alphacouncil-agent 1.0.1 → 1.0.3

package/mcp/lib/fundamentals.mjs

@@ -781,6 +781,17 @@ export function deriveFundamentals({ companyFacts, asOf = null, maintenanceCapex
   });
 }
 
+/**
+ * True when a registrant has filed no XBRL at all.
+ *
+ * SEC's own ticker file maps XOM to ExxonMobil Holdings Corp -- a newly formed entity with zero
+ * us-gaap tags -- while the operating history sits under a different CIK. Every metric then
+ * reported as missing, individually, and nothing said the registrant itself was empty.
+ */
+export function hasNoXbrlHistory(companyFacts) {
+  return Object.keys(companyFacts?.facts?.["us-gaap"] || {}).length === 0;
+}
+
 /**
  * Thin fetching wrapper: resolve the filer, pull Company Facts through the throttled and
  * User-Agent-bearing sec.mjs client, then hand the JSON to the pure function above.

package/mcp/lib/grounding.mjs

@@ -5,7 +5,28 @@ import { fetchMacroSeries } from "./fred.mjs";
 import { fetchFundamentals } from "./fundamentals.mjs";
 import { fetchInsiderOwnership } from "./insider-ownership.mjs";
 import { INDEX_PROXIES, normalizeIndexSymbol } from "./index-aggregate.mjs";
+import { SECTOR_SPDRS, fetchCrossMarket, fetchSectorDispersion } from "./cross-market.mjs";
+import { fetchBasketNews } from "./basket-news.mjs";
 import { gatherInstrumentFacts, LOOK_THROUGH_FACT_IDS } from "./instrument-facts.mjs";
+
+/** The index a US company is measured against when a method asks what the market costs. */
+const BROAD_MARKET_INDEX = "^GSPC";
+
+/**
+ * Facts that describe the market rather than the subject.
+ *
+ * Everything else the index block produces -- leverage, growth, breadth of a basket -- is about
+ * a portfolio the company is not, and forwarding it would answer a different question in the
+ * subject's name.
+ */
+const MARKET_LEVEL_FACTS = new Set([
+  "index.aggregate_pe_ttm",
+  "index.aggregate_pe_forward",
+  "index.aggregate_earnings_yield",
+  "index.dividend_yield",
+  "valuation.implied_erp",
+  "cycle.valuation_percentile",
+]);
 import { fetchOptionsChain } from "./options.mjs";
 import { screenTicker } from "./screen.mjs";
 import { resolveIndustry, industryCoverage } from "./industry.mjs";
@@ -93,6 +114,7 @@ export async function gatherGrounding({
   now = new Date(),
   language = "English",
   signal,
+  budgetMs = null,
 } = {}) {
   const snapshotPolicy = liveSnapshotPolicy(asOf, { now });
   const gatheredAt = now instanceof Date ? now.toISOString() : new Date(now).toISOString();
@@ -200,6 +222,22 @@ export async function gatherGrounding({
     }));
   }
 
+  // What else is this a bet on. Only for baskets: a single company's correlation to KOSPI is a
+  // fact about its sector, not about the company, and the seats that reason about crowding and
+  // position size are asking about the basket.
+  if (symbol && isFundOrIndex(out.instrument)) {
+    jobs.push(safely("cross-market", () => fetchCrossMarket(symbol, { signal })).then((r) => {
+      if (!r.ok) { out.unavailable.push(r.error); return; }
+      if (r.value.facts.length) out.cross_market = r.value.facts;
+      out.unavailable.push(...r.value.unavailable);
+    }));
+    jobs.push(safely("sector dispersion", () => fetchSectorDispersion(SECTOR_SPDRS, { signal })).then((r) => {
+      if (!r.ok) { out.unavailable.push(r.error); return; }
+      if (r.value.available) out.sector_dispersion = r.value;
+      out.unavailable.push(...(r.value.unavailable || []));
+    }));
+  }
+
   if (cik) {
     if (snapshotPolicy.allowed) {
       // Resolve the registrant before deciding whether Company Facts applies. Scheduling
@@ -302,11 +340,32 @@ export async function gatherGrounding({
     out.unavailable.push(`structured financials for ${symbol}: this adapter is not point-in-time versioned; current data was not fetched for a historical cutoff`);
   }
 
