Memo Builder

Memo Builder

Skill Configuration

Common Skill Instructions

MANDATORY: Before searching connectors, retrieving evidence, or drafting output, read and apply the shared runtime contract in ../public-equity-investing/SKILL.md## Cross-Skill Runtime Contract. Then check the router skill map and ../../shared/plugin-routing-playbook.md for adjacent skills that should be sequenced with this workflow. Do not run user-context setup or inspection during ordinary workflow work; route only explicit saved-context, source-setup, onboarding, or automation-setup requests to ../user-context/SKILL.md.

Source Resolution

Load ../../shared/workflow-source-resolution.md. Resolve only the categories needed for this workflow: company_filings_ir, earnings_transcripts_presentations, internal_research, portfolio_models_trackers, and market_data_estimates. Use the shared runtime contract to map each attempted category to an available app, connector, file, export, or user-provided input.

Relevant Dependency Categories

These are the source categories most likely to matter for this workflow. Use the router contract to resolve only the categories the task actually needs, prefer user-named sources first, and state any material source limitation.

• Internal Research
• Portfolio Models & Trackers
• Market Data & Estimates
• Company Filings & IR
• Earnings Transcripts & Events

Deliverable Intake

Before source gathering or analysis for a new substantive hero deliverable, load ../../shared/deliverable-intake-policy.md and use its adaptive request_user_input preflight for materially unresolved format, depth, audience/use, or focus choices. Reuse resolved preferences in downstream steps; when acting only as input to an owning workflow, do not re-prompt.

Goal

Produce decision-grade Public Equity Investing memos that are evidence-led, numerically auditable, and ready for PM, committee, client, or internal research review.

This skill owns formal written artifacts and synthesis. It does not own raw trade construction; use long-short-pitch first when the user needs variant perception, trade expression, sizing considerations, add/trim/exit/cover rules, or pair-trade mechanics.

Use When

Use this skill when the user asks for:

• IC memo, investment memo, committee note, client memo, research note, PM update, or equity event note
• memo rewrite, upgrade, shortening, pressure test, or QA review
• synthesis of outputs from models, comps, scenarios, earnings, event-driven equity, balance-sheet-risk, or long/short pitch work
• committee-ready framing with source posture, valuation, scenarios, risks, catalysts, open items, and recommendation

Credit-first memos route out: Use Credit Markets for credit instruments, creditworthiness, restructuring, distressed, recovery, spreads, yields, covenants, and debt security analysis. This skill may synthesize Credit Markets output only when the final deliverable is a common-equity or listed-equity memo.

Do not use when the user asks to "pitch this long/short," "make this investable," "build a pair trade," "what is the variant perception," or "what would make us cover/add/trim." Use long-short-pitch.

Artifact Boundary

• Default deliverable: produce the full decision-grade memo in the selected or high-confidence inferred surface. For formal investment committee, PM, committee, client, or research memo circulation, use a real Word document (.docx) as the normal recommended surface. For high-confidence source-heavy web-style investment reports, use a polished standalone HTML report following ../../shared/html-artifact-standard.md. For quick or conversational memo updates, inline response can be the recommended surface.
• If the surface is semi-ambiguous, use ../../shared/deliverable-intake-policy.md before drafting and let the chosen or timeout-resolved option control the hero deliverable.
• Chat can be the presentation surface for narrow or conversational memo requests, but Markdown is formatting, not the deliverable contract.
• This skill ships scripts/build_memo_package.py, which can generate a real DOCX memo and an HTML companion, or HTML as primary with a DOCX companion. If DOCX is selected, generate the full memo in DOCX; do not treat DOCX as a thin companion to HTML.
• Route workbook-backed outputs to the model/workbook skills and create .xlsx artifacts only when the user selects or clearly implies a model, tracker, valuation, or workbook surface.
• Use dashboard-builder only when the user explicitly asks for a standardized dashboard, reusable dashboard template, PM cockpit, or structured payload-driven render. On that path, load references/DASHBOARD_PACK.md; memo-builder owns memo synthesis, narrative architecture, evidence selection, and audience framing, while dashboard-builder owns the standardized shell/rendering/QA. Build a public_equity_investing_dashboard.v1 payload as an internal renderer input.

Source And Mode Selection

Use the strongest available source tier and label assumptions, stale data, proxies, and unsupported figures. Load references/source-policy.md for source priority and minimum inputs.

Default to the full memo mode that best fits the decision. Use a compressed mode only when the user explicitly asks for a summary, short, quick, one-page, brief, TL;DR, or review-only output:

• ic-note
• investment-memo
• event-driven-committee-note
• pm-update
• client-research-note
• qa-review

Load references/memo-modes.md for mode selection and references/output-contracts.md for section-level contracts.

When To Invoke Support

Load shared/support-layer-routing-contract.md for source/data/QC/style support. Use financial-source-of-truth before final claims, metrics, citations, or management assertions. Use financials-normalizer before building from messy financials, consensus exports, guidance tables, segment data, share count, net debt, or capital allocation inputs. Use excel-data-cleaner before relying on malformed tables or mixed fiscal periods. Use deck-report-qc before circulating a memo-derived deck/report or source-heavy packet, and use style-guide-adapter only after substance is locked. These support artifacts stay secondary; memo-builder owns the memo and investment judgment.

