", instrument: "资产识别与研究路径", assetType: "资产类型", researchModel: "研究模型", classifiedBy: "识别来源", conclusion: "结论", rating: "评级", winner: "多空胜负", confidence: "置信度", judgment: "判断", noDecision: "NEEDS_MANAGER_REVIEW；工具或 PM 失败不能转换成投资评级。",
+      masters: "结尾：逐席方法陈词（不是本人引语）", analysts: "分析师逐席内容", worker: "陈词来源", record: "冻结记录", key: "关键内容", earnings: "最新财报", forward: "前瞻门槛", news: "新闻/行业信号", recentNews: "近期公司与行业新闻", newsSummary: "新闻席摘要", noDatedNews: "本轮没有取得 as_of 之前 120 天内且带日期的新闻来源。", newsExcluded: "新闻时间门禁排除", valuation: "估值/价位", position: "仓位", gaps: "数据缺口与失败席", invalidation: "失效条件", files: "文件位置", report: "完整报告", index: "代理工件索引", trace: "全部代理追踪", quality: "报告质量检查", missing: "未覆盖。", noGaps: "未记录额外缺口。", noInvalidation: "没有正式失效条件。",
     },
     en: {
       title: "AlphaCouncil Run Summary", status: "Run Status and Deadline", statusLabel: "Status", contract: "Report contract", scope: "Execution scope", elapsed: "Elapsed", deadline: "Hard deadline", deadlineMet: "Persisted before deadline",
-      fullScope: "full_v2: eight evidence seats, one dedicated worker per selected method, three-round cross-examination and PM; plugin-managed runs have a hard thirty-minute ceiling.", quickScope: "quick_v1: four evidence seats, one to four method seats, one debate round and short PM; not equivalent to full council.",
-      price: "System-Recorded Price", noPrice: "No verifiable quote was retrieved; no price was invented.", delayed: "delayed quote", conclusion: "Conclusion", rating: "Rating", winner: "Debate winner", confidence: "Confidence", judgment: "Judgment", noDecision: "NEEDS_MANAGER_REVIEW; a tool or PM failure cannot be converted into an investment rating.",
-      masters: "Recorded Method-Seat Statements (not quotes from the named people)", analysts: "Analyst Views by Seat", worker: "dedicated worker", key: "Key Content", earnings: "Latest earnings", forward: "Forward thresholds", news: "News / industry signal", recentNews: "Recent Company and Industry News", newsSummary: "News-seat summary", noDatedNews: "No dated news source inside the 120 days through as_of was retrieved.", newsExcluded: "Recent-news gate excluded", valuation: "Valuation / price range", position: "Position", gaps: "Data Gaps and Failed Seats", invalidation: "Invalidation", files: "File Locations", report: "Full report", index: "Agent artifact index", trace: "Full agent trace", quality: "Report quality check", missing: "Not covered.", noGaps: "No additional gap was recorded.", noInvalidation: "No formal invalidation conditions are available.",
+      fullScope: "full_v2: eight evidence seats, an auditable final statement for every selected method seat, three-round cross-examination and PM; plugin-managed runs have a hard thirty-minute ceiling.", quickScope: "quick_v1: four evidence seats, one to four method seats, one debate round and short PM; not equivalent to full council.",
+      price: "System-Recorded Price", noPrice: "No verifiable quote was retrieved; no price was invented.", delayed: "delayed quote", instrument: "Instrument Classification and Research Path", assetType: "Asset type", researchModel: "Research model", classifiedBy: "Classified by", conclusion: "Conclusion", rating: "Rating", winner: "Debate winner", confidence: "Confidence", judgment: "Judgment", noDecision: "NEEDS_MANAGER_REVIEW; a tool or PM failure cannot be converted into an investment rating.",