+  // The market's own valuation, for every US subject rather than only for baskets.
+  //
+  // Three seats require `index.aggregate_earnings_yield` and reported it missing on every
+  // single-company run this product has ever done. They were right to ask: the market's
+  // aggregate earnings yield is not a property of the subject, it is the yardstick the subject
+  // is measured against. Damodaran's implied premium needs it, Asness's Fed-model critique IS
+  // about it, and Marks reads it as where the cycle stands. The subject decides whose holdings
+  // get read; it does not decide whether the market has a price-earnings ratio.
+  if (symbol && !isFundOrIndex(out.instrument) && symbolMarket?.id === "US" && snapshotPolicy.allowed) {
+    jobs.push(safely("market valuation", () => gatherInstrumentFacts({
+      symbol: BROAD_MARKET_INDEX, instrument: { research_model: "index_aggregate", index_like: true },
+      asOf, signal, lookThroughFactIds: [],
+    })).then((r) => {
+      if (!r.ok) { out.unavailable.push(r.error); return; }
+      // Only the market-level block. A company's own leverage and growth come from its filings,
+      // and taking them from the index would be silently answering a different question.
+      const marketFacts = (r.value.facts || []).filter((fact) => MARKET_LEVEL_FACTS.has(fact.fact_id));
+      if (marketFacts.length) out.market_valuation = { ...r.value, facts: marketFacts };
+    }));
+  }
+
   // A fund or index has no issuer financials, so this is where its evidence comes from
   // instead: published holdings, index-level valuation and the look-through aggregates that
   // let an operating-company method run against a basket at all.
   if (symbol && isFundOrIndex(out.instrument) && snapshotPolicy.allowed) {
-    jobs.push(safely("instrument aggregate", () => gatherInstrumentFacts({
+    const instrumentJob = safely("instrument aggregate", () => gatherInstrumentFacts({
       symbol, instrument: out.instrument, asOf, signal,
       // The operating-company facts a basket can supply at all: everything the method seats
       // ask of a company, aggregated by weight across the constituents that publish it.
@@ -315,7 +374,21 @@ export async function gatherGrounding({
       if (!r.ok) { out.unavailable.push(r.error); return; }
       out.instrument_aggregate = r.value;
       out.unavailable.push(...(r.value.unavailable || []));
-    }));
+    });
+    jobs.push(instrumentJob);
+    // A basket has no press office and files nothing, so its news comes from what it holds.
+    // Chained after the instrument pass rather than run beside it, because the holdings are
+    // what name the industry -- fetching them twice to avoid the wait would cost more than it
+    // saves.
+    jobs.push((async () => {
+      await instrumentJob;
+      const holdings = out.instrument_aggregate?.holdings;
+      if (!holdings?.length) return;
+      const news = await safely("basket news", () => fetchBasketNews(holdings, { asOf, signal }));
+      if (!news.ok) { out.unavailable.push(news.error); return; }
+      if (news.value.available) out.basket_news = news.value;
+      out.unavailable.push(...(news.value.unavailable || []));
+    })());
   }
 
   if (symbol && isFundOrIndex(out.instrument)) {
@@ -347,7 +420,32 @@ export async function gatherGrounding({
     out.unavailable.push("industry map: the curated map is not publication-versioned and was excluded from the historical information set");
   }
 
-  await Promise.all(jobs);
+  // Return what arrived, not nothing.
+  //
+  // A caller that raced this whole function against a timer threw away a completed quote, a
+  // completed screen and a completed filing set because one slow feed had not landed -- and the
+  // analysts downstream, handed an empty object, reported "no ticker was provided". The symbol
+  // had been provided; the fetch had not finished. Settling at the budget keeps everything that
+  // did arrive and names what did not.
+  if (Number.isFinite(budgetMs) && budgetMs > 0) {
+    let settled = false;
+    const all = Promise.all(jobs).then(() => { settled = true; });
+    let timer;
+    await Promise.race([
+      all,
+      new Promise((resolve) => { timer = setTimeout(resolve, budgetMs); }),
+    ]);
+    clearTimeout(timer);
+    if (!settled) {
+      out.partial = true;
+      out.unavailable.push(
+        `grounding budget of ${Math.round(budgetMs)}ms elapsed before every source answered;`
+        + " this run carries what arrived by then and names the rest as gaps rather than discarding it",
+      );
+    }
+  } else {
+    await Promise.all(jobs);
+  }
 
   // Coverage across every symbol in play, so a report cannot quietly become US-only.
   const inPlay = [symbol, ...(out.industry?.participants || []).map((p) => p.symbol)].filter(Boolean);

