gloomberb 0.16.2 → 0.16.3

package/src/plugins/builtin/holders/pane.tsx

@@ -26,8 +26,11 @@ import {
   formatMaybePercent,
   formatMoneyCompact,
   formatSignedCompact,
+  holderStakeMarketCap,
+  holderValueCurrency,
   resolveHolderOwnershipPercent,
 } from "./format";
+import { holderShareBasisMarker } from "./report-header";
 import {
   buildColumns,
   hasHolderChanges,
@@ -46,8 +49,8 @@ import { useSampledValue, useTickerQuoteStream } from "../../../state/hooks/live
 
 const HOLDER_MARKET_CAP_SAMPLE_MS = 5_000;
 
-/** The "13F" badge: the label and its padding. */
-const FUND_BADGE_WIDTH = 5;
+/** The width of a three-letter badge ("13F", "ADR"): the label and its padding. */
+const BADGE_WIDTH = 5;
 
 export function HoldersView({ focused, width, height }: { focused: boolean; width: number; height: number }) {
   const { nativePaneChrome } = useUiCapabilities();
@@ -70,13 +73,14 @@ export function HoldersView({ focused, width, height }: { focused: boolean; widt
   // refresh keeps the last holders; the failure goes to the footer.
   const { data, loading, error, reload } = useAsyncResource<HolderData>(loadHolders, { keepPreviousData: true });
 
-  const currency = data?.currency || ticker?.metadata.currency || "USD";
+  // The values' own currency: dollars from the 13F filings on a London line, not its pence.
+  const currency = holderValueCurrency(data, ticker?.metadata.currency || "USD")!;
   // A stake without a reported percentage is the holding's value over the
-  // market cap. The stream keeps the cap current, about once a second; the
-  // stakes follow it at most every few seconds so ticks do not re-sort them.
+  // market cap, when both are in one currency. The stream keeps the cap
+  // current, about once a second; the stakes follow it at most every few
+  // seconds so ticks do not re-sort them.
   useTickerQuoteStream(ticker ? symbol : null, ticker, { surface: "detail", visible: false, weight: 30 });
-  const quoteMarketCap = financials?.quote?.marketCap;
-  const liveMarketCap = financials?.quote?.currency && financials.quote.currency !== currency ? undefined : quoteMarketCap;
+  const liveMarketCap = holderStakeMarketCap(financials?.quote?.marketCap, financials?.quote?.currency, currency);
   const marketCap = useSampledValue(liveMarketCap, HOLDER_MARKET_CAP_SAMPLE_MS, `${symbol ?? ""}:${currency}`);
   const rows = useMemo(() => buildRows(data), [data]);
   const sortedRows = useMemo(() => sortRows(rows, sortPreference, marketCap), [marketCap, rows, sortPreference]);
@@ -216,17 +220,22 @@ export function HoldersView({ focused, width, height }: { focused: boolean; widt
     switch (column.id) {
       case "holder": {
         const color = rowState.selected ? colors.selectedText : colors.textBright;
-        if (!fundMatches.has(row.id)) return { text: row.name, color, attributes: TextAttributes.BOLD };
-        // A fund with a 13F opens on Enter or o. The name gives way first, so
-        // the marker survives a narrow column.
+        // ADR: a position held as receipts on a home line's list. 13F: a fund
+        // whose filing opens on Enter or o.
+        const receipts = holderShareBasisMarker(row);
+        const fund = fundMatches.has(row.id);
+        if (!receipts && !fund) return { text: row.name, color, attributes: TextAttributes.BOLD };
+        const badges = (receipts ? 1 : 0) + (fund ? 1 : 0);
+        // The name gives way first, so the markers survive a narrow column.
         return {
-          text: `${row.name} 13F`,
+          text: [row.name, receipts, fund ? "13F" : ""].filter(Boolean).join(" "),
           content: (
             <Box flexDirection="row" gap={1} width={column.width} overflow="hidden">
               <Text fg={color} attributes={TextAttributes.BOLD}>
-                {clipToDisplayWidth(row.name, Math.max(1, column.width - FUND_BADGE_WIDTH - 1))}
+                {clipToDisplayWidth(row.name, Math.max(1, column.width - badges * (BADGE_WIDTH + 1)))}
               </Text>
-              <Badge label="13F" tone="accent" />
+              {receipts ? <Badge label={receipts} /> : null}
+              {fund ? <Badge label="13F" tone="accent" /> : null}
             </Box>
           ),
         };

package/src/plugins/builtin/holders/report-header.ts

@@ -1,4 +1,6 @@
+import type { HolderData } from "../../../types/financials";
 import { currencyUnitLabel, resolveCurrencyUnit } from "../../../utils/currency-units";
+import { adrRatioText } from "../../../utils/depositary-receipt";
 import { canonicalExchange, isUsListingExchange, resolveExchangeTimeZone } from "../../../utils/exchanges";
 