+      masters: "Final Per-Seat Method Statements (not quotes from the named people)", analysts: "Analyst Views by Seat", worker: "statement source", record: "Frozen record", key: "Key Content", earnings: "Latest earnings", forward: "Forward thresholds", news: "News / industry signal", recentNews: "Recent Company and Industry News", newsSummary: "News-seat summary", noDatedNews: "No dated news source inside the 120 days through as_of was retrieved.", newsExcluded: "Recent-news gate excluded", valuation: "Valuation / price range", position: "Position", gaps: "Data Gaps and Failed Seats", invalidation: "Invalidation", files: "File Locations", report: "Full report", index: "Agent artifact index", trace: "Full agent trace", quality: "Report quality check", missing: "Not covered.", noGaps: "No additional gap was recorded.", noInvalidation: "No formal invalidation conditions are available.",
     },
     ja: {
-      title: "AlphaCouncil 実行サマリー", status: "実行状況と期限", statusLabel: "状態", contract: "レポート契約", scope: "実行範囲", elapsed: "所要時間", deadline: "ハード期限", deadlineMet: "期限内に保存", fullScope: "full_v2：8つの証拠席、選択した各メソッド専用ワーカー、3ラウンドの多空質疑、PM。プラグイン管理実行は30分で必ず終端状態になります。", quickScope: "quick_v1：4つの証拠席、1–4のメソッド席、1ラウンドの多空議論、短いPM。full council相当ではありません。", price: "システム記録価格", noPrice: "検証可能な価格を取得できず、価格は補完していません。", delayed: "遅延価格", conclusion: "結論", rating: "評価", winner: "勝者", confidence: "信頼度", judgment: "判断", noDecision: "NEEDS_MANAGER_REVIEW。ツールまたはPMの失敗を投資評価に変換できません。", masters: "メソッド席ごとの記録（本人の発言・引用ではありません）", analysts: "分析担当ごとの内容", worker: "専用ワーカー", key: "主要内容", earnings: "直近決算", forward: "先行条件", news: "ニュース・業界シグナル", recentNews: "直近の企業・業界ニュース", newsSummary: "ニュース席の要約", noDatedNews: "as_of までの120日間にある日付付きニュース出典を取得できませんでした。", newsExcluded: "ニュース時刻ゲートで除外", valuation: "評価レンジ・価格条件", position: "ポジション", gaps: "データ欠落と失敗した席", invalidation: "無効化条件", files: "ファイル", report: "完全レポート", index: "代理成果物一覧", trace: "全代理トレース", quality: "レポート品質検査", missing: "未取得。", noGaps: "追加の欠落は記録されていません。", noInvalidation: "正式な無効化条件はありません。",
+      title: "AlphaCouncil 実行サマリー", status: "実行状況と期限", statusLabel: "状態", contract: "レポート契約", scope: "実行範囲", elapsed: "所要時間", deadline: "ハード期限", deadlineMet: "期限内に保存", fullScope: "full_v2：8つの証拠席、選択された全メソッド席の監査可能な最終見解、3ラウンドの多空質疑、PM。プラグイン管理実行は30分で必ず終端状態になります。", quickScope: "quick_v1：4つの証拠席、1–4のメソッド席、1ラウンドの多空議論、短いPM。full council相当ではありません。", price: "システム記録価格", noPrice: "検証可能な価格を取得できず、価格は補完していません。", delayed: "遅延価格", instrument: "銘柄分類と調査経路", assetType: "資産タイプ", researchModel: "調査モデル", classifiedBy: "分類根拠", conclusion: "結論", rating: "評価", winner: "勝者", confidence: "信頼度", judgment: "判断", noDecision: "NEEDS_MANAGER_REVIEW。ツールまたはPMの失敗を投資評価に変換できません。", masters: "最後：メソッド席ごとの最終見解（本人の発言・引用ではありません）", analysts: "分析担当ごとの内容", worker: "見解の生成元", record: "凍結済み記録", key: "主要内容", earnings: "直近決算", forward: "先行条件", news: "ニュース・業界シグナル", recentNews: "直近の企業・業界ニュース", newsSummary: "ニュース席の要約", noDatedNews: "as_of までの120日間にある日付付きニュース出典を取得できませんでした。", newsExcluded: "ニュース時刻ゲートで除外", valuation: "評価レンジ・価格条件", position: "ポジション", gaps: "データ欠落と失敗した席", invalidation: "無効化条件", files: "ファイル", report: "完全レポート", index: "代理成果物一覧", trace: "全代理トレース", quality: "レポート品質検査", missing: "未取得。", noGaps: "追加の欠落は記録されていません。", noInvalidation: "正式な無効化条件はありません。",
     },
     ko: {
