Initiating Coverage

Initiating Coverage

Create institutional-quality equity research initiation reports through a structured 5-task workflow. Each task must be executed separately with verified inputs.

Overview

This skill produces comprehensive first-time coverage reports following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format). Tasks are executed individually, each verifying prerequisites before proceeding.

Default Font: Times New Roman throughout all documents (unless user specifies otherwise).

⚠️ CRITICAL: One Task at a Time

THIS SKILL OPERATES IN SINGLE-TASK MODE ONLY.

If User Requests Full Pipeline

When user requests:

• "Create a coverage initiation report for [Company]"
• "Write an initiation report for [Company]"
• "Do the entire equity research process for [Company]"
• "Complete all 5 tasks for [Company]"
• Any request that implies running multiple tasks or the entire workflow

REQUIRED RESPONSE:

1. Ask which specific task to perform: ``` I can help you create an equity research initiation report for [Company]. This involves 5 separate tasks that need to be completed individually:

1. Company Research - Research business, management, industry
2. Financial Modeling - Build projection model
3. Valuation Analysis - DCF and comparable companies
4. Chart Generation - Create 25-35 charts
5. Report Assembly - Compile final report

Which task would you like to start with?

2. **When user explicitly requests all tasks together:**

I understand you'd like to complete the entire initiation report pipeline. Currently, this skill supports executing one task at a time, which allows for better quality control and review at each stage.

We're working on a seamless end-to-end workflow that will make this process more automated, but for now, we'll need to complete each task separately.

Would you like to start with Task 1 (Company Research)?

3. **Never automatically assume which task to start** - always ask user to confirm.

4. **Never execute multiple tasks in sequence** - complete one task, deliver outputs, then wait for next user request.

### Task Execution Rules

- ✅ Execute exactly ONE task per user request
- ✅ Always verify prerequisites before starting a task
- ✅ Deliver task outputs and confirm completion
- ✅ Wait for user to explicitly request the next task
- ❌ Never chain multiple tasks together automatically
- ❌ Never assume user wants to proceed to next task
- ❌ Never execute Tasks 3-5 without verifying required inputs exist

### ⚠️ Deliverables Policy: NO SHORTCUTS

**DELIVER ONLY THE SPECIFIED OUTPUTS. DO NOT CREATE EXTRA DOCUMENTS.**

Each task specifies exact deliverables. Do NOT create:
- ❌ "Completion summaries"
- ❌ "Executive summaries"
- ❌ "Quick reference guides"
- ❌ "Next steps documents"
- ❌ "Task completion reports"
- ❌ Any other "helpful" documentation not explicitly specified

**Why**: These extras waste context and are not part of the professional workflow.

**What TO deliver**:
- ✅ Task 1: Research document (.md) — **NOTHING ELSE**
- ✅ Task 2: Financial model (.xlsx) — **NOTHING ELSE**
- ✅ Task 3: Valuation analysis (.md) + Excel tabs added to Task 2 file — **NOTHING ELSE**
- ✅ Task 4: Charts zip file (.zip) — **NOTHING ELSE**
- ✅ Task 5: Final report (.docx) — **NOTHING ELSE**

**If a deliverable is not listed above, DO NOT CREATE IT.**

---

## Task Selection

Select which task to execute:

| Task | Name | Prerequisites | Output |
|------|------|--------------|--------|
| **1** | Company Research | Company name/ticker | 6-8K word document |
| **2** | Financial Modeling | 10-K or financials access | Excel model (6 tabs) |
| **3** | Valuation Analysis | Financial model (Task 2) | Valuation + price target |
| **4** | Chart Generation | Tasks 1, 2, 3 + external data | 25-35 PNG/JPG charts |
| **5** | Report Assembly | ALL previous tasks (1-4) | 30-50 page DOCX report |