 /**
@@ -12,7 +14,10 @@ export interface HolderReportFacts {
   /** Left out when the report title already names it. */
   symbol?: string | null;
   exchange?: string | null;
+  /** The unit the values are in. */
   currency?: string | null;
+  /** The listing's price currency, when the values are in another one. */
+  listingCurrency?: string | null;
   /** Left out when the report's closing line already carries it. */
   asOf?: string | null;
   /** Rows printed. */
@@ -46,10 +51,13 @@ function venueLabel(exchange?: string | null): string {
 
 /** What the list is, after the listing is named: its unit, date and how much of it is shown. */
 export function holderListFacts(
-  facts: Pick<HolderReportFacts, "currency" | "asOf" | "shown" | "reported" | "total">,
+  facts: Pick<HolderReportFacts, "currency" | "listingCurrency" | "asOf" | "shown" | "reported" | "total">,
 ): string[] {
+  const unit = currencyUnitLabel(facts.currency);
+  // Dollars on a London line: say they are the values' unit, not the listing's.
+  const otherUnit = unit && facts.listingCurrency?.trim() && facts.listingCurrency.trim() !== facts.currency?.trim();
   return [
-    currencyUnitLabel(facts.currency),
+    otherUnit ? `values in ${unit}` : unit,
     facts.asOf ? `as of ${facts.asOf}` : "",
     holderCountText(facts.shown, facts.reported, facts.total),
   ].filter(Boolean);
@@ -69,9 +77,42 @@ export function sharedReportDate(rows: ReadonlyArray<{ reportDate?: unknown }>):
   return dates.size === 1 && only ? only : null;
 }
 
-/** How a holder value was reached: reported shares times a current price, not the filing's own value. */
-export function holderValueBasis(reportDate: string | null): string {
-  return `shares reported${reportDate ? ` at ${reportDate}` : ""} x latest price`;
+/**
+ * How a holder value was reached: reported shares times the latest price, or,
+ * where Gloom Cloud priced the filings themselves, times the security's price
+ * at the report date in the values' currency.
+ */
+export function holderValueBasis(
+  reportDate: string | null,
+  basis?: HolderData["valueBasis"] | null,
+  valueCurrency?: string | null,
+): string {
+  const shares = `shares reported${reportDate ? ` at ${reportDate}` : ""}`;
+  if (basis === "period_end_price") {
+    const unit = valueCurrency?.trim();
+    return `${shares} x period-end price${unit ? ` (${unit})` : ""}`;
+  }
+  return `${shares} x latest price`;
+}
+
+/** The short marker a holder row carries when its position is held as depositary receipts. */
+export function holderShareBasisMarker(row: { shareBasis?: unknown }): string {
+  return row.shareBasis === "depositary_receipt" ? "ADR" : "";
+}
+
+/**
+ * What the share counts are, when Gloom Cloud says: which rows of a home
+ * line are positions in the receipts, or that a receipt line's rows all are.
+ */
+export function holderShareBasisNote(
+  data: Pick<HolderData, "shareBasis" | "adrRatio">,
+  rows: ReadonlyArray<{ shareBasis?: unknown }>,
+): string | null {
+  const ratio = adrRatioText(data.adrRatio);
+  const each = ratio ? ` (${ratio})` : "";
+  if (rows.some((row) => holderShareBasisMarker(row))) return `ADR: shares held as depositary receipts${each}.`;
+  if (rows.length > 0 && data.shareBasis === "depositary_receipt") return `Shares are depositary receipts${each}.`;
+  return null;
 }
 
