Estimated Timeline

[rough time estimate for each phase]

Ready to proceed?

**Present this plan to user** and wait for confirmation (unless in automated/non-interactive mode).

### Step 3: Deploy Multi-Agent Research (Phases 1-7)

For each phase, deploy multiple Task agents in **parallel** (single message, multiple tool calls).

**Critical Rule**: Always launch multiple agents in parallel for efficiency. DO NOT launch agents sequentially.

**Example Parallel Deployment**:

[Launching 4 agents in parallel...]

Agent 1: Research business foundation - products and revenue Agent 2: Research business foundation - customers and value chain Agent 3: Research business foundation - recent strategic changes Agent 4: Cross-check and verify key facts from Agents 1-3

**Agent Template Structure**:

You are a research agent focused on [specific aspect] of [company name] ([ticker]).

Your Task: [specific research objective]

Tools to Use:

1. Start with WebSearch to find relevant sources
2. Use WebFetch to extract content from promising URLs
3. Use mcp__web_reader__webReader for better content extraction
4. Cross-reference claims across multiple sources

Research Focus:

• [Specific questions to answer]
• [Key data points to find]
• [Sources to prioritize based on user constraints]

Output Format: Provide a structured summary with:

• Key findings (bullet points)
• Source citations (author, date, title, URL)
• Confidence ratings (High/Medium/Low) for each claim
• Contradictions or gaps found

Quality Standards:

• Only make claims supported by sources
• Distinguish between [FACT] and [OPINION/ANALYSIS]
• Flag uncertainties explicitly

### Step 4: Coordinate and Synthesize Results

After agents complete their tasks:

1. **Compile findings** from all agents
2. **Identify overlaps** and redundancies
3. **Resolve contradictions** by examining sources
4. **Maintain source attribution** from each agent
5. **Create coherent narrative** with logical flow

**Synthesis Principles**:
- Prioritize primary sources (company filings) over secondary analysis
- Identify consensus vs. outliers in opinions
- Explicitly acknowledge uncertainties
- Use synthesizer skill if needed for complex multi-agent integration

