references/v2/state-and-gates.md

# Research State and Dependency Gates

The research state is the durable handoff artifact for initiation, update, and post-mortem work. Every module has status not_started, in_progress, blocked, pass, fail, or not_applicable with a reason. A downstream gate cannot pass while a mandatory dependency is open.

Core dependency order:

1. scope and point-in-time cutoff
2. source inventory and definition register
3. historical reconstruction and accounting normalization
4. business, industry, and management evidence
5. driver model and three-statement reconciliation
6. valuation and reverse expectations
7. risk, liquidity, scenarios, and thesis breaks
8. independent red team and contradiction resolution
9. citation, numerical, definition, freshness, contradiction, and completion audits
10. Appendix M for a full initiation

When evidence is unavailable, mark the gate blocked with the exact missing evidence, attempted retrieval, decision impact, and next action. Do not invent a pass or replace missing evidence with confidence language.