skills/meeting-prep/references/meeting-type-playbooks.md

# Meeting type playbooks

## Table of contents
1. Management or issuer meeting
2. Research, PM, or client update
3. Investor or counterparty meeting
4. Credit, distressed, or risk committee meeting
5. Investment committee or internal research review
6. Earnings, investor day, or public-equity meeting
7. Expert call
8. Portfolio or watchlist review
9. Forecast, model, valuation, or research review
10. Research kickoff or evidence-request planning

## First-class mode names

Use these routing labels in outputs and dashboards: `management_ir`, `expert_call`, `pm_internal_review`, `investment_committee`, `client_update`, `sell_side_call`, `earnings_call`, `investor_day`, `portfolio_watchlist_review`, `model_review`, `research_kickoff`, and `post_meeting_follow_up`.

All modes should rank questions by decision impact and include what not to ask/say, evidence requests, likely pushbacks, follow-up actions, and the next owning workflow.

## 1. Management or issuer meeting
Objective: test the company story, management credibility, KPIs, quality of growth, risks, and what evidence is needed next.

Must know:
- business model, product, customer base, market, unit economics, revenue quality, margin profile, cash flow, capex, working capital, and management incentives;
- what the model or memo assumes;
- issuer or management claims that need verification.

Question focus:
- growth drivers and sustainability;
- customer concentration, churn, pipeline, pricing, retention, cohort behavior;
- gross margin and operating leverage drivers;
- non-recurring revenue, add-backs, revenue recognition, backlog, bookings, ARR/MRR, NRR/GRR as relevant;
- cash conversion, working capital, capex, debt, covenants, liquidity;
- what management would cut first in a downside case.

Live-use output for a public-company management or IR meeting:
- lead with the investor stance, purpose of the conversation, and the evidence or disclosure that would change the view;
- place a compact conversation-flow sequence before the detailed must-ask question cards so the brief can be used during the meeting;
- make three or four questions the must-ask sequence and move additional diligence topics to `If Time Permits`;
- for each must-ask, concisely specify what answer to listen for, the clean follow-up if the answer stays qualitative or evasive, and the model or thesis implication;
- keep the public-disclosure boundary explicit: do not seek intra-quarter performance, customer-specific contract terms, undisclosed pricing, or other material nonpublic information;
- keep background to the handful of disclosed facts necessary to make the call plan useful, and route broader post-print or pre-print analysis to the relevant earnings workflow.

Useful companion skills: `company-tearsheet`, `financial-source-of-truth`, `financials-normalizer`, `earnings-preview`, `earnings-deep-dive`, `equity-model-update`, `scenario-sensitivity-generator`, `thesis-tracker`, `sector-context-overlay`.

## 2. Research, PM, or client update
Objective: prepare the user to explain the current view, defend the evidence, update a recommendation, or clarify next analytical steps with a PM, client, or research team.

Must know:
- current thesis, recommendation or stance, source posture, model status, catalysts, risks, and decision-maker concerns;
- relevant comps, valuation range, estimates, key KPI changes, market setup, and peer read-throughs;
- what the user should ask for to sharpen the research, model, or client discussion.

Question focus:
- what changed since the prior view;
- key estimate, valuation, and catalyst debates;
- model and source gaps;
- risk controls, hedges, or sizing constraints;
- materials needed to refresh the research packet.

Useful companion skills: `memo-builder`, `long-short-pitch`, `comps-valuation`, `dcf-model-builder`, `equity-model-update`, `earnings-preview`, `earnings-deep-dive`, `deck-report-qc`, `style-guide-adapter`.

## 3. Investor, client, or counterparty meeting
Objective: help the user understand mandate fit, thesis concerns, evidence gaps, and what would move an investor, client, or counterparty toward action.

Must know:
- counterparty mandate, sector focus, liquidity needs, risk appetite, valuation sensitivity, and prior behavior;
- why this opportunity fits or does not fit;
- likely research objections and decision process.

Question focus:
- investment mandate and non-negotiables;
- valuation, growth, margin, balance sheet, catalyst, and risk assumptions;
- evidence priorities and timeline;
- committee or PM process and gating concerns;
- reasons they might pass or size smaller.

Useful companion skills: `company-tearsheet`, `memo-builder`, `long-short-pitch`, `comps-valuation`, `dcf-model-builder`, `scenario-sensitivity-generator`, `portfolio-risk-management`, `thesis-tracker`.

## 4. Credit, distressed, or risk committee meeting
Objective: pressure-test public issuer credit quality, downside protection, capital structure, liquidity, recovery, and risk limits.

Must know:
- capital structure, debt terms, maturity wall, collateral if disclosed, covenant package, liquidity, cash burn, forecast, and issuer case;
- EBITDA adjustments, non-GAAP definitions, capex, cash taxes, refinancing risk, recovery downside, and trading levels;
- covenant headroom when public or user-provided, rating trajectory, and instrument priority.

Question focus:
- what protects creditors or security holders in the downside;
- covenant cushion if disclosed or user-provided;
- liquidity runway and revolver availability;
- non-GAAP adjustment support and recurring EBITDA;
- collateral and recovery value;
- required monitoring signals.