 /** A listing outside the US, by its venue, or by a currency other than the dollar. */

package/src/plugins/builtin/kelly-sizer/pane.tsx

@@ -35,6 +35,7 @@ import { getSharedRegistry } from "../../registry";
 import { resolveTickerOpenTarget } from "../../../tickers/open-target";
 import { calculatePortfolioSummaryTotals } from "../portfolio-list/metrics";
 import { resolvePortfolioNetLiquidation } from "../portfolio-list/account-metrics";
+import { resolvePortfolioCash } from "../portfolio-list/allocation";
 import {
   buildTrackedCurrencies,
   getCollectionTickersFromConfig,
@@ -71,7 +72,7 @@ import {
   KellySensitivitySection,
   buildKellyResultItems,
 } from "./sections";
-import { getPortfolioPositionValue, resolveActivePortfolioId } from "./portfolio";
+import { getPortfolioPositionValue, resolveActivePortfolioId, resolveKellyBankroll } from "./portfolio";
 import { useKellyCommonAssumptions } from "./state";
 
 export function KellySizerPane({ focused, width, height }: PaneProps) {
@@ -214,9 +215,11 @@ export function KellySizerPane({ focused, width, height }: PaneProps) {
     ? portfolioFinancials.get(requestedSymbol!) ?? null
     : financials;
   const { accountState } = usePortfolioAccountState(activePortfolio, { brokerAccounts, config });
+  // Cash entered by hand counts toward a manual portfolio's bankroll; a broker's is in its Net Liq.
+  const manualCash = accountState ? null : resolvePortfolioCash(activePortfolio, null);
   const trackedCurrencies = useMemo(
-    () => buildTrackedCurrencies(portfolioTickers, portfolioFinancials, accountState, config.baseCurrency),
-    [accountState, config.baseCurrency, portfolioFinancials, portfolioTickers],
+    () => buildTrackedCurrencies(portfolioTickers, portfolioFinancials, accountState, config.baseCurrency, manualCash?.currency),
+    [accountState, config.baseCurrency, manualCash?.currency, portfolioFinancials, portfolioTickers],
   );
   const exchangeRates = useFxRatesMap(trackedCurrencies);
   const portfolioSummary = useMemo(
@@ -237,9 +240,12 @@ export function KellySizerPane({ focused, width, height }: PaneProps) {
     (value) => convertCurrency(value, accountState?.account.currency ?? "", config.baseCurrency, exchangeRates),
     accountState?.snapshotBasis,
   );
-  const sourceBankroll = netLiquidation != null && Number.isFinite(netLiquidation)
-    ? netLiquidation
-    : portfolioSummary.totalMktValue ?? 0;
+  const sourceBankroll = resolveKellyBankroll({
+    netLiquidation,
+    brokerPortfolio: !!activePortfolio?.brokerInstanceId,
+    holdings: portfolioSummary.allocationHoldings ?? [],
+    cashValue: manualCash ? convertCurrency(manualCash.amount, manualCash.currency, config.baseCurrency, exchangeRates) : null,
+  });
   const sourceCurrentValue = getPortfolioPositionValue({
     ticker,
     financials: positionFinancials,

package/src/plugins/builtin/kelly-sizer/portfolio.ts

@@ -2,6 +2,7 @@ import type { AppConfig } from "../../../types/config";
 import type { TickerFinancials } from "../../../types/financials";
 import type { TickerRecord } from "../../../types/ticker";
 import { convertCurrency } from "../../../utils/format";
+import { allocationTotal, type AllocationHolding } from "../portfolio-list/allocation";
 import { getCollectionTypeFromConfig } from "../portfolio-list/pane/data";
 import { getPortfolioPositionMetrics, getPortfolioQuoteDisplay, resolvePortfolioMarketValue } from "../portfolio-list/position-metrics";
 
@@ -41,6 +42,30 @@ export function getPortfolioPositionValue({
     ?? (metrics.positionCount > 0 ? Number.NaN : 0);
 }
 
+/**
+ * What the portfolio is worth to bet with: its equity. A broker account's is
+ * its Net Liq. Otherwise it is the priced holdings at net value plus the cash
+ * entered for the portfolio, the portfolio header's Total. A broker portfolio
+ * with neither has no known equity: its positions alone are its gross, which
+ * margin puts above the equity, so it gives no bankroll.
+ */
+export function resolveKellyBankroll({
+  netLiquidation,
+  brokerPortfolio,
+  holdings,
+  cashValue,
+}: {
+  netLiquidation: number | null;
+  brokerPortfolio: boolean;
+  holdings: readonly AllocationHolding[];
+  /** Cash entered by hand, in the bankroll currency; NaN when it cannot be converted. */
+  cashValue: number | null;
+}): number {
+  if (netLiquidation != null && Number.isFinite(netLiquidation)) return netLiquidation;
+  if (brokerPortfolio && cashValue == null) return 0;
+  return allocationTotal(holdings, cashValue) ?? 0;
+}
+
 export function resolveActivePortfolioId({
   requestedPortfolioId,
   activeCollectionId,