package/mcp/lib/industry.mjs

@@ -119,24 +119,45 @@ export const SIC_GROUPS = [
   { id: "mining_energy", range: [1000, 1499], title: { zh: "采矿与能源", en: "Mining and energy" } },
   { id: "construction", range: [1500, 1799], title: { zh: "建筑", en: "Construction" } },
   { id: "food_beverage", range: [2000, 2199], title: { zh: "食品饮料", en: "Food and beverage" } },
+  { id: "textiles_apparel", range: [2200, 2399], title: { zh: "纺织服装", en: "Textiles and apparel" } },
+  { id: "paper_packaging", range: [2400, 2679], title: { zh: "造纸与包装", en: "Paper and packaging" } },
+  { id: "publishing", range: [2700, 2799], title: { zh: "出版印刷", en: "Publishing and printing" } },
   { id: "chemicals", range: [2800, 2899], title: { zh: "化工", en: "Chemicals" } },
   { id: "pharma_biotech", range: [2833, 2836], title: { zh: "医药与生物科技", en: "Pharma and biotech" } },
   { id: "energy_refining", range: [2900, 2999], title: { zh: "炼化", en: "Refining" } },
+  { id: "rubber_plastics", range: [3000, 3199], title: { zh: "橡胶塑料", en: "Rubber and plastics" } },
+  { id: "building_materials", range: [3200, 3299], title: { zh: "建材", en: "Building materials" } },
   { id: "metals", range: [3300, 3399], title: { zh: "金属", en: "Metals" } },
+  { id: "fabricated_metal", range: [3400, 3499], title: { zh: "金属制品", en: "Fabricated metal products" } },
   { id: "machinery", range: [3500, 3569], title: { zh: "机械", en: "Machinery" } },
   { id: "computers_hardware", range: [3570, 3579], title: { zh: "计算机硬件", en: "Computers and hardware" } },
+  { id: "industrial_equipment", range: [3580, 3599], title: { zh: "工业设备", en: "Industrial equipment" } },
   { id: "electronics", range: [3600, 3673], title: { zh: "电子", en: "Electronics" } },
   { id: "semiconductors", range: [3674, 3674], title: { zh: "半导体", en: "Semiconductors" } },
-  { id: "instruments_medical", range: [3820, 3873], title: { zh: "仪器与医疗器械", en: "Instruments and medical devices" } },
+  { id: "electrical_equipment", range: [3675, 3699], title: { zh: "电气设备", en: "Electrical equipment" } },
+  { id: "autos", range: [3700, 3719], title: { zh: "汽车", en: "Automobiles" } },
+  { id: "aerospace_defense", range: [3720, 3799], title: { zh: "航空航天与国防", en: "Aerospace and defense" } },
+  { id: "instruments_medical", range: [3800, 3879], title: { zh: "仪器与医疗器械", en: "Instruments and medical devices" } },
+  { id: "manufacturing_other", range: [3880, 3999], title: { zh: "其他制造", en: "Other manufacturing" } },
   { id: "transportation", range: [4000, 4799], title: { zh: "运输", en: "Transportation" } },
   { id: "telecom", range: [4800, 4899], title: { zh: "电信", en: "Telecom" } },
   { id: "utilities", range: [4900, 4999], title: { zh: "公用事业", en: "Utilities" } },
+  { id: "wholesale", range: [5000, 5199], title: { zh: "批发分销", en: "Wholesale and distribution" } },
   { id: "retail", range: [5200, 5999], title: { zh: "零售", en: "Retail" } },
-  { id: "banks", range: [6020, 6199], title: { zh: "银行", en: "Banks" } },
+  { id: "banks", range: [6000, 6199], title: { zh: "银行", en: "Banks" } },
+  { id: "brokers_asset_managers", range: [6200, 6299], title: { zh: "券商与资产管理", en: "Brokers and asset managers" } },
   { id: "insurance", range: [6300, 6411], title: { zh: "保险", en: "Insurance" } },
+  { id: "financial_services", range: [6412, 6499], title: { zh: "金融服务", en: "Financial services" } },
   { id: "real_estate", range: [6500, 6799], title: { zh: "房地产", en: "Real estate" } },
+  { id: "hospitality_leisure", range: [7000, 7099], title: { zh: "酒店与休闲", en: "Hospitality and leisure" } },
+  { id: "business_services", range: [7100, 7369], title: { zh: "商业服务", en: "Business services" } },
   { id: "software", range: [7370, 7379], title: { zh: "软件与IT服务", en: "Software and IT services" } },
+  { id: "consumer_services", range: [7380, 7799], title: { zh: "消费服务", en: "Consumer services" } },
+  { id: "media_entertainment", range: [7800, 7999], title: { zh: "影视与娱乐", en: "Media and entertainment" } },
   { id: "healthcare_services", range: [8000, 8099], title: { zh: "医疗服务", en: "Healthcare services" } },
+  { id: "professional_services", range: [8100, 8730], title: { zh: "专业服务", en: "Professional services" } },
+  { id: "research_services", range: [8731, 8734], title: { zh: "研究服务", en: "Research services" } },
+  { id: "other_services", range: [8735, 8999], title: { zh: "其他服务", en: "Other services" } },
 ];
 
 export function sicGroupFor(sic) {

package/mcp/lib/insider-ownership.mjs

@@ -26,6 +26,9 @@ const OWNERSHIP_FORMS = new Set(["3", "4", "5", "3/A", "4/A", "5/A"]);
 /** A registrant with more insiders than this is not a governance question, it is a bad parse. */
 const MAX_DISTINCT_OWNERS = 60;
 
+/** Filings read per round. SEC's ~10 req/s guidance is enforced by the client's own throttle. */
+const OWNERSHIP_BATCH = 8;
+
 /** Below this share of the register the aggregate says nothing, so it refuses instead. */
 export const MIN_OWNER_COVERAGE = 1;
 