Sub-agent decomposition

For complex medium/large requests, use sub-agents where available; otherwise emulate the split as named workstreams. Suggested lanes: evidence, model/valuation, risks and catalysts, narrative synthesis, and memo QA. Keep this skill as the lead: reconcile conflicts, source labels, assumptions, open items, final QA, and the user-facing answer.

Default Memo Spine

Use this full spine unless another memo mode is clearly requested:

1. Recommendation / Decision Ask
2. Executive Summary
3. Thesis and Evidence
4. What Must Be True
5. Valuation / Scenario Work
6. Risks, Disconfirmers, and Mitigants
7. Catalysts and Monitoring
8. Implementation Considerations
9. Open Items / Data Requests

If the memo is screen-grade because source context is thin, say so before the first metric table.

Handoffs

Upstream inputs this skill can synthesize:

• source/evidence: financial-source-of-truth, financials-normalizer, company-tearsheet
• models/valuation: equity-model-update, dcf-model-builder, three-statement-model-builder, comps-valuation, scenario-sensitivity-generator
• earnings/research: earnings-preview, earnings-deep-dive, initiating-coverage
• trade/event/risk: long-short-pitch, event-driven-analyzer, portfolio-risk-management
• monitoring and QC: thesis-tracker, catalyst-calendar, deck-report-qc, style-guide-adapter

Use sector-context-overlay only when issuer economics clearly match a supported sector; load references/sector-overlays.md only for memo-specific sector framing.

Rendering And Compression

• Lead with the decision ask or conclusion.
• For a standalone HTML investment committee memo, make the first-read layer a compact memo opening: recommendation / decision ask, decision hinge, what is priced in, valuation or scenario skew, and any source limitation that changes the action. Do not repeat the same recommendation across a dashboard-style hero, summary tile, and full decision panel.
• Keep background proportionate; preserve recommendation, scenario/downside, source posture, catalysts, monitoring, and open items.
• Use tables only when they compress decision-critical information.
• For long memos, put source caveats and open items near the end, but do not bury data limitations that affect the recommendation.
• Sparse source context should produce a full screen-grade memo skeleton with assumptions, missing evidence, and upgrade path, not a shortened memo.
• State source readiness in decision-specific terms when evidence supports only one direction of action, such as sufficient to decline initiation today; insufficient to support initiation, rather than using broad readiness labels that imply the entire underwrite is decision-grade.
• Keep citations traceable but readable in HTML: do not fragment tickers, prices, EPS ranges, percentages, dates, multiples, or metric labels into separately linked tokens.
• Before delivering standalone local HTML, visually inspect the opening viewport and decision-critical downstream sections through local headless-browser screenshots, not the in-app Browser plugin. Check desktop and narrow-screen legibility, clipping, citation density, whitespace, and that the page does not acquire horizontal overflow.
• When delivering DOCX, ensure the document itself contains the full memo spine, including recommendation, decision hinge, thesis/evidence, valuation or scenario view, risks, catalysts, source posture, and open items. The HTML report may be a companion, but the DOCX must be usable as the first-read artifact on its own.

QA

Before finalizing, verify:

• recommendation and decision hinge are clear
• material numbers are sourced, model-derived, or explicit assumptions
• downside is mechanistic, not generic
• what must be true items are measurable
• valuation/pricing/recovery support matches memo type
• a multi-year valuation using forward-period earnings and an exit or terminal multiple shows either present value using an explicit discount-rate / required-return assumption or annualized return / IRR versus a stated hurdle; undiscounted terminal price appreciation alone does not support initiation
• disconfirmers and monitoring triggers are present
• trade-construction asks are handed to long-short-pitch

Load references/quality-workflow.md for the full quality bar and workflow.

Script Map

When deterministic packaging from structured memo inputs is appropriate, use scripts/build_memo_package.py --primary-format docx or scripts/build_memo_package.py --primary-format html according to the selected memo surface. The script writes both reader-facing surfaces plus a manifest; the selected primary format controls the manifest's first-read artifact.

Public Equity PM Judgment Layer

For substantial memos, load shared/pm-judgment-heuristics.md before finalizing. Audience modes: long_only_pm, long_short_hf, sell_side_research, etf_index_diligence, public_equity_diligence.

Memo modes to support: buy-side-investment-memo, pm-update, sell-side-research-note, client-research-note, etf-index-diligence-note, and public-equity-diligence-memo.

Required PM judgment:

• Every full memo needs a decision hinge, what must be true, what is priced in, downside mechanism, measurable disconfirmers, source posture, and action discipline.
• Build-from-scratch memo mode must include an intake checklist, source packet requirements, first-pass house view, variant wedge, priced-in debate, estimate path, valuation/skew, downside mechanism, catalysts, disconfirmers, action rules, and exact evidence needed to upgrade from screen-grade to decision-grade.
• Sell-side notes need rating/target-price debate, estimate revision bridge, variant versus Street, risk-to-rating, and compliance-safe wording.
• ETF/index notes need mandate, methodology, holdings/weights, tracking-error or benchmark implications, factor exposure, liquidity, and rebalance/corporate-action risk.