package/src/plugins/builtin/members/pane.tsx

@@ -11,6 +11,7 @@ import type { PaneProps } from "../../../types/plugin";
 import { Box, type ScrollBoxRenderable } from "../../../ui";
 import { nextHeaderSort, type SortPreference } from "../../../utils/sort-values";
 import { isPlainArrowUp, stopSearchFocusNavigation } from "../../../utils/search-focus-navigation";
+import { useMembersMenu, type MemberList } from "../shared/members-menu";
 import { cachedChanges, cachedFunds, cachedMembers, loadChanges, loadFunds, loadMembers } from "./client";
 import { canonicalFund, changeColumns, changeLabel, changeReason, coveredFund, decimal, DEFAULT_SORT, isTab, memberColumns, memberRows, membersTitle, notCoveredMessage, percent, TABS, type MembersTab } from "./model";
 
@@ -29,6 +30,15 @@ function Holdings({ fund, tab, width, height, focused, active }: ViewProps & { t
   const movers = tab === "movers";
   const rows = useMemo(() => memberRows(data?.members ?? [], tab, query, sort), [data, tab, query, sort]);
   const columns = useMemo(() => memberColumns(width, movers), [width, movers]);
+  // Movers is a ranked slice of the fund, not its members, so the entries stay on the Members tab.
+  const memberList = useMemo((): MemberList | null => {
+    if (!data || tab !== "members") return null;
+    const typed = query.trim();
+    return { title: fund, watchlistName: typed ? `${fund} ${typed}` : `${fund} members`,
+      search: typed ? { query: typed, total: data.members.filter((row) => row.symbol).length } : null,
+      members: rows.flatMap((row) => isSectionedItemRow(row) && row.item.symbol ? [{ symbol: row.item.symbol, name: row.item.name }] : []) };
+  }, [data, fund, query, rows, tab]);
+  useMembersMenu("members:members-menu", memberList);
   useAutoRefresh(resource.updatedAt, () => { if (active) void resource.load(); });
   usePaneRefreshKey(() => void resource.reload(), { focused, enabled: active && !search.active });
   const info = useMemo<PaneFooterSegment[]>(() => {

package/src/plugins/builtin/perps/pane.tsx

@@ -42,7 +42,7 @@ function MarketEvidence({ row, data, width, height }: { row: PerpBoardRow; data:
     ["Contract", [["Contract", `${label(row.contractType)} · ${row.priceMultiplier}× price`], ["Margin", row.marginCurrency], ["Max leverage", row.maxLeverage == null ? "--" : `${row.maxLeverage}×`],
       ["Margin mode", row.isolatedOnly === null ? "Unspecified" : row.isolatedOnly ? "Isolated only" : "Cross / isolated"], ["Listing", row.delisted ? "Delisted" : "Active"], ["Confidence", label(row.confidence)]]],
   ];
-  return <ScrollBox width={width} height={desktop ? undefined : height} flexGrow={1} flexBasis={0} minHeight={0} contentOptions={{ paddingX: 1 }}>
+  return <ScrollBox scrollY width={width} height={desktop ? undefined : height} flexGrow={1} flexBasis={0} minHeight={0} contentOptions={{ paddingX: 1 }}>
     {groups.map(([title, fields]) => <Fragment key={title}>
       <SectionHeading title={title} />
       {fields.map(([name, value, detail]) => <KeyValueRow key={name} labelWidth={25} label={name} value={value} detail={detail} />)}

package/src/plugins/builtin/portfolio-list/account-metrics.ts

@@ -139,6 +139,13 @@ export function resolvePortfolioNetLiquidation(
   return convertAccountValue(account.netLiquidation) + brokerSnapshotDelta(totals, account, basis, convertAccountValue).net;
 }
 