@@ -105,19 +108,27 @@ export async function fetchInsiderOwnership(cik, { sharesOutstanding, asOf = nul
   const byOwner = new Map();
   const sources = [];
   let newestFiling = null;
-  for (const filing of ownershipFilings) {
-    if (byOwner.size >= MAX_DISTINCT_OWNERS) break;
-    let document;
-    try {
-      document = await fetchFilingDocument(index.cik, filing.accession, filing.primary_document, { signal });
-    } catch {
-      continue;
+  // Read in bounded concurrent batches rather than one filing at a time. Sequentially this was
+  // up to sixty throttled round trips on the critical path of every company run, which is what
+  // pushed grounding past its budget -- and a budget overrun used to discard the whole run's
+  // evidence. Newest-first order is preserved across batches, so an owner is still taken from
+  // their most recent filing.
+  const candidates = ownershipFilings.slice(0, MAX_DISTINCT_OWNERS * 3);
+  for (let offset = 0; offset < candidates.length && byOwner.size < MAX_DISTINCT_OWNERS; offset += OWNERSHIP_BATCH) {
+    const batch = candidates.slice(offset, offset + OWNERSHIP_BATCH);
+    const documents = await Promise.all(batch.map((filing) => (
+      fetchFilingDocument(index.cik, filing.accession, filing.primary_document, { signal })
+        .then((document) => ({ filing, document }))
+        .catch(() => null)
+    )));
+    for (const entry of documents) {
+      if (!entry) continue;
+      const parsed = parseOwnershipDocument(entry.document.text);
+      if (!parsed || byOwner.has(parsed.owner_cik)) continue;
+      byOwner.set(parsed.owner_cik, { ...parsed, filing_date: entry.filing.filing_date, url: entry.document.url });
+      sources.push(`sec:ownership:${index.cik}:${entry.filing.accession}`);
+      if (!newestFiling || entry.filing.filing_date > newestFiling) newestFiling = entry.filing.filing_date;
     }
-    const parsed = parseOwnershipDocument(document.text);
-    if (!parsed || byOwner.has(parsed.owner_cik)) continue;
-    byOwner.set(parsed.owner_cik, { ...parsed, filing_date: filing.filing_date, url: document.url });
-    sources.push(`sec:ownership:${index.cik}:${filing.accession}`);
-    if (!newestFiling || filing.filing_date > newestFiling) newestFiling = filing.filing_date;
   }
   if (byOwner.size < MIN_OWNER_COVERAGE) {
     return gap(`insider ownership: no Section 16 document for ${index.name || cik} could be parsed`);

package/mcp/lib/instrument-facts.mjs

@@ -839,6 +839,9 @@ export async function gatherInstrumentFacts({
     symbol,
     research_model: instrument?.research_model || "market_instrument",
     provenance,
+    // The disclosed positions themselves, so a caller that needs the basket's identity rather
+    // than its aggregates -- news, for one -- does not fetch the holdings file a second time.
+    holdings: holdings?.holdings || null,
     facts,
     // Several facts have more than one route -- the implied ERP and the valuation percentile
     // are computed from the published workbook when the index feed cannot supply them -- and