-      title: "AlphaCouncil 실행 요약", status: "실행 상태 및 기한", statusLabel: "상태", contract: "보고서 계약", scope: "실행 범위", elapsed: "소요 시간", deadline: "하드 기한", deadlineMet: "기한 내 저장", fullScope: "full_v2: 8개 증거 좌석, 선택된 각 방법론 전용 워커, 3라운드 롱/숏 질의응답, PM. 플러그인 관리 실행은 30분 안에 반드시 종단 상태가 됩니다.", quickScope: "quick_v1: 4개 증거 좌석, 1–4개 방법론 좌석, 단일 롱/숏 라운드, 짧은 PM. full council과 동등하지 않습니다.", price: "시스템 기록 가격", noPrice: "검증 가능한 시세를 가져오지 못했으며 가격을 임의로 만들지 않았습니다.", delayed: "지연 시세", conclusion: "결론", rating: "등급", winner: "토론 승자", confidence: "신뢰도", judgment: "판단", noDecision: "NEEDS_MANAGER_REVIEW. 도구 또는 PM 실패를 투자 등급으로 바꿀 수 없습니다.", masters: "방법론 좌석별 기록(본인의 실제 발언이나 인용이 아님)", analysts: "분석가 좌석별 내용", worker: "전용 워커", key: "핵심 내용", earnings: "최근 실적", forward: "선행 조건", news: "뉴스·산업 신호", recentNews: "최근 기업 및 산업 뉴스", newsSummary: "뉴스 좌석 요약", noDatedNews: "as_of까지 120일 이내의 날짜가 있는 뉴스 출처를 확보하지 못했습니다.", newsExcluded: "뉴스 시간 게이트에서 제외", valuation: "가치평가 범위·가격 조건", position: "포지션", gaps: "데이터 공백 및 실패 좌석", invalidation: "무효화 조건", files: "파일 위치", report: "전체 보고서", index: "에이전트 산출물 색인", trace: "전체 에이전트 추적", quality: "보고서 품질 검사", missing: "미확보.", noGaps: "추가 공백이 기록되지 않았습니다.", noInvalidation: "공식 무효화 조건이 없습니다.",
+      title: "AlphaCouncil 실행 요약", status: "실행 상태 및 기한", statusLabel: "상태", contract: "보고서 계약", scope: "실행 범위", elapsed: "소요 시간", deadline: "하드 기한", deadlineMet: "기한 내 저장", fullScope: "full_v2: 8개 증거 좌석, 선택된 모든 방법론 좌석의 감사 가능한 최종 발언, 3라운드 롱/숏 질의응답, PM. 플러그인 관리 실행은 30분 안에 반드시 종단 상태가 됩니다.", quickScope: "quick_v1: 4개 증거 좌석, 1–4개 방법론 좌석, 단일 롱/숏 라운드, 짧은 PM. full council과 동등하지 않습니다.", price: "시스템 기록 가격", noPrice: "검증 가능한 시세를 가져오지 못했으며 가격을 임의로 만들지 않았습니다.", delayed: "지연 시세", instrument: "종목 분류 및 조사 경로", assetType: "자산 유형", researchModel: "조사 모델", classifiedBy: "분류 근거", conclusion: "결론", rating: "등급", winner: "토론 승자", confidence: "신뢰도", judgment: "판단", noDecision: "NEEDS_MANAGER_REVIEW. 도구 또는 PM 실패를 투자 등급으로 바꿀 수 없습니다.", masters: "마지막: 방법론 좌석별 최종 발언(본인의 실제 발언이나 인용이 아님)", analysts: "분석가 좌석별 내용", worker: "발언 출처", record: "동결 기록", key: "핵심 내용", earnings: "최근 실적", forward: "선행 조건", news: "뉴스·산업 신호", recentNews: "최근 기업 및 산업 뉴스", newsSummary: "뉴스 좌석 요약", noDatedNews: "as_of까지 120일 이내의 날짜가 있는 뉴스 출처를 확보하지 못했습니다.", newsExcluded: "뉴스 시간 게이트에서 제외", valuation: "가치평가 범위·가격 조건", position: "포지션", gaps: "데이터 공백 및 실패 좌석", invalidation: "무효화 조건", files: "파일 위치", report: "전체 보고서", index: "에이전트 산출물 색인", trace: "전체 에이전트 추적", quality: "보고서 품질 검사", missing: "미확보.", noGaps: "추가 공백이 기록되지 않았습니다.", noInvalidation: "공식 무효화 조건이 없습니다.",
     },
   }[languageKey(language)];
 }
@@ -948,10 +1114,10 @@ function localizedDisplayValue(value, language) {
   const key = languageKey(language);
   const token = value === true ? "true" : value === false ? "false" : String(value || "unknown");
   const maps = {
-    zh: { unknown: "未知", unavailable: "不可用", true: "是", false: "否", pending: "待运行", running: "运行中", waiting: "等待中", completed: "已完成", complete: "完整", failed: "失败", degraded: "降级", incomplete: "不完整", skipped: "未运行", declined: "不适用", constructive: "建设性", cautious: "谨慎", opposed: "反对", out_of_scope: "证据范围外", high: "高", medium: "中", low: "低", Buy: "买入", Overweight: "增持", Hold: "持有", Underweight: "减持", Sell: "卖出", bull: "多方", bear: "空方", balanced: "平衡" },
-    en: { unknown: "unknown", unavailable: "unavailable", true: "yes", false: "no" },
-    ja: { unknown: "不明", unavailable: "取得不可", true: "はい", false: "いいえ", pending: "待機中", running: "実行中", waiting: "待機中", completed: "完了", complete: "完了", failed: "失敗", degraded: "縮退", incomplete: "不完全", skipped: "未実行", declined: "適用外", constructive: "前向き", cautious: "慎重", opposed: "反対", out_of_scope: "証拠範囲外", high: "高", medium: "中", low: "低", Buy: "買い", Overweight: "オーバーウェイト", Hold: "中立", Underweight: "アンダーウェイト", Sell: "売り", bull: "強気", bear: "弱気", balanced: "均衡" },