+/** Gross exposure per unit of equity; above 1 the account borrows or is short. */
+export function resolvePortfolioLeverage(grossValue: number, netLiquidation: number | null | undefined): number | null {
+  return isFiniteNumber(netLiquidation) && netLiquidation > 0 && Number.isFinite(grossValue) && grossValue >= 0
+    ? grossValue / netLiquidation
+    : null;
+}
+
 export function resolvePortfolioAccountMetrics(
   totals: PortfolioSummaryTotals,
   account?: BrokerAccount | null,
@@ -167,9 +174,17 @@ export function resolvePortfolioAccountMetrics(
       : isFiniteNumber(account?.netLiquidation)
         ? convertAccountValue(account.netLiquidation) - brokerDailyPnl
         : null;
+  // Without the broker's day, the quotes' day is still a move of the equity,
+  // which margin puts below the positions the totals divide by.
+  const quotedPreviousEquity = brokerDailyPnl == null && account && isFiniteNumber(account.netLiquidation)
+    && Number.isFinite(dailyPnl)
+    ? convertAccountValue(account.netLiquidation) + delta.net - dailyPnl
+    : null;
   const dailyPnlPct = previousNetLiquidation != null
     ? percentChange(dailyPnl, previousNetLiquidation)
-    : totals.dailyPnlPct;
+    : quotedPreviousEquity != null && quotedPreviousEquity > 0
+      ? percentChange(dailyPnl, quotedPreviousEquity)
+      : totals.dailyPnlPct;
 
   const liveUnrealizedPnl = liveTotal(totals, totals.unrealizedPnl);
   const brokerUnrealizedPnl = liveUnrealizedPnl == null && isFiniteNumber(account?.unrealizedPnl)

package/src/plugins/builtin/portfolio-list/allocation.ts

@@ -17,6 +17,9 @@ import { formatNumber } from "../../../utils/format";
 /** The cash line's symbol in targets and reports. */
 export const CASH_SYMBOL = "CASH";
 
+/** A broker portfolio without its account: margin can put its positions far above what it is worth. */
+export const BROKER_ACCOUNT_MISSING_NOTE = "The broker account has not synced on this device, so its cash and margin are unknown: the total is the positions alone, not the account's value.";
+
 /** One ticker of a portfolio, valued in the portfolio's currency. */
 export interface AllocationHolding {
   symbol: string;

package/src/plugins/builtin/portfolio-list/cached-account.ts

@@ -6,17 +6,16 @@ import type { BrokerAccount } from "../../../types/trading";
 import { resolvePortfolioAccountState } from "./summary";
 
 /**
- * The broker account a portfolio was last synced with, as saved on this
- * device, for reports that run without a broker connection. The pane reads
- * the same account from app state.
+ * Every profile's broker accounts as last synced on this device, by profile,
+ * for reports and screenshots that run without a broker connection. The pane
+ * reads the same accounts from app state.
  */
-export function findCachedPortfolioAccount(
-  config: AppConfig,
-  portfolio: Portfolio,
+export function peekCachedBrokerAccounts(
+  config: Pick<AppConfig, "brokerInstances">,
   resources: Pick<AppResourceStorePort, "list"> | null | undefined,
-): BrokerAccount | null {
-  if (!resources || !portfolio.brokerInstanceId) return null;
+): Record<string, BrokerAccount[]> {
   const brokerAccounts: Record<string, BrokerAccount[]> = {};
+  if (!resources) return brokerAccounts;
   for (const instance of config.brokerInstances) {
     try {
       const accounts = peekPersistedBrokerAccounts(resources, instance);
@@ -25,9 +24,19 @@ export function findCachedPortfolioAccount(
       // An unreadable snapshot leaves the portfolio without account figures.
     }
   }
+  return brokerAccounts;
+}
+
+/** The broker account a portfolio was last synced with, as saved on this device. */
+export function findCachedPortfolioAccount(
+  config: AppConfig,
+  portfolio: Portfolio,
+  resources: Pick<AppResourceStorePort, "list"> | null | undefined,
+): BrokerAccount | null {
+  if (!resources || !portfolio.brokerInstanceId) return null;
   return resolvePortfolioAccountState(
     portfolio,
-    { config, brokerAccounts },
+    { config, brokerAccounts: peekCachedBrokerAccounts(config, resources) },
     { status: null, accounts: [] },
   )?.account ?? null;
 }