package/mcp/lib/markdown.mjs

@@ -118,25 +118,33 @@ const MASTER_STATEMENT_COPY = Object.freeze({
     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`,
+    abstainLead: (n) => `\u53e6\u6709 ${n} \u5e2d\u672c\u8f6e\u672a\u80fd\u53d6\u5f97\u5176\u65b9\u6cd5\u5fc5\u9700\u7684\u8f93\u5165\uff0c\u56e0\u6b64\u6ca1\u6709\u7ed9\u51fa\u65b9\u5411\u3002\u8fd9\u662f\u6570\u636e\u7f3a\u53e3\uff0c\u4e0d\u662f\u770b\u7a7a\u7968\uff1a`,
+    declined: "\u770b\u8fc7\u4e4b\u540e\u51b3\u5b9a\u4e0d\u53c2\u4e0e\u7684\u5e2d\u4f4d",
+    declinedLead: (n) => `\u4ee5\u4e0b ${n} \u5e2d\u7684\u65b9\u6cd5\u8dd1\u5b8c\u4e86\uff0c\u5e76\u4e14\u5f97\u51fa\u4e86\u201c\u4e0d\u662f\u8fd9\u4e2a\u201d\u3002\u8fd9\u662f\u5224\u65ad\uff0c\u4e0d\u662f\u7f3a\u6570\u636e\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:`,
+    abstainLead: (n) => `A further ${n} seat(s) issue no direction because a method-critical input did not arrive this round. This is a data gap, not a bearish vote:`,
+    declined: "Seats whose method examined this and declined",
+    declinedLead: (n) => `${n} seat(s) ran their method to completion and it returned "not this one". These are judgments, not missing data:`,
   },
   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`,
+    abstainLead: (n) => `\u4ed6\u306b ${n} \u5e2d\u306f\u3001\u30e1\u30bd\u30c3\u30c9\u306b\u5fc5\u8981\u306a\u5165\u529b\u304c\u4eca\u56de\u5c4a\u304b\u306a\u304b\u3063\u305f\u305f\u3081\u65b9\u5411\u6027\u3092\u793a\u3057\u307e\u305b\u3093\u3002\u30c7\u30fc\u30bf\u306e\u6b20\u843d\u3067\u3042\u308a\u3001\u5f31\u6c17\u7968\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff1a`,
+    declined: "\u691c\u8a0e\u3057\u305f\u4e0a\u3067\u898b\u9001\u3063\u305f\u5e2d",
+    declinedLead: (n) => `\u6b21\u306e ${n} \u5e2d\u306f\u30e1\u30bd\u30c3\u30c9\u3092\u6700\u5f8c\u307e\u3067\u5b9f\u884c\u3057\u3001\u300c\u3053\u308c\u3067\u306f\u306a\u3044\u300d\u3068\u7d50\u8ad6\u3057\u307e\u3057\u305f\u3002\u30c7\u30fc\u30bf\u4e0d\u8db3\u3067\u306f\u306a\u304f\u5224\u65ad\u3067\u3059\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:`,
+    abstainLead: (n) => `\uadf8 \uc678 ${n}\uac1c \uc88c\uc11d\uc740 \ubc29\ubc95\ub860\uc5d0 \ud544\uc694\ud55c \uc785\ub825\uc774 \uc774\ubc88 \ud68c\ucc28\uc5d0 \ub3c4\ucc29\ud558\uc9c0 \uc54a\uc544 \ubc29\ud5a5\uc744 \uc81c\uc2dc\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ub370\uc774\ud130 \uacf5\ubc31\uc774\uba70 \uc57d\uc138 \ud22c\ud45c\uac00 \uc544\ub2d9\ub2c8\ub2e4:`,
+    declined: "\uac80\ud1a0 \ud6c4 \ucc38\uc5ec\ud558\uc9c0 \uc54a\uae30\ub85c \ud55c \uc88c\uc11d",
+    declinedLead: (n) => `\ub2e4\uc74c ${n}\uac1c \uc88c\uc11d\uc740 \ubc29\ubc95\ub860\uc744 \ub05d\uae4c\uc9c0 \uc218\ud589\ud588\uace0 "\uc774\uac83\uc740 \uc544\ub2c8\ub2e4"\ub77c\ub294 \uacb0\ub860\uc5d0 \ub3c4\ub2ec\ud588\uc2b5\ub2c8\ub2e4. \ub370\uc774\ud130 \ubd80\uc871\uc774 \uc544\ub2c8\ub77c \ud310\ub2e8\uc785\ub2c8\ub2e4:`,
   },
 });
 
@@ -183,12 +191,25 @@ function renderMasterStatements(run) {
   const sections = [`### ${copy.heading}`, voiceDisclaimer(run.language)];
   if (acted.length) sections.push(`#### ${copy.acted}`, acted.map(seatBlock).join("\n\n"));
   if (abstained.length) {
-    // One paragraph, not one row per seat. The stable IDs stay visible so the gate and the
-    // reader can both account for every selected seat without twenty-five identical lines.
-    const merged = abstained
+    // Two reasons wear the same word and they are not the same event. A seat whose method
+    // examined the subject and declined has ANSWERED -- Graham finding no asset floor, a
+    // volatility seat finding no testable observation -- and reporting that as "missing an
+    // input" tells a reader the system broke when the method spoke. A seat whose required
+    // fact never arrived genuinely is a gap. Rendering them together made every run read as
+    // the second kind, which is the complaint this split exists to answer.
+    // One paragraph each, not one row per seat: the stable IDs stay visible so the gate and
+    // the reader can both account for every selected seat.
+    const merged = (group) => group
       .map((opinion) => `${masterTitle(opinion.master, run.language)} (\`${opinion.master}\`) \u2014 ${opinion.voice_statement}`)
       .join(" ");
-    sections.push(`#### ${copy.abstained}`, `${copy.abstainLead(abstained.length)}\n\n${merged}`);
+    const declined = abstained.filter((opinion) => methodDeclined(opinion));
+    const ungrounded = abstained.filter((opinion) => !methodDeclined(opinion));
+    if (declined.length) {
+      sections.push(`#### ${copy.declined}`, `${copy.declinedLead(declined.length)}\n\n${merged(declined)}`);
+    }
+    if (ungrounded.length) {
+      sections.push(`#### ${copy.abstained}`, `${copy.abstainLead(ungrounded.length)}\n\n${merged(ungrounded)}`);
+    }
   }
   return sections.join("\n\n");
 }
@@ -202,6 +223,18 @@ function renderMasterStatements(run) {
  * weakest thing a council produces and the dissenting seat is the informative one. Stating
  * this next to the opinions is the difference between a bench and a vote count.
  */
+/**
+ * Did the seat's own method reach this, or did the data never arrive?
+ *
+ * A fired veto and a false eligibility condition are both the method running to completion and
+ * returning "not this one". Anything else -- an unmet required fact type, a coverage shortfall,
+ * an executor refusal -- is the run failing to give the method what it asked for.
+ */
+export function methodDeclined(opinion) {
+  const reason = String(opinion?.decision?.reason || opinion?.reason || "");
+  return reason === "veto" || reason === "eligibility";
+}
+
 export function masterCorrelationNote(run) {
   const opinions = run?.master_opinions || [];
   if (!opinions.length) return "";

