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long-short-equity

long short equity strategy, pair trade construction, market neutral portfolio, net exposure management, factor neutrality, equity long short, hedge fund strategy, alpha generation, stock picking portfolio construction, long short position management

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包含的文件(4)

  • SKILL.md7.6 KB
  • references/knowledge-frameworks.md722 B
  • references/modes.md723 B
  • references/strategy-methodology.md9.2 KB

SKILL.md(原文)

安装前可以查看交给 AI 代理的指令内容。

Methodology fused from institutional long/short and buy-side research frameworks; all text is an original paraphrase.

Defaults

ParameterDefault ValueRationale
parameter_freetrueThis skill has no tunable parameters; analysis scope set by temporal_scope frontmatter

Preflight

Run canonical pre-flight per contracts/preflight.md. Include the X-Agentii-Trace header on every tool call per contracts/x-agentii-trace-header.md — carry the _run_id from your first tool result and name yourself (and your parent, if you were spawned).

Data Source Priority

  1. Strategy methodology — references/strategy-methodology.md (bundled long/short framework)
  2. Strategy frameworks — search_investment_strategies(domain=fundamental)
  3. Historical precedent — search_investment_cases + search_by_analogue(company_situation=...)
  4. Financials — search_xbrl_facts for unit economics and decline-rate evidence

Methodology

Retrieval Scope

structured_only

Retrieval Strategy

Ownership & insider signals: search_institutional_holdings (top-10 holders + whale portfolios, direction=accumulating|reducing|new|exited) and search_insider_trades (Form-4 transactions with SEC URLs) are available as signal inputs.

Branch (a) Structured Data Query from contracts/retrieval.md. Retrieve frameworks via search_investment_strategies, precedent via search_investment_cases and search_by_analogue. Detailed methodology in references/strategy-methodology.md.

Temporal Scope

See frontmatter temporal_scope block.

Tool Allowlist

See frontmatter allowed_tools.

Protocol

Every long/short position rests on an earnings disconnect — a gap between what the market has priced and what the business will deliver. The unifying question across all strategy types is: what does consensus believe, and what do I believe differently? Strategy spectrum, short archetypes, and process detail are in references/strategy-methodology.md.

Consensus is not the published number. Sell-side consensus is a simple average of analyst estimates; buy-side consensus typically moves ahead of it. Trading against the published figure while the real positioning has already shifted is a common and expensive error. Triangulate the effective buy-side expectation before sizing any view.

Steps

  1. Strategy Classification: Place the idea on the spectrum from spread-focused to fundamentals-focused — merger arbitrage (0-18mo), general event-driven (0-24mo), activist (0-24mo), value/deep value (0-5yr+), growth or growth-at-reasonable-price (0-5yr+). The classification sets the expected holding period and the evidence bar. Categories overlap; record the dominant driver rather than forcing a single label.

  2. Consensus Reconstruction: Establish the published sell-side figure, then estimate the effective buy-side expectation. Document the gap and its direction — the disconnect is the position, not the absolute valuation level.

  3. Idea Provenance: Record how the idea was sourced — industry research and trade events, tangential analysis of adjacent markets, practitioner conversations, curated research communities, or quantitative screens. Provenance predicts which failure modes to test for: screen-sourced ideas need qualitative validation, conversation-sourced ideas need independent quantitative confirmation.

  4. Long-Side Thesis: Apply value or growth frameworks per classification. Value requires a discount to net present value on a price basis; growth requires a discount on an earnings basis. State which, and why the market has mispriced it.

  5. Short-Side Archetype (when shorting): Classify into one of three patterns — competition short (complacent incumbent facing a credible new entrant; test the entrant's unit economics and assess whether incumbent management can and will react), consumer euphoria (a product with outsized enthusiasm that will not sustain; test via market sizing and product work), or disappearing business (an incumbent in a structurally terminal market; establish the rate of decline, the cash-flow profile during decline, and whether cash can be redeployed). Each archetype has a distinct evidence requirement — do not substitute a valuation opinion for the archetype test.

  6. Precedent Retrieval: Query search_by_analogue for the matching situation and search_investment_cases for outcome history. Weight precedent by archetype match, not sector match.

  7. Risk and Invalidation: Name what would falsify the thesis and by when. For shorts, additionally record borrow availability, short interest, and days-to-cover — a correct short thesis in a crowded, hard-to-borrow name is not an executable position.

  8. Output: Deliver the classification, the quantified disconnect, the archetype evidence, precedent with /v/ citations, and explicit invalidation conditions.

Output File

{ticker}/{YYYY-MM-DD_HHMM}_long-short-equity_{affix}.md

Output Structure

  1. Executive Summary — strategy classification, the disconnect, and direction in 2-3 sentences
  2. Strategy Classification — position on the spread-to-fundamentals spectrum with expected holding period
  3. Consensus Disconnect — published sell-side figure vs estimated buy-side expectation, with the gap quantified
  4. Idea Provenance — sourcing route and the failure modes it implies
  5. Thesis Detail — long-side value/growth basis, or short-side archetype with its specific evidence test
  6. Historical Analogues — archetype-matched precedent with /v/ citations
  7. Executability — for shorts: borrow, short interest, days-to-cover
  8. Risk and Invalidation — falsification conditions and deadline
  9. Coverage Gaps — data limitations and degraded flags

Error Handling

ErrorFallback
No strategy frameworks availableProceed with references/strategy-methodology.md; flag knowledge_coverage: degraded
Buy-side consensus cannot be triangulatedReport the sell-side figure only and mark the disconnect as unquantified
Borrow / short-interest data unavailableMark the short as not executability-cleared; do not present it as actionable
search_by_analogue returns emptyContinue without precedent; annotate coverage_gap

Final Summary (TUI)

Include ### Key Citations block (0–10 /v/ URLs).

Memory Load

Load prior context before retrieval. See contracts/memory-load.md.

Snapshot

Post-session synthesis. See contracts/snapshot-synthesis.md.

Output Frontmatter

Structured output per contracts/output-frontmatter-schema.md.

References

  • references/strategy-methodology.md
  • references/knowledge-frameworks.md
  • contracts/citation-and-memory.md
  • contracts/retrieval.md
  • contracts/preflight.md

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