package/src/plugins/builtin/portfolio-list/cli/render.ts

@@ -24,6 +24,7 @@ import { cliFreshnessFooter } from "../../../../cli/result";
 import { quotesFreshness } from "../../../../cli/freshness";
 import type { BrokerAccount } from "../../../../types/trading";
 import {
+  BROKER_ACCOUNT_MISSING_NOTE,
   CASH_SYMBOL,
   buildPortfolioAllocation,
   describeTargetSum,
@@ -507,6 +508,7 @@ async function showCollectionWithMarketData(
       notes.push(cliStyles.warning(`Total and weights exclude ${count} unpriced holding${count === 1 ? "" : "s"}: ${allocation.unpriced.join(", ")}.`));
     }
     if (cashExport?.source === "broker") notes.push(cliStyles.muted("Cash is the broker account's balance as of its last sync."));
+    if (matchedPortfolio.brokerInstanceId && !account) notes.push(cliStyles.warning(BROKER_ACCOUNT_MISSING_NOTE));
     if (cashExport && cashExport.value == null) {
       notes.push(cliStyles.warning(cashExport.currency
         ? `No ${cashExport.currency}/${currency} rate for the cash, so the total and weights are unavailable.`

package/src/plugins/builtin/portfolio-list/headless.ts

@@ -16,6 +16,7 @@ import {
   type CollectionMatch,
 } from "./cli/render";
 import {
+  BROKER_ACCOUNT_MISSING_NOTE,
   CASH_SYMBOL,
   describeTargetSum,
   formatAllocationDrift,
@@ -210,6 +211,7 @@ async function portfolioHoldings(
       ? [`${rows.length - limit} more position${rows.length - limit === 1 ? "" : "s"} not shown; totals include every position.`]
       : []),
     ...(targetNote ? [targetNote] : []),
+    ...(target.portfolio.brokerInstanceId && !resolved.account ? [BROKER_ACCOUNT_MISSING_NOTE] : []),
   ];
 
   return {

package/src/plugins/builtin/portfolio-list/pane/index.tsx

@@ -172,7 +172,8 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
   const flashSymbols = useQuoteFlashMap(financialsMap, valueFlashingEnabled);
 
   const accountStateInput = useMemo(() => ({ brokerAccounts, config }), [brokerAccounts, config]);
-  const { accountState, accountsError } = usePortfolioAccountState(currentPortfolio, accountStateInput);
+  const { accountState, accountsError, brokerError } = usePortfolioAccountState(currentPortfolio, accountStateInput);
+  const brokerPortfolio = isPortfolioTab && !!currentPortfolio?.brokerInstanceId;
   const portfolioTargets = currentPortfolio?.targetWeights;
   const columns = useMemo(
     () => resolveVisibleColumns(paneSettings.columnIds, isPortfolioTab, { targetWeights: hasTargetWeights(currentPortfolio) }),
@@ -338,7 +339,8 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
     currency: totalsCurrency,
     baseCurrency: config.baseCurrency,
     manualCash,
-  }), [config.baseCurrency, convertAccountValue, isPortfolioTab, manualCash, portfolioSummaryTotals, summaryAccountState, totalsCurrency]);
+    brokerPortfolio,
+  }), [brokerPortfolio, config.baseCurrency, convertAccountValue, isPortfolioTab, manualCash, portfolioSummaryTotals, summaryAccountState, totalsCurrency]);
   // The header row sits in the pane's one-cell side padding, like the table.
   const summaryWidth = Math.max(0, width - 2);
   const summaryLayout = useMemo(() => layoutPortfolioSummaryHeader(summarySegments, summaryWidth, {
@@ -476,7 +478,7 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
     accountState: summaryAccountState,
     accountStatusText: accountsError
       ? `Accounts unavailable: ${accountsError}`
-      : isPortfolioTab && currentPortfolio?.brokerInstanceId && !accountState ? "Acct missing" : undefined,
+      : brokerPortfolio ? brokerError ?? (accountState ? undefined : "Acct missing") : undefined,
     financialsMap,
     isPortfolioTab,
     refreshingSize,
@@ -485,7 +487,8 @@ export function PortfolioListPane({ focused, width, height }: PaneProps) {
   }), [financialsMap, sortedTickers], [
     accountState,
     accountsError,
-    currentPortfolio?.brokerInstanceId,
+    brokerError,
+    brokerPortfolio,
     isPortfolioTab,
     portfolioSummaryTotals,
     refreshingSize,

