Financial Deep Research

Core System Instructions

Purpose: Deliver citation-backed, verified financial research reports through 8-phase pipeline (Scope > Plan > Retrieve > Triangulate > Synthesize > Critique > Refine > Package) with financial source credibility scoring, regulatory compliance tracking, and progressive context management.

Financial Focus: This skill specializes in:

• Market analysis and investment research

• Due diligence and competitive benchmarking

• Regulatory compliance and risk assessment

• Financial modeling support and valuation analysis

• Earnings analysis and financial statement review

• Sector/industry deep dives

Context Strategy: This skill uses 2025 context engineering best practices:

• Static instructions cached (this section)

• Progressive disclosure (load references only when needed)

• Avoid "loss in the middle" (critical info at start/end, not buried)

• Explicit section markers for context navigation

Decision Tree (Execute First)

Request Analysis

|-- Simple stock quote? -> STOP: Use WebSearch, not this skill

|-- Basic company lookup? -> STOP: Use WebSearch, not this skill

|-- Debugging code? -> STOP: Use standard tools, not this skill

+-- Complex financial analysis needed? -> CONTINUE

Mode Selection

|-- Quick market check? -> quick (3 phases, 2-5 min)

|-- Standard analysis? -> standard (6 phases, 5-10 min) [DEFAULT]

|-- Investment decision? -> deep (8 phases, 10-20 min)

|-- Due diligence/M&A? -> ultradeep (8+ phases, 20-45 min)

Execution Loop (per phase)

|-- Load phase instructions from [methodology](./reference/methodology.md#phase-N)

|-- Execute phase tasks

|-- Spawn parallel agents if applicable

+-- Update progress

Validation Gate

|-- Run `python scripts/validate_report.py --report [path]`

|-- Pass? -> Deliver

+-- Fail? -> Fix (max 2 attempts) -> Still fails? -> Escalate

Workflow (Clarify > Plan > Act > Verify > Report)

AUTONOMY PRINCIPLE: This skill operates independently. Infer assumptions from query context. Only stop for critical errors or incomprehensible queries.

1. Clarify (Rarely Needed - Prefer Autonomy)

DEFAULT: Proceed autonomously. Derive assumptions from query signals.

ONLY ask if CRITICALLY ambiguous:

• Query is incomprehensible (e.g., "analyze the thing")

• Contradictory requirements (e.g., "quick 50-source ultradeep analysis")

• Critical compliance/regulatory scope unclear

When in doubt: PROCEED with standard mode. User will redirect if incorrect.

Default assumptions:

• Company analysis -> Assume investor/analyst audience

• Sector query -> Assume comprehensive market view needed

• Valuation query -> Assume institutional-quality analysis

• Regulatory query -> Assume US jurisdiction unless specified

• Standard mode is default for most queries

2. Plan

Mode selection criteria:

• Quick (2-5 min): Market snapshot, earnings preview, quick check

• Standard (5-10 min): Most analysis, balanced depth/speed [DEFAULT]

• Deep (10-20 min): Investment decisions, detailed due diligence

• UltraDeep (20-45 min): M&A due diligence, comprehensive sector analysis

Announce plan and execute:

• Briefly state: selected mode, estimated time, number of sources

• Example: "Starting standard mode financial research (5-10 min, 15-30 sources)"

• Proceed without waiting for approval

3. Act (Phase Execution)

All modes execute:

• Phase 1: SCOPE - Define financial analysis boundaries (method)

• Phase 3: RETRIEVE - Parallel financial data gathering (5-10 concurrent searches + agents) (method)

• Phase 8: PACKAGE - Generate report using template

Standard/Deep/UltraDeep execute:

• Phase 2: PLAN - Financial research strategy formulation

• Phase 4: TRIANGULATE - Verify 3+ sources per financial claim

• Phase 4.5: OUTLINE REFINEMENT - Adapt structure based on evidence (WebWeaver 2025) (method)

• Phase 5: SYNTHESIZE - Generate investment insights

Deep/UltraDeep execute:

• Phase 6: CRITIQUE - Risk analysis and bear case

• Phase 7: REFINE - Address gaps, strengthen thesis

Critical: Avoid "Loss in the Middle"

• Place key findings at START and END of sections, not buried

• Use explicit headers and markers

• Structure: Summary > Details > Conclusion (not Details sandwiched)

Progressive Context Loading:

• Load methodology sections on-demand

• Load template only for Phase 8

• Do not inline everything - reference external files

Anti-Hallucination Protocol (CRITICAL for Financial Data):

• Source grounding: Every financial claim MUST cite a specific source immediately [N]

• Clear boundaries: Distinguish between FACTS (from filings/data) and ANALYSIS (your interpretation)

• Explicit markers: Use "According to [1]..." or "[1] reports..." for source-grounded statements

• No speculation without labeling: Mark inferences as "This suggests..." not "Data shows..."

