skills/memo-builder/references/source-policy.md

# Memo Builder Source Policy

Use this reference after `memo-builder` is selected.

## Source Priority

1. Connected or institutional-grade sources available in the session.
2. Company filings, releases, transcripts, investor decks, and official reported financials.
3. Market-data or consensus feeds available to the user.
4. User-provided models, notes, and research.
5. Web search or public summaries as a labeled fallback.

Rules:

- Prefer primary documents over summaries and summaries over commentary.
- Disclose fallback, proxy, stale, or substitution figures.
- Keep fact, inference, model output, and assumption distinct.
- If the memo is screen-grade, say so before the first metric table.
- Create an `Open Items / Data Requests` section when important information is missing.

## Minimum Inputs

- Issuer, security, sector, instrument, or theme.
- Memo type and intended audience.
- Decision question: initiate, add, trim, exit, hold, underwrite, monitor, or explain.
- Current price, spread, yield, valuation reference, or relevant event spread, plus as-of date.
- Time horizon or decision window.
- Thesis drivers and known risks.
- Source pack or source posture.

## Build-From-Scratch Source Packet

For `screen-grade-scratch-memo`, request or label the absence of: latest filing/release/transcript, investor presentation, consensus snapshot, price/market-cap/EV as-of, share count, net debt, segment/KPI history, valuation comps or DCF source, short interest/borrow where relevant, ownership/index/ETF exposure, catalysts, prior house view, and known disconfirming evidence. Missing fields do not block a screen-grade memo, but they cap readiness and must appear in open items.

## Public Equity Source Discipline

Filings, releases, transcripts, proxies, and company IR lead for facts. Consensus, live price, short interest, borrow, options, ETF holdings, index rules, liquidity, and ownership require as-of dates. Separate fact, management claim, consensus, market data, model output, assumption, and PM judgment.