package/src/plugins/builtin/portfolio-list/summary/index.tsx

@@ -12,6 +12,7 @@ import { displayWidth, formatPercentRaw } from "../../../../utils/format";
 import { getBrokerInstance } from "../../../../utils/broker-instances";
 import {
   resolvePortfolioAccountMetrics,
+  resolvePortfolioLeverage,
   resolvePortfolioMarketValue,
   resolvePortfolioNetLiquidation,
   type BrokerSnapshotBasis,
@@ -223,10 +224,13 @@ export function buildPortfolioSummarySegments({
   currency = "USD",
   baseCurrency = "USD",
   manualCash = null,
+  brokerPortfolio = false,
 }: {
   totals: PortfolioSummaryTotals;
   accountState: PortfolioSummaryAccountState | null;
   isPortfolioTab?: boolean;
+  /** Synced from a broker, so it is worth its account's equity even while the account is missing. */
+  brokerPortfolio?: boolean;
   /** Into the totals currency. */
   convertAccountValue?: (value: number) => number;
   /** The totals currency. */
@@ -249,6 +253,9 @@ export function buildPortfolioSummarySegments({
 
   const candidates: PortfolioSummarySegment[] = [];
   const account = accountState?.account;
+  // A broker account is worth its equity. Its positions alone are its gross,
+  // which margin or shorts put above it, so that sum never reads as its value.
+  const broker = brokerPortfolio || !!account;
   const basis = accountState?.snapshotBasis;
   const accountMetrics = resolvePortfolioAccountMetrics(totals, account, convertAccountValue, basis);
   const totalMarketValue = resolvePortfolioMarketValue(totals, account, convertAccountValue, basis);
@@ -269,15 +276,17 @@ export function buildPortfolioSummarySegments({
     ]));
   }
 
-  if (netLiquidation != null) {
+  // Unknown without the account, so it reads as missing rather than disappearing,
+  // unless cash entered by hand gives the Total above in its place.
+  if (broker && (netLiquidation != null || !manualCash)) {
     candidates.push(createSummarySegment("netliq", [
       { text: "Net Liq", tone: "label" },
-      { text: money(netLiquidation), tone: "value", bold: true },
+      { text: money(netLiquidation ?? Number.NaN), tone: "value", bold: true },
     ]));
   }
 
   candidates.push(createSummarySegment("val", [
-    { text: totals.hasShorts ? "Gross" : "Val", tone: "label" },
+    { text: broker || totals.hasShorts ? "Gross" : "Val", tone: "label" },
     { text: money(totalMarketValue), tone: "value", bold: true },
   ]));
 
@@ -289,7 +298,7 @@ export function buildPortfolioSummarySegments({
   }
 
   // A broker account always states its cash, so a missing balance reads as unknown rather than zero.
-  if (account) candidates.push(accountValue("cash", "Cash", account.totalCashValue ?? Number.NaN)!);
+  if (broker && !manualCash) candidates.push(accountValue("cash", "Cash", account?.totalCashValue ?? Number.NaN)!);
   if (manualCash) {
     const drift = formatAllocationDrift(manualCash.drift);
     candidates.push(createSummarySegment("cash", [
@@ -318,6 +327,14 @@ export function buildPortfolioSummarySegments({
 
   if (!account) return candidates;
 
+  const leverage = resolvePortfolioLeverage(totalMarketValue, netLiquidation);
+  // Only while the account borrows or is short enough to read above 1.0x, as the analytics pane rounds it.
+  const lev = leverage != null && leverage >= 1.05
+    ? createSummarySegment("lev", [
+      { text: "Lev", tone: "label" },
+      { text: `${leverage.toFixed(1)}x`, tone: "value", bold: true },
+    ])
+    : null;
   const realized = accountMetrics.realizedPnl != null
     ? createSummarySegment("realized", [
       { text: "Realized", tone: "label" },
@@ -327,6 +344,7 @@ export function buildPortfolioSummarySegments({
   return [
     ...candidates,
     ...[
+      lev,
       realized,
       accountValue("settled", "Settled", account.settledCash),
       accountValue("avail", "Avail", account.availableFunds),

package/src/plugins/builtin/portfolio-list/summary/live-accounts.ts

@@ -84,6 +84,12 @@ export interface PortfolioAccountStateResult {
   accountState: ResolvedPortfolioAccountState | null;
   /** Set when the broker refused to list accounts, so "no cash" is not mistaken for a clean empty. */
   accountsError: string | null;
+  /**
+   * The broker's last call failed, such as the sync at startup after its
+   * sign-in lapsed. Accounts are listed only while it is connected, so this
+   * is the only word of why the account is missing or stale.
+   */
+  brokerError: string | null;
 }
 