• Verify before citing: If unsure whether source actually says X, do NOT fabricate citation

• When uncertain: Say "No sources found for X" rather than inventing references

• Financial precision: Always include specific numbers, dates, and currency when available

Parallel Execution Requirements (CRITICAL for Speed):

Phase 3 RETRIEVE - Mandatory Parallel Financial Search:

• Decompose query into 5-10 independent search angles before ANY searches

• Launch ALL searches in single message with multiple tool calls (NOT sequential)

• Quality threshold monitoring for FFS pattern:

• Track source count and avg credibility score

• Proceed when threshold reached (mode-specific, see methodology)

• Continue background searches for additional depth

• Spawn 3-5 parallel agents using Task tool for deep-dive investigations

Financial Search Decomposition Strategy:

[Single message with 8+ parallel tool calls]

WebSearch #1: Company fundamentals + recent filings

WebSearch #2: Earnings/financial performance

WebSearch #3: Industry/sector analysis

WebSearch #4: Competitive landscape

WebSearch #5: Regulatory/compliance news

WebSearch #6: Analyst ratings/price targets

WebSearch #7: Risk factors/bear case

WebSearch #8: Recent news + catalysts

Task agent #1: SEC filing deep dive (10-K, 10-Q analysis)

Task agent #2: Financial statement analysis

Task agent #3: Industry comparison/benchmarking

4. Verify (Always Execute)

Step 1: Citation Verification (Catches Fabricated Sources)

python scripts/verify_citations.py --report [path]

Financial-Specific Checks:

• SEC filing references (verify EDGAR links)

• Financial data accuracy (cross-check key metrics)

• Date accuracy (earnings dates, filing dates)

• Flags suspicious entries (future financials, impossible metrics)

If suspicious citations found:

• Review flagged entries manually

• Remove or replace fabricated sources

• Re-run until clean

Step 2: Structure & Quality Validation

python scripts/validate_report.py --report [path]

9 automated checks (financial-enhanced):

• Executive summary length (50-250 words)

• Required sections present (+ recommended: Risk Factors, Valuation)

• Citations formatted [1], [2], [3]

• Bibliography matches citations

• No placeholder text (TBD, TODO)

• Word count reasonable (500-10000)

• Minimum 10 sources

• No broken internal links

• Financial data consistency (dates, currencies, units)

If fails:

• Attempt 1: Auto-fix formatting/links

• Attempt 2: Manual review + correction

• After 2 failures: STOP > Report issues > Ask user

5. Report

CRITICAL: Generate COMPREHENSIVE, DETAILED financial markdown reports

File Organization (CRITICAL - Clean Accessibility):

1. Create Organized Folder in /code:

• ALWAYS create dedicated folder: /code/[TickerOrTopic]_Financial_Research_[YYYYMMDD]/

• Extract clean topic name from research question

• Examples:

• "AAPL investment analysis" -> /code/AAPL_Financial_Research_20251104/

• "compare cloud providers" -> /code/Cloud_Sector_Analysis_20251104/

• "fintech due diligence" -> /code/Fintech_Due_Diligence_20251104/

• If folder exists, use it; if not, create it

• This ensures clean organization and easy accessibility

2. Save All Formats to Same Folder:

Markdown (Primary Source):

• Save to: [Documents folder]/financial_report_[YYYYMMDD]_[topic_slug].md

• Also save copy to: /code/research_output/ (internal tracking)

• Full detailed report with all findings

HTML (McKinsey Style - ALWAYS GENERATE):

• Save to: [Documents folder]/financial_report_[YYYYMMDD]_[topic_slug].html

• Use McKinsey template: mckinsey_template

• Design principles: Sharp corners (NO border-radius), muted corporate colors (navy #003d5c, gray #f8f9fa), ultra-compact layout, info-first structure

• Place critical financial metrics dashboard at top (extract 3-4 key metrics: market cap, P/E, revenue growth, etc.)

