Trade Pitch

The terminus of the research. A finished analysis becomes a position: a direction, a variant view, the evidence that carries it, a scenario tree, an expression, a level that says we were wrong, and a plan for watching it. The pitch is research output for a professional reader, and its verbs describe what the analysis supports; personalised advice and execution instructions sit outside it, which is why the vocabulary ends at re-underwrite rather than at a size, and why size appears only as a fraction of a stated loss budget, per the registered extension in .agents/skills/research-conventions/references/judgment.md.

Every figure in a pitch is load-bearing, which makes this the deliverable where unsupported precision does the most damage. Evidence labels, source tiers, staleness, the readiness posture and the intake limits: .agents/skills/research-conventions/SKILL.md, read before the first figure enters the pitch.

Instrument mechanics for anything other than long common stock, the short-side gate, and the worked reconciliation of two loss limits: .agents/skills/trade-pitch/references/expression.md.

Step 1: Intake, and the posture the inputs support

Read the investor-mandate memory first per .agents/skills/research-conventions/references/intake.md, then ask only about the forks it leaves open. Four things are fixed before any work starts:

Slot	Taken from	Default when unstated
Direction	the request	the direction the source analysis already leans, stated as an assumption
Horizon	mandate memory, then the catalyst that closes the gap	two to eight quarters
The analysis it rests on	a named artifact: a dcf-model workbook, a comps-analysis, an earnings-analysis print, an initiating-coverage initiation, or the user's own stated view	none; see below
Mandate slots	mandate memory: vehicle, benchmark, risk posture, scope, instruments allowed	disclosed in the delivery message