package/mcp/lib/orchestrator.mjs

@@ -1200,7 +1200,15 @@ export async function groundingForHeadlessRun({ symbol, asOf, grounding, dryRun,
   let timer;
   const controller = Number.isFinite(timeoutMs) ? new AbortController() : null;
   try {
-    const work = gather({ symbol, asOf, ...(controller ? { signal: controller.signal } : {}) });
+    // The budget is handed DOWN so grounding can settle and return what it has. Racing it from
+    // out here discarded a completed quote and a completed screen whenever one feed was slow,
+    // and the analysts then reported a missing ticker for a symbol that had been supplied.
+    // The outer race stays as a backstop, with headroom, for a call that hangs entirely.
+    const work = gather({
+      symbol, asOf,
+      ...(Number.isFinite(timeoutMs) ? { budgetMs: timeoutMs } : {}),
+      ...(controller ? { signal: controller.signal } : {}),
+    });
     if (!Number.isFinite(timeoutMs)) return await work;
     return await Promise.race([
       work,
@@ -1209,7 +1217,7 @@ export async function groundingForHeadlessRun({ symbol, asOf, grounding, dryRun,
           const error = new Error(`quick grounding timed out after ${Math.round(timeoutMs)}ms`);
           reject(error);
           controller?.abort(error);
-        }, timeoutMs);
+        }, timeoutMs + LIMITS.GROUNDING_SETTLE_HEADROOM_MS);
       }),
     ]);
   } catch (error) {