-    ko: { unknown: "알 수 없음", unavailable: "확인 불가", true: "예", false: "아니요", pending: "대기 중", running: "실행 중", waiting: "대기 중", completed: "완료", complete: "완료", failed: "실패", degraded: "성능 저하", incomplete: "불완전", skipped: "미실행", declined: "적용 범위 밖", constructive: "긍정적", cautious: "신중", opposed: "반대", out_of_scope: "증거 범위 밖", high: "높음", medium: "중간", low: "낮음", Buy: "매수", Overweight: "비중 확대", Hold: "보유", Underweight: "비중 축소", Sell: "매도", bull: "강세", bear: "약세", balanced: "균형" },
+    zh: { unknown: "未知", unavailable: "不可用", true: "是", false: "否", pending: "待运行", running: "运行中", waiting: "等待中", completed: "已完成", complete: "完整", failed: "失败", degraded: "降级", incomplete: "不完整", skipped: "未运行", declined: "不适用", constructive: "建设性", cautious: "谨慎", opposed: "反对", out_of_scope: "证据范围外", deterministic_fallback: "确定性方法规则", completed_worker: "隔离方法席代理", recorded: "已记录", high: "高", medium: "中", low: "低", Buy: "买入", Overweight: "增持", Hold: "持有", Underweight: "减持", Sell: "卖出", bull: "多方", bear: "空方", balanced: "平衡" },
+    en: { unknown: "unknown", unavailable: "unavailable", true: "yes", false: "no", deterministic_fallback: "deterministic method policy", completed_worker: "isolated method-seat worker", recorded: "recorded" },
+    ja: { unknown: "不明", unavailable: "取得不可", true: "はい", false: "いいえ", pending: "待機中", running: "実行中", waiting: "待機中", completed: "完了", complete: "完了", failed: "失敗", degraded: "縮退", incomplete: "不完全", skipped: "未実行", declined: "適用外", constructive: "前向き", cautious: "慎重", opposed: "反対", out_of_scope: "証拠範囲外", deterministic_fallback: "決定論的メソッド規則", completed_worker: "分離メソッド席ワーカー", recorded: "記録済み", high: "高", medium: "中", low: "低", Buy: "買い", Overweight: "オーバーウェイト", Hold: "中立", Underweight: "アンダーウェイト", Sell: "売り", bull: "強気", bear: "弱気", balanced: "均衡" },
+    ko: { unknown: "알 수 없음", unavailable: "확인 불가", true: "예", false: "아니요", pending: "대기 중", running: "실행 중", waiting: "대기 중", completed: "완료", complete: "완료", failed: "실패", degraded: "성능 저하", incomplete: "불완전", skipped: "미실행", declined: "적용 범위 밖", constructive: "긍정적", cautious: "신중", opposed: "반대", out_of_scope: "증거 범위 밖", deterministic_fallback: "결정론적 방법 규칙", completed_worker: "격리 방법론 좌석 워커", recorded: "기록됨", high: "높음", medium: "중간", low: "낮음", Buy: "매수", Overweight: "비중 확대", Hold: "보유", Underweight: "비중 축소", Sell: "매도", bull: "강세", bear: "약세", balanced: "균형" },
   };
   return maps[key]?.[token] || token;
 }
@@ -969,7 +1135,9 @@ export function userResponseMarkdown(run, manager) {
     const opinion = (run.master_opinions || []).find((item) => item.master === id);
     const state = run.master_status?.[id] || { status: "pending" };
     if (!opinion) return `- ${masterTitle(id, run.language)} (\`${id}\`) [${localizedDisplayValue(state.status, run.language)}]: ${localizedFailure(state.error, run.language) || copy.missing}`;
-    return `- ${masterTitle(id, run.language)} (\`${id}\`) [${localizedDisplayValue(opinion.stance, run.language)}/${localizedDisplayValue(opinion.confidence || "low", run.language)}; ${copy.worker}=${localizedDisplayValue(opinion.dedicated_worker?.status || opinion.voice_status || "unknown", run.language)}]: ${clipAtBoundary(opinion.voice_statement || opinion.summary || opinion.verdict, 520)}`;
+    const statementSource = opinion.dedicated_worker?.status || opinion.voice_status || "unknown";
+    const frozenRecord = opinion.statement_origin || opinion.reason || opinion.engine || "recorded";