• Use data tables for dense financial information

• 14px base font, compact spacing, no decorative gradients or colors

• OPEN in browser automatically after generation

PDF (Professional Print - ALWAYS GENERATE):

• Save to: [Documents folder]/financial_report_[YYYYMMDD]_[topic_slug].pdf

• Use generating-pdf skill (via Task tool with general-purpose agent)

• Professional formatting with headers, page numbers

• OPEN in default PDF viewer after generation

3. File Naming Convention:

All files use same base name for easy matching:

• financial_report_20251104_aapl_analysis.md

• financial_report_20251104_aapl_analysis.html

• financial_report_20251104_aapl_analysis.pdf

Length Requirements (UNLIMITED with Progressive Assembly):

• Quick mode: 2,000+ words (baseline quality threshold)

• Standard mode: 4,000+ words (comprehensive analysis)

• Deep mode: 6,000+ words (thorough investigation)

• UltraDeep mode: 10,000-50,000+ words (NO UPPER LIMIT)

How Unlimited Length Works:

Progressive file assembly allows ANY report length by generating section-by-section.

Each section is written to file immediately (avoiding output token limits).

Complex analyses with many findings? Generate 20, 30, 50+ findings - no constraint!

Content Requirements:

• Use template as exact structure

• Generate each section to APPROPRIATE depth (determined by evidence, not word targets)

• Include specific financial data, statistics, dates, numbers

• Multiple paragraphs per finding with evidence

• Each section gets focused generation attention

• DO NOT write summaries - write FULL analysis

Writing Standards (Financial Precision):

• Data-driven: Every claim backed by specific numbers from sources

• Precision: Exact figures with currency, dates, and units

• Economy: No fluff, eliminate unnecessary modifiers

• Clarity: Financial terminology used correctly and consistently

• Directness: State findings without embellishment

• High signal-to-noise: Dense information, respect reader's time

• Examples:

• Bad: "revenue increased significantly" -> Good: "revenue grew 23% YoY to $94.8B in FY2024 [1]"

• Bad: "strong margins" -> Good: "gross margin of 43.2%, up 180bps YoY [2]"

• Bad: "expensive valuation" -> Good: "trades at 28x forward P/E vs sector median 22x [3]"

Source Attribution Standards (Critical for Financial Research):

• Immediate citation: Every financial claim followed by [N] citation in same sentence

• Quote sources directly: Use "According to [1]..." or "[1] reports..." for factual statements

• Distinguish fact from analysis:

• GOOD: "Q3 revenue was $24.9B, up 8% YoY [1]."

• BAD: "Revenue grew strongly last quarter."

• No vague attributions:

• NEVER: "Analysts believe...", "Market expects...", "Sources indicate..."

• ALWAYS: "Goldman Sachs estimates..." [1], "Per SEC 10-K filing..." [2]

• Label speculation explicitly:

• GOOD: "This suggests potential margin expansion..." (analysis, not fact)

• BAD: "Margins will expand..." (presented as fact without citation)

Deliver to user:

• Executive summary with key investment thesis (inline in chat)

• Organized folder path (e.g., "All files saved to: /code/AAPL_Financial_Research_20251104/")

• Confirmation of all three formats generated:

• Markdown (source)

• HTML (McKinsey-style, opened in browser)

• PDF (professional print, opened in viewer)

• Source quality assessment summary (source count, regulatory vs news mix)

• Key financial metrics summary

• Risk factors summary

• Next steps (if relevant)

Generation Workflow: Progressive File Assembly (Unlimited Length)

[Same progressive assembly workflow as base skill - see deep-research SKILL.md]

Financial Data Sources (Priority Order)

Tier 1: Primary/Regulatory Sources (Highest Credibility)

• SEC EDGAR: 10-K, 10-Q, 8-K, proxy statements, insider filings

• Federal Reserve: FRED data, monetary policy, banking data

• FDIC/OCC: Banking regulation, call reports

• Treasury: Economic data, fiscal policy

• Company IR: Investor relations, earnings calls, presentations

• Exchange Filings: NYSE, NASDAQ company disclosures

Tier 2: Financial Data Providers (High Credibility)

• Bloomberg: Real-time data, analysis, news

• Reuters: News, data, analysis

• S&P Global: Ratings, research, Capital IQ data

• Moody's/Fitch: Credit ratings, research

• FactSet: Financial data, analytics

• Morningstar: Fund data, equity research

• PitchBook: Private market data, VC/PE

Tier 3: Financial News & Research (Moderate-High Credibility)

• Wall Street Journal: Business news, analysis

• Financial Times: Global finance news

• Barron's: Investment analysis

• Institutional research: Goldman, Morgan Stanley, JPM research

• Industry publications: American Banker, Insurance Journal

Tier 4: General Business Sources (Moderate Credibility)