Useful companion skills: `scenario-sensitivity-generator`, `event-driven-analyzer`, `portfolio-risk-management`, `equity-model-update`, `model-audit-tieout`, `memo-builder`. Use Credit Markets for credit instruments, creditworthiness, restructuring, distressed, recovery, spreads, yields, covenants, and debt security analysis.

## 5. Investment committee or internal research review
Objective: prepare the user to make or defend a recommendation, expose the decision needed, and resolve the highest-impact open questions.

Must know:
- thesis, variant view, key risks, valuation, downside, catalysts, evidence status, kill criteria;
- what has changed since last review;
- what the committee must decide today.

Question focus:
- what has to be true to win;
- biggest disconfirming evidence;
- downside case and breakeven points;
- valuation sensitivity and exit assumptions;
- evidence gaps and who owns them;
- go/no-go recommendation.

Useful companion skills: `memo-builder`, `long-short-pitch`, `scenario-sensitivity-generator`, `thesis-tracker`, `portfolio-risk-management`, `deck-report-qc`.

## 6. Earnings, investor day, or public-equity meeting
Objective: prepare for a public-company event, management meeting, sell-side conference, or post-print investor discussion.

Must know:
- latest print, guidance, consensus, KPIs, transcript commentary, estimate revisions, valuation, debate points, catalysts;
- what the market expected versus what changed;
- what question would test the variant view.

Question focus:
- guidance bridge and key drivers;
- demand, pricing, volume, mix, margin, capex, cash flow, buybacks, balance sheet;
- KPI definitions and comparability;
- competitive dynamics and channel signals;
- risks management is not emphasizing;
- what would cause estimates to move.

Live-use output:
- distinguish three or four meeting questions from the fuller earnings research agenda;
- tie each priority question to the expected estimate, valuation, thesis, or monitoring consequence;
- show the follow-up to use if management restates prepared commentary without addressing the investor debate.

Useful companion skills: `earnings-preview`, `earnings-deep-dive`, `equity-model-update`, `long-short-pitch`, `thesis-tracker`, `portfolio-risk-management`, `sector-context-overlay`.

## 7. Expert call
Objective: turn limited expert time into specific evidence on market structure, competitive position, customer behavior, operational reality, or industry change.

Must know:
- expert background and potential bias;
- hypotheses to test;
- what evidence is observable by the expert versus outside their scope;
- compliance restrictions and topics to avoid.

Question focus:
- observable facts and examples rather than opinions;
- triangulation against company claims;
- customer behavior, switching costs, procurement, pricing, sales cycles, churn, channel dynamics;
- competitor positioning;
- leading indicators and inflection points.

Useful companion skills: `company-tearsheet`, `long-short-pitch`, `idea-generation`, `thesis-tracker`, `financial-source-of-truth`, `sector-context-overlay`.

## 8. Portfolio or watchlist review
Objective: identify what changed in a public-equity position or watchlist name, what actions are needed, and what the PM/research lead should do next.

Must know:
- price move, estimate revisions, earnings/KPI trend, liquidity/credit movement, catalyst path, risk/sizing, hedge status, and thesis drift;
- prior action items and ownership;
- management explanations, source quality, and disconfirming evidence.

Question focus:
- what changed versus thesis and what actually matters;
- add, trim, hold, exit, hedge, or keep on watchlist;
- revised estimate/valuation confidence;
- catalysts, break conditions, and downside triggers;
- source gaps that must be resolved before changing exposure.

Useful companion skills: `thesis-tracker`, `equity-model-update`, `scenario-sensitivity-generator`, `portfolio-risk-management`, `model-audit-tieout`, `memo-builder`.

## 9. Forecast, model, valuation, or research review
Objective: prepare the user for decisions on forecast changes, model assumptions, valuation, financial performance, or public-equity-investing research communication.

Must know:
- current model, actuals, forecast, variance drivers, consensus, guidance, targets, and model version;
- what changed since the prior forecast, model update, or research note;
- what decisions are needed and by when.

Question focus:
- source of variance and controllability;
- recurring versus one-time impact;
- forecast tradeoffs, revenue/margin/FCF drivers, capital allocation, valuation, and risk controls;
- forecast confidence and downside plan;
- decisions, owner, and escalation path.

Useful companion skills: `financials-normalizer`, `excel-data-cleaner`, `model-audit-tieout`, `equity-model-update`, `three-statement-model-builder`, `dcf-model-builder`, `scenario-sensitivity-generator`, `memo-builder`, `deck-report-qc`.

## 10. Research kickoff or evidence-request planning
Objective: align on research responsibilities, gating questions, timeline, workstreams, and evidence needed.

Must know:
- research question, coverage universe, deadlines, source package, required model work, open issues;
- who owns each workstream;
- next milestone and decision gate.

Question focus:
- timeline and deliverables;
- owners and dependencies;
- top disconfirming evidence and workstream priorities;
- source, model, and data gaps;
- approval or PM review process;
- communication cadence.

Useful companion skills: `financial-source-of-truth`, `company-tearsheet`, `financials-normalizer`, `equity-model-update`, `comps-valuation`, `dcf-model-builder`, `scenario-sensitivity-generator`, `memo-builder`, `thesis-tracker`.