+    return `- ${masterTitle(id, run.language)} (\`${id}\`) — ${clipAtBoundary(opinion.voice_statement || opinion.summary || opinion.verdict, 520)} [${copy.record}: ${localizedDisplayValue(opinion.stance, run.language)}/${localizedDisplayValue(opinion.confidence || "low", run.language)}; ${copy.worker}: ${localizedDisplayValue(statementSource, run.language)}; ${frozenRecord}]`;
   }).join("\n") || `- ${copy.missing}`;
   const analystLines = (run.tasks || []).map((task) => {
     const packet = (run.packets || []).find((item) => item.task === task);
@@ -1003,15 +1171,17 @@ export function userResponseMarkdown(run, manager) {
     `## ${copy.price}`,
     `- ${priceLine}`,
     "",
+    `## ${copy.instrument}`,
+    `- ${copy.assetType}: ${run?.grounding?.instrument?.asset_type || localizedDisplayValue("unknown", run.language)}`,
+    `- ${copy.researchModel}: ${run?.grounding?.instrument?.research_model || localizedDisplayValue("unknown", run.language)}`,
+    `- ${copy.classifiedBy}: ${run?.grounding?.instrument?.classification_source || localizedDisplayValue("unknown", run.language)}`,
+    "",
     `## ${copy.conclusion}`,
     `- ${copy.rating}: ${localizedDisplayValue(decisionAvailable ? manager.rating : "unavailable", run.language)}`,
     `- ${copy.winner}: ${localizedDisplayValue(decisionAvailable ? (manager.winner || "unknown") : "unavailable", run.language)}`,
     `- ${copy.confidence}: ${localizedDisplayValue(decisionAvailable ? (manager.confidence || "low") : "unavailable", run.language)}`,
     `- ${copy.judgment}: ${decisionAvailable ? clipAtBoundary(manager.verdict || manager.summary, 720) : copy.noDecision}`,
     "",
-    `## ${copy.masters}`,
-    masterLines,
-    "",
     `## ${copy.analysts}`,
     analystLines,
     "",
@@ -1038,6 +1208,9 @@ export function userResponseMarkdown(run, manager) {
     `- ${copy.index}: ${artifacts.artifact_index_md}`,
     `- ${copy.trace}: ${artifacts.all_agents_md}`,
     `- ${copy.quality}: ${artifacts.report_quality_json}`,
+    "",
+    `## ${copy.masters} — ${(run.masters || []).length}`,
+    masterLines,
   ].join("\n");
 }
 

package/mcp/lib/master-catalog.mjs

@@ -111,6 +111,10 @@ const CARDS = Object.freeze({
     zh: ["Mohnish Pabrai，Pabrai Funds 创始人和 Dhandho 价值投资人", "寻找低永久损失、高不确定性、离散催化剂和明显不对称赔率。", "特殊情形、资产保护、克隆后独立复算和集中机会"],
     en: ["Mohnish Pabrai, Pabrai Funds founder and Dhandho value investor", "Looks for low permanent-loss risk, high uncertainty, discrete catalysts and strongly asymmetric odds.", "Special situations, asset protection, independently rebuilt clones and concentration"],
   },
+  master_bogle: {
+    zh: ["约翰·博格，先锋集团创始人和低成本指数投资的倡导者", "把一篮子的长期预期回报拆成股息率、盈利增长和估值变化，再减去持有成本。", "指数基金、ETF、整体市场预期回报和持有成本"],
+    en: ["John C. Bogle, Vanguard's founder and the advocate of low-cost index investing", "Decomposes a basket's long-run expected return into dividend yield, earnings growth and the change in valuation, then subtracts the cost of holding it.", "Index funds, ETFs, market-wide expected return and cost of ownership"],
+  },
   master_jhunjhunwala: {
     zh: ["Rakesh Jhunjhunwala，以长期集中持仓闻名的印度投资人", "结合印度结构成长、promoter 治理、现金质量、规模扩张和流动性。", "印度上市公司、结构渗透、治理和集中成长机会"],
     en: ["Rakesh Jhunjhunwala, an Indian investor known for long-duration concentrated holdings", "Combines Indian structural growth, promoter governance, cash quality, scaling and liquidity.", "Indian equities, structural penetration, governance and concentrated growth"],