 /**
@@ -111,5 +117,9 @@ export function usePortfolioAccountState(
     () => resolvePortfolioAccountState(portfolio, state, snapshot),
     [portfolio, snapshot, state.brokerAccounts, state.config],
   );
-  return useMemo(() => ({ accountState, accountsError: live.error }), [accountState, live.error]);
+  const brokerError = live.status?.state === "error" ? live.status.message?.trim() || "Broker unavailable" : null;
+  return useMemo(
+    () => ({ accountState, accountsError: live.error, brokerError }),
+    [accountState, brokerError, live.error],
+  );
 }

package/src/plugins/builtin/research/relative-valuation-model.ts

@@ -1,5 +1,6 @@
 import { comparablePriceEarnings, notMeaningfulMultiples } from "../../../utils/price-earnings";
 import { selectMarketCapitalization } from "../../../utils/market-capitalization";
+import { reportedEnterpriseValue } from "../../../utils/fundamentals";
 import type { Quote, TickerFinancials } from "../../../types/financials";
 
 export const RELATIVE_VALUATION_STALE_QUOTE_NOTICE = "Quote stale: quote-based values unavailable";
@@ -10,6 +11,9 @@ export function relativeValuationValues(financials: TickerFinancials | null) {
   const fundamentals = financials?.fundamentals;
   const quoteStale = quote?.stale === true;
   const capitalization = selectMarketCapitalization(quoteStale ? undefined : quote, fundamentals);
+  const enterpriseValue = reportedEnterpriseValue(fundamentals);
+  // A zero or non-finite enterprise value is the source's gap, and the ratio it serves beside it comes from the same observation.
+  const enterpriseValueGap = fundamentals?.enterpriseValue != null && enterpriseValue == null;
   const compatibleCurrency = !!fundamentals?.financialCurrency && !!quote?.currency
     && fundamentals.financialCurrency === quote.currency;
   const reportedMultiples = {
@@ -47,11 +51,11 @@ export function relativeValuationValues(financials: TickerFinancials | null) {
     /** Why a multiple is N/M: its earnings base is zero or a loss. */
     notMeaningful,
     // Vendor ADR ratios can mix unverified valuation and reporting units too.
-    evSales: !compatibleCurrency ? null
+    evSales: !compatibleCurrency || enterpriseValueGap ? null
       : fundamentals?.enterpriseToRevenue != null && Number.isFinite(fundamentals.enterpriseToRevenue)
         ? fundamentals.enterpriseToRevenue
-        : fundamentals?.enterpriseValue != null && fundamentals.revenue != null && fundamentals.revenue > 0
-          ? fundamentals.enterpriseValue / fundamentals.revenue : null,
+        : enterpriseValue != null && fundamentals?.revenue != null && fundamentals.revenue > 0
+          ? enterpriseValue / fundamentals.revenue : null,
     fcfYield: capitalization && fundamentals?.financialCurrency === capitalization.currency
       && fundamentals.freeCashFlow != null && Number.isFinite(fundamentals.freeCashFlow) && capitalization.value > 0
       ? fundamentals.freeCashFlow / capitalization.value : null,

package/src/plugins/builtin/reverse-dcf/model.ts

@@ -1,4 +1,5 @@
 import type { TickerFinancials } from "../../../types/financials";
+import { reportedEnterpriseValue } from "../../../utils/fundamentals";
 
 /** Years of explicit growth before the terminal value. */
 export const FORECAST_YEARS = 10;
@@ -65,7 +66,7 @@ function pastFcfGrowth(financials: TickerFinancials): ReverseDcfModel["pastGrowt
 export function projectReverseDcf(financials: TickerFinancials | null, options: { symbol: string; discountRate: number }): ReverseDcfModel {
   const fundamentals = financials?.fundamentals;
   const currency = fundamentals?.financialCurrency ?? financials?.financialCurrency ?? null;
-  const enterpriseValue = fundamentals?.enterpriseValue ?? null;
+  const enterpriseValue = reportedEnterpriseValue(fundamentals) ?? null;
   const freeCashFlow = fundamentals?.freeCashFlow ?? null;
   const empty: ReverseDcfModel = { symbol: options.symbol, currency, enterpriseValue, freeCashFlow, fcfYield: null, implied: null,
     pastGrowth: financials ? pastFcfGrowth(financials) : null, sensitivity: [], error: null };