package/mcp/lib/personas/engine.mjs

@@ -13,6 +13,8 @@ import { typedFactPackFromGrounding } from "../personas-v3/grounding-adapter.mjs
 import { buildAnonymousPreDecision, freezeAnonymousDecision } from "../personas-v3/runtime.mjs";
 import { executeDeterministicPersonaPolicy } from "../personas-v3/deterministic-executor.mjs";
 import { languageKey, localized } from "../lang.mjs";
+import { displayMasterLabel } from "../markdown.mjs";
+import { voiceFromDecision, voiceFromDecline } from "../voice-from-decision.mjs";
 import {
   declinedOpinion as v2DeclinedOpinion,
   planMasters as planLegacyMasters,
@@ -77,7 +79,19 @@ function planV3Seat(run, id, pack) {
       pack,
     };
   }
-  if (preDecision.eligibility.status !== "ready") {
+  // A seat with SOME of its required facts still runs its own policy.
+  //
+  // Several seats are authored with a veto that says, in the method's own words, what an absent
+  // fact means -- Pabrai passing without a downside floor, Graham without an asset floor. Those
+  // facts are also tool inputs, so a missing one used to end the run at this gate and the veto
+  // written for exactly that case never executed. The seat then reported "missing X", which is
+  // the runtime describing itself rather than the method answering.
+  //
+  // Vetoes are evaluated before scoring, and every tool, veto and rule already declares its own
+  // `on_missing` and `on_uncomputable` behaviour, so letting the policy run does not invent an
+  // answer: it reaches the authored one. A seat with NONE of its required facts is still a hard
+  // decline -- there is no method left to run.
+  if (preDecision.eligibility.status === "out_of_scope") {
     const frozenDecision = freezeAnonymousDecision(preDecision);
     return {
       id,
@@ -106,9 +120,27 @@ function planV3Seat(run, id, pack) {
       decision: v3DecisionRecord(id, pack, preDecision, frozenDecision),
     };
   } catch (error) {
-    // A malformed policy, unknown operation, missing declared fact, or arithmetic failure
-    // blocks this physical v3 seat. The seat still owns the ID and never falls through to a
-    // legacy prompt or an LLM-authored stance.
+    // A seat that could not run because a fact it needs is absent has DECLINED, not broken.
+    // Partially grounded seats now execute so their authored vetoes can answer, and a seat
+    // without such a veto reaches the same clean abstention it always did -- reporting that as
+    // a blocked policy would turn "there was nothing to compute with" into "the system
+    // failed", which is the confusion this whole pass exists to remove.
+    if (preDecision?.eligibility?.status === "insufficient_grounding" && error?.code === "MISSING_TOOL_INPUT") {
+      const frozenDecision = freezeAnonymousDecision(preDecision);
+      return {
+        id,
+        engine: "v3_method_runtime",
+        declined: true,
+        reason: preDecision.eligibility.status,
+        pack,
+        preDecision,
+        frozenDecision,
+        decision: v3DecisionRecord(id, pack, preDecision, frozenDecision),
+      };
+    }
+    // A malformed policy, unknown operation, or arithmetic failure blocks this physical v3
+    // seat. The seat still owns the ID and never falls through to a legacy prompt or an
+    // LLM-authored stance.
     return {
       id,
       engine: "v3_method_runtime",
@@ -191,8 +223,12 @@ export function completedMasterOpinion(run, item) {
   }
   const result = item.frozenDecision.structured_decision.result;
   const locale = languageKey(run.language);
-  const label = item.pack.admitted_label?.[locale]
-    || item.pack.admitted_label?.en || item.id;
+  // The pack's admitted label carries a maturity suffix -- "provisional operator lens" and its
+  // translations -- which belongs in the assurance section, not inside a sentence about the
+  // company. Left in, every statement read "using the X provisional operator lens method",
+  // which is both ungrammatical and a second copy of a disclosure the report already makes.
+  const label = displayMasterLabel(item.pack.admitted_label?.[locale]
+    || item.pack.admitted_label?.en || item.id);
   const copy = localized(run.language, {
     en: { withheld: (pct) => `${pct}% coverage; score withheld`, unscored: "not scored", verdict: (stance, reason) => `${label} frozen decision: ${stance} (${reason})`, summary: (score) => `Using the ${label} method on ${run.symbol}, the PersonaPack v3 deterministic policy executed with score ${score}. Typed facts, hard vetoes, and score bands produced this stance; no language model selected it.`, hit: (id) => `score hit: ${id}`, miss: (id) => `score miss: ${id}`, eligibility: (id) => `eligibility condition ${id} becomes satisfied`, veto: (id) => `hard veto ${id} no longer triggers`, score: (id) => `score condition ${id} becomes satisfied` },
     zh: { withheld: (pct) => `覆盖率 ${pct}%，分数被保留不发布`, unscored: "未评分", verdict: (stance, reason) => `${label}的冻结结论：${stance}（${reason}）`, summary: (score) => `按${label}方法审视 ${run.symbol}：PersonaPack v3 确定性政策已执行，得分 ${score}。该立场由结构化事实、硬否决和评分带产生，没有让语言模型选择立场。`, hit: (id) => `评分命中：${id}`, miss: (id) => `评分未命中：${id}`, eligibility: (id) => `资格条件 ${id} 变为满足`, veto: (id) => `硬否决 ${id} 不再触发`, score: (id) => `评分条件 ${id} 变为满足` },
@@ -223,6 +259,16 @@ export function completedMasterOpinion(run, item) {
     verdict: copy.verdict(result.stance, result.reason),
     summary: deterministicStatement,
     voice_statement: deterministicStatement,
+    // The five fields, composed from the frozen decision rather than written about it: which
+    // facts were read and their values, what the tools produced, which scoring conditions held
+    // and which did not, and what would move the verdict. A one-line statement told a reader
+    // the stance and nothing about how it was reached.
+    voice: voiceFromDecision({
+      result,
+      policy: item.pack.components?.decision_policy,
+      factPack: item.preDecision?.fact_pack,
+      language: run.language,
+    }),
     voice_status: "deterministic_fallback",
     voice_language: run.language,
     statement_origin: "deterministic_policy_fallback",
@@ -263,8 +309,12 @@ export function declinedMasterOpinion(run, item) {
   if (item?.engine !== "v3_method_runtime") return v2DeclinedOpinion(run, item.id, item.decision);
   const eligibility = item.preDecision.eligibility;
   const locale = languageKey(run.language);
-  const label = item.pack.admitted_label?.[locale]
-    || item.pack.admitted_label?.en || item.id;
+  // The pack's admitted label carries a maturity suffix -- "provisional operator lens" and its
+  // translations -- which belongs in the assurance section, not inside a sentence about the
+  // company. Left in, every statement read "using the X provisional operator lens method",
+  // which is both ungrammatical and a second copy of a disclosure the report already makes.
+  const label = displayMasterLabel(item.pack.admitted_label?.[locale]
+    || item.pack.admitted_label?.en || item.id);
   const instrument = run?.grounding?.instrument;
   const fundOrIndex = instrument?.fund_like === true || instrument?.index_like === true
     || ["etf", "mutual_fund", "index"].includes(instrument?.asset_type);
@@ -284,7 +334,14 @@ export function declinedMasterOpinion(run, item) {
     verdict: copy.verdict,
     summary: copy.summary(missing),
     voice_statement: deterministicStatement,
-    voice_status: "deterministic_fallback",
+    // The five fields, composed from the frozen decision rather than written about it: which
+    // facts were read and their values, what the tools produced, which scoring conditions held
+    // and which did not, and what would move the verdict. A one-line statement told a reader
+    // the stance and nothing about how it was reached.
+    // An abstention is readable too: what the method did have, what it needed, and why it will
+    // not substitute a proxy for the difference.
+    voice: voiceFromDecline({ eligibility, language: run.language }),
+    voice_status: "deterministic_scope",
     voice_language: run.language,
     statement_origin: "deterministic_scope_fallback",
     key_findings: [deterministicStatement],

package/mcp/lib/personas-v3/deterministic-executor.mjs

@@ -701,9 +701,33 @@ function nativeMetrics(policy, facts, outputs) {
   return { metrics, status };
 }
 