### Step 5: Generate Phase Reports

For each phase, create a structured markdown report:

```markdown
# Phase X: [Phase Name]

## Executive Summary
[2-3 paragraph overview of key findings]

## Detailed Findings
[Comprehensive analysis with subsections]

## Key Data
[Tables, metrics, statistics]

## Source Quality Assessment
- A-grade sources: [count] sources
- B-grade sources: [count] sources
- [etc.]

## Contradictions and Gaps
[What sources disagree on, what couldn't be determined]

## Key Takeaways
[3-5 bullet points of most important insights]

Step 6: Quality Assurance (After Phase 7)

Before final synthesis, perform quality checks:

Citation Verification:

• Every factual claim has a citation
• Citation format: Author, Date, Title, URL
• Source quality rated (A-E scale)

Cross-Validation:

• Profit vs. cash flow comparison completed
• Company vs. peer comparison completed
• Bear case analysis included

Completeness:

• All 8 phases covered
• User's priority areas given extra depth
• Red flags and risks identified

Objectivity:

• No investment advice given
• Balanced presentation of bull/bear cases
• No hype or fear language

Step 7: Generate Final Synthesis Report

Create comprehensive investment due diligence report:

File: 00_Executive_Summary.md

• Signal light rating with rationale
• One-paragraph investment thesis
• Key metrics summary table
• Top 3 reasons to consider/not consider
• Risk summary

File: 01_Business_Foundation.md through 07_Valuation_Moat.md

• Individual phase reports

Financial_Data/ directory:

• key_metrics_table.md
• cashflow_analysis.md
• peer_comparison.md

Valuation/ directory:

• historical_multiples.md
• dcf_analysis.md
• implied_expectations.md

Risk_Monitoring/ directory:

• bear_case.md
• black_swans.md
• monitoring_checklist.md

sources/ directory:

• bibliography.md
• data_sources.md

Step 8: Use Citation Validator Skill

After generating the report, invoke the citation-validator skill to:

• Verify all claims have citations
• Check citation completeness
• Rate source quality
• Identify missing or problematic citations
• Provide correction recommendations

Incorporate validation findings into the final report.

Research Quality Standards

Mandatory Cross-Validation

1. Profit vs. Cash Flow:

• Calculate Operating Cash Flow / Net Income for 3-5 years
• Flag if ratio < 0.8 consistently (potential red flag)
• Identify one-time items affecting earnings vs. cash

2. Company vs. Peers:

• Compare key ratios (margins, growth, valuation multiples)
• Identify outliers (significant deviations from peers)
• Explain reasons for differences

3. Bear Case Analysis:

• Identify 3-5 key risks or failure scenarios
• Assess likelihood and impact
• Identify what data/events would trigger these scenarios

Source Quality Rating (A-E Scale)

A - Highest Quality:

• Peer-reviewed academic research
• Systematic reviews and meta-analyses
• Randomized controlled trials
• Regulatory filings (annual reports, 10-K, 20-F)
• Government agency publications

B - High Quality:

• Cohort studies, case-control studies
• Clinical guidelines and consensus statements
• Reputable analyst research (with skepticism)
• Industry association reports
• Company investor relations materials

C - Moderate Quality:

• Expert opinion, thought leadership
• Case reports and series
• Mechanistic studies
• Company press releases
• News articles from reputable outlets

D - Lower Quality:

• Preprints, preliminary research
• Conference abstracts
• Blog posts and opinion pieces
• Social media content (verify with primary sources)

E - Lowest Quality:

• Anecdotal evidence
• Theoretical speculation without data
• Rumors and unverified claims
• Conflicts of interest not disclosed

Citation Format Requirements

Every factual claim must include:

1. Author/Organization: Who produced the content
2. Publication Date: When it was published (at least year)
3. Source Title: Name of the report, article, or document
4. Direct URL/DOI: Where to find it
5. Page Numbers: If applicable (for PDF documents)

Example:

According to the 2023 Annual Report, Kweichow Moutai's revenue grew by 18.2% to
¥127.5 billion, driven by a 16.7% increase in sales volume of Moutai products
[Kweichow Moutai Co., Ltd., 2024 Annual Report, April 2024,
https://www.cninfo.com.cn/new/disclosure/detail?stockCode=600519&announcementId=122]

Output Directory Structure

Always use this standardized structure:

RESEARCH/STOCK_[ticker]_[company_name]/
├── README.md                          # Navigation and overview
├── 00_Executive_Summary.md            # Signal rating + thesis + summary
├── 01_Business_Foundation.md          # Phase 1
├── 02_Industry_Analysis.md            # Phase 2
├── 03_Business_Breakdown.md           # Phase 3
├── 04_Financial_Quality.md            # Phase 4
├── 05_Governance_Analysis.md          # Phase 5
├── 06_Market_Sentiment.md             # Phase 6
├── 07_Valuation_Moat.md               # Phase 7
├── Financial_Data/
│   ├── key_metrics_table.md           # CAGR, ROE, margins (5-10 years)
│   ├── cashflow_analysis.md           # OCF/NI, FCF/NI, accruals
│   ├── peer_comparison.md             # Comparison tables
│   └── historical_trends.md           # Multi-year trends
├── Valuation/
│   ├── historical_multiples.md        # PE, PB, PS, EV/EBITDA percentiles
│   ├── dcf_analysis.md                # DCF with scenarios
│   ├── reverse_dcf_implied_growth.md  # Implied growth from current price
│   └── peer_valuation_matrix.md       # Peer multiple comparison
├── Risk_Monitoring/
│   ├── bear_case.md                   # Bear case scenarios
│   ├── black_swans.md                 # Tail risks
│   └── monitoring_checklist.md        # Future monitoring
└── sources/
    ├── bibliography.md                # All citations with quality ratings
    └── data_sources.md                # Data source descriptions

Important Reminders

What You SHOULD Do:

• ✅ Deploy multiple research agents in parallel (single message, multiple tool calls)
• ✅ Verify every claim with sources
• ✅ Distinguish between [FACT] and [OPINION/ANALYSIS]
• ✅ Include bear case and risk analysis
• ✅ Use citation-validator skill before finalizing
• ✅ Maintain objectivity and neutrality
• ✅ Explicitly acknowledge uncertainties
• ✅ Present balanced bull/bear cases

What You Should NOT Do:

• ❌ Do NOT give investment advice or recommendations
• ❌ Do NOT predict stock prices or target prices
• ❌ Do NOT use hype or fear language
• ❌ Do NOT make claims without source citations
• ❌ Do NOT ignore bear case or risks
• ❌ Do NOT launch agents sequentially (always parallel)
• ❌ Do NOT skip citation verification
• ❌ Do NOT present opinions as facts

Special Considerations by Investment Style

Value Investing

• Emphasize: Balance sheet strength, normalized earnings, margin of safety
• Valuation: P/B, EV/EBITDA, DCF with conservative assumptions
• Red flags: Declining business quality, value traps, accounting issues

Growth Investing

• Emphasize: TAM, competitive positioning, growth sustainability
• Valuation: PEG, DCF with aggressive growth, user value models
• Red flags: Growth slowdown, competitive threats, valuation compression

Turnaround/Distressed

• Emphasize: Liquidity, solvency, restructuring progress
• Valuation: Liquidation value, option value, recovery scenarios
• Red flags: Insolvency, no clear path to viability

Dividend/Income

• Emphasize: Dividend sustainability, payout ratio, FCF generation
• Valuation: DDM, yield vs. alternatives, FCF coverage
• Red flags: Dividend cuts, payout ratio too high, declining FCF

Using Related Skills

This skill works synergistically with:

• stock-question-refiner: Generates the structured research prompt you execute
• citation-validator: Validates citation quality and completeness
• synthesizer: Helps combine multi-agent findings into coherent narratives
• got-controller: Manages complex research using Graph of Thoughts (for especially complex topics)

Examples

For detailed examples of:

• How to deploy agents for each phase
• What phase reports should look like
• How to handle specific scenarios (e.g., distressed companies, high-growth tech)

See examples.md.

For detailed phase-by-phase instructions, see phases.md.