---

## How to Use This Skill

### User Request Patterns and Responses

**Pattern 1: User specifies a specific task**

User: "Use initiating-coverage, Task 1 for Tesla" Response: ✅ Execute Task 1 immediately

**Pattern 2: User asks for "initiation report" or "full pipeline"**

User: "Create a coverage initiation report for Tesla" Response: ❌ DO NOT start any task automatically ✅ Ask which task to start with (see template above)

**Pattern 3: User wants to do "all tasks" or "entire workflow"**

User: "I want to complete all 5 tasks for Tesla" Response: ❌ DO NOT chain tasks together ✅ Explain one-at-a-time limitation (see template above) ✅ Ask if they want to start with Task 1

### Correct Usage Examples

**Executing a single task:**

"Use initiating-coverage skill, Task 1 for Tesla" "Do Task 2 of initiating-coverage for Tesla" "Run Task 3 for Tesla using the initiating-coverage skill"

**Completing full report (requires 5 separate requests):**

Request 1: "Do Task 1 for Tesla" → Complete → Deliver outputs Request 2: "Do Task 2 for Tesla" → Complete → Deliver outputs Request 3: "Do Task 3 for Tesla" → Complete → Deliver outputs Request 4: "Do Task 4 for Tesla" → Complete → Deliver outputs Request 5: "Do Task 5 for Tesla" → Complete → Deliver outputs

### Task Execution Order

For a complete initiation report, tasks must be executed in separate user requests following this order:

Request 1: Task 1 - Company Research (independent) ↓ [User reviews outputs and requests next task] Request 2: Task 2 - Financial Modeling (independent) ↓ [User reviews outputs and requests next task] Request 3: Task 3 - Valuation Analysis (requires Task 2 output) ↓ [User reviews outputs and requests next task] Request 4: Task 4 - Chart Generation (requires Tasks 2 & 3 outputs) ↓ [User reviews outputs and requests next task] Request 5: Task 5 - Report Assembly (requires ALL previous task outputs)

**Note**: Tasks 1 and 2 can be run in any order. Tasks 3-5 have strict dependencies and must verify inputs before proceeding.

---

## Task 1: Company Research

**Purpose**: Research company's business, management, competitive position, industry, and risks.

**Prerequisites**: ✅ None (fully independent)
- Company name or ticker symbol

**Process**:
1. Verify company name/ticker provided
2. Load detailed instructions from references/task1-company-research.md
3. Execute qualitative research workflow
4. Deliver research document

**Output**: Company Research Document (6,000-8,000 words)
- Company overview & history
- Management bios (300-400 words × 3-4 execs)
- Products & services analysis
- Industry overview
- Competitive analysis (5-10 competitors)
- TAM sizing
- Risk assessment (8-12 risks)

**File name**: `[Company]_Research_Document_[Date].md`

**⚠️ DELIVER ONLY THIS 1 FILE. NO completion summaries, no extra documents.**

**⚠️ DO NOT TAKE SHORTCUTS:**
- ✅ Write full 6,000-8,000 words (not summaries)
- ✅ Complete 300-400 word bios for ALL 3-4 executives
- ✅ Analyze ALL 5-10 competitors thoroughly
- ✅ Cover all 8-12 risks across 4 categories
- ❌ Do not abbreviate sections to save time
- ❌ Do not skip any required sections

**Verification before proceeding**: None required for this task.

---

## Task 2: Financial Modeling

**Purpose**: Extract historical financials and build comprehensive Excel financial model with projections and scenarios.

**Prerequisites**: ⚠️ Verify before starting
- **Required**: Access to company financial data
  - For public companies: Latest 10-K from SEC EDGAR
  - For private companies: Financial statements or available estimates
  - OR: Pre-extracted historical financials provided by user
- **Optional**: Company research (Task 1) for business context

**Input Verification**:

BEFORE STARTING - Select approach:

Option A: Extract financials (most common)

• [ ] Have access to 10-K or financial statements?
• [ ] Ready to extract 3-5 years of data?