+/** True when a condition reads only typed facts and literals, so no tool has to run first. */
+function readsOnlyFacts(node) {
+  if (!node || typeof node !== "object") return true;
+  if (Object.hasOwn(node, "output_id")) return false;
+  return Object.values(node).every((value) => (
+    Array.isArray(value) ? value.every(readsOnlyFacts) : readsOnlyFacts(value)
+  ));
+}
+
 function executeValidatedPolicy(preDecision, policy, tools, pipeline) {
   const facts = new Map(preDecision.fact_pack.facts.map((fact) => [fact.fact_id, fact]));
   const outputs = new Map();
+
+  // A veto that reads only facts is evaluated before any tool runs.
+  //
+  // Several seats are authored with a veto that says what an ABSENT fact means -- Pabrai
+  // passing without a downside floor, Graham without an asset floor. That same fact is usually
+  // a tool input, and a tool declaring `on_missing: "fail"` aborts the whole policy before any
+  // veto is reached, so the seat reported a missing input and the author's answer never ran.
+  // Hoisting fact-only vetoes changes no arithmetic: they need nothing a tool produces, and a
+  // veto that reads a tool output still waits for it.
+  const vetoedOnFactsAlone = policy.hard_vetoes.some((record, index) => {
+    if (!readsOnlyFacts(record.condition)) return false;
+    const early = evaluateCondition(record.condition, facts, outputs, `decision_policy.hard_vetoes[${index}].condition`);
+    return early.computable ? Boolean(early.value) : record.on_uncomputable.action === "trigger";
+  });
+
   const toolById = new Map(tools.map((tool) => [tool.id, tool]));
   const toolTrace = [];
   for (const toolId of pipeline) {
@@ -712,7 +736,12 @@ function executeValidatedPolicy(preDecision, policy, tools, pipeline) {
     const resolved = tool.inputs.map((operand) => resolveOperand(operand, facts, outputs));
     const missing = unique(resolved.flatMap((input) => input.missing_input_ids));
     if (missing.length) {
-      if (tool.on_missing === "fail") policyFail("MISSING_TOOL_INPUT", `tool ${tool.id} is missing an input`, { tool_id: tool.id, missing_input_ids: missing });
+      // A tool that cannot run is fatal, EXCEPT when a fact-only veto has already decided this
+      // seat. Then the arithmetic it would have fed is irrelevant to the outcome, and aborting
+      // reports a missing input in place of the answer the author wrote for exactly this case.
+      if (tool.on_missing === "fail" && !vetoedOnFactsAlone) {
+        policyFail("MISSING_TOOL_INPUT", `tool ${tool.id} is missing an input`, { tool_id: tool.id, missing_input_ids: missing });
+      }
       toolTrace.push({
         tool_id: tool.id,
         tool_version: tool.version,
@@ -894,7 +923,15 @@ function executeValidatedPolicy(preDecision, policy, tools, pipeline) {
 /** Execute and freeze one ready anonymous pre-decision. */
 export function executeDeterministicPersonaPolicy(preDecision) {
   if (!isObject(preDecision) || preDecision.phase !== "anonymous_pre_decision") policyFail("INVALID_PRE_DECISION", "expected an anonymous_pre_decision payload");
-  if (preDecision.eligibility?.status !== "ready") policyFail("PRE_DECISION_NOT_READY", `typed-fact gate is ${preDecision.eligibility?.status || "invalid"}`);
+  // `insufficient_grounding` runs. Every tool, veto and rule declares its own `on_missing` and
+  // `on_uncomputable` behaviour, and those declarations are how a method states what an absent
+  // input means -- several seats are authored with a veto that answers exactly that case.
+  // Refusing to execute reported this gate instead of the method's own answer. Nothing is
+  // invented: a fact that is absent stays absent, and every reader of it takes its declared
+  // path. `out_of_scope` -- no required fact present at all -- is still a hard stop.
+  if (!["ready", "insufficient_grounding"].includes(preDecision.eligibility?.status)) {
+    policyFail("PRE_DECISION_NOT_READY", `typed-fact gate is ${preDecision.eligibility?.status || "invalid"}`);
+  }
   const contract = preDecision.anonymous_method_contract;
   const policy = contract?.decision_policy;
   const tools = contract?.tools;