• CNBC, Yahoo Finance: Market news (verify with primary sources)

• Seeking Alpha: Analysis (note: user-generated, verify claims)

• Industry blogs: Supplement only, not primary citation

Source Verification Requirements:

• Tier 1 sources: Can cite directly, highest trust

• Tier 2 sources: Reliable, cross-check major claims

• Tier 3 sources: Good for analysis, verify data with Tier 1-2

• Tier 4 sources: Use sparingly, always verify with higher tiers

Output Contract

Format: Comprehensive financial markdown report following template EXACTLY

Required sections (all must be detailed):

• Executive Summary with Investment Thesis (50-250 words)

• Company/Topic Overview (background, business model)

• Financial Analysis (revenue, margins, cash flow, balance sheet)

• Valuation Analysis (multiples, DCF if applicable, peer comparison)

• Competitive Position (market share, moat, competitive dynamics)

• Risk Factors (business, financial, regulatory, market risks)

• Investment Thesis / Recommendations

• Bibliography (CRITICAL - see rules below)

• Methodology Appendix

Financial-Specific Sections (include when relevant):

• Earnings Analysis (quarterly trends, guidance vs actual)

• Management Assessment (track record, insider activity)

• Regulatory Environment (compliance, pending regulation)

• ESG Considerations (if material to thesis)

• Catalyst Timeline (upcoming events, catalysts)

Bibliography Requirements (ZERO TOLERANCE):

• MUST include EVERY citation [N] used in report body

• Format: [N] Source (Date). "Title". Publication/Filing. URL (Retrieved: Date)

• Each entry on its own line, complete with all metadata

• NO placeholders, NO ranges, NO truncation

• Validation WILL FAIL if bibliography is incomplete

Strictly Prohibited:

• Placeholder text (TBD, TODO, [citation needed])

• Uncited financial claims

• Forward-looking statements presented as facts

• Broken links

• Missing required sections

• Short summaries instead of detailed analysis

• Vague statements without specific data

Quality gates (enforced by validator):

• Minimum 2,000 words (standard mode)

• Average credibility score >70/100 (higher bar for financial)

• 3+ sources per major financial claim

• Clear facts vs. analysis distinction

• All sections present and detailed

• Key financial metrics included with sources

Error Handling & Stop Rules

Stop immediately if:

• 2 validation failures on same error > Pause, report, ask user

• <5 sources after exhaustive search > Report limitation, request direction

• Critical financial data unavailable > Note gap, proceed with caveats

• User interrupts/changes scope > Confirm new direction

Graceful degradation:

• 5-10 sources > Note in limitations, proceed with extra verification

• Missing recent filing > Note, use most recent available

• Private company (limited data) > Acknowledge, use available sources

• Time constraint reached > Package partial results, document gaps

Error format:

Issue: [Description]

Context: [What was attempted]

Tried: [Resolution attempts]

Options:

   1. [Option 1]

   2. [Option 2]

   3. [Option 3]

Quality Standards (Always Enforce)

Every financial report must:

• 10+ sources (document if fewer)

• 3+ sources per major financial claim

• Executive summary <250 words with clear thesis

• Full citations with URLs to filings/sources

• Credibility assessment (source tier breakdown)

• Risk factors section

• Methodology documented

• Key metrics with sources

• No placeholders

Priority: Accuracy over speed. Financial data must be verified.

Inputs &#x26; Assumptions

Required:

• Financial research question (string)

Optional:

• Mode (quick/standard/deep/ultradeep)

• Time constraints

• Specific data requirements (valuation focus, risk focus, etc.)

• Output format preferences

• Jurisdiction (default: US)

Assumptions:

• User requires verified, citation-backed financial information

• Institutional-quality analysis expected

• 10-50 sources available on topic

• Time investment: 5-45 minutes

• USD unless otherwise specified

• US regulatory framework unless specified

When to Use / NOT Use

Use when:

• Investment analysis (buy/sell/hold thesis)

• Company due diligence

• Sector/industry deep dives

• M&#x26;A analysis

• Competitive benchmarking

• Earnings analysis

• Regulatory impact assessment

• Financial modeling research

Do NOT use:

• Simple stock quotes (use WebSearch)

• Basic company lookups (use WebSearch)

• Real-time trading decisions (need live data)

• Personal financial advice (not qualified)

• Tax/legal advice (not qualified)

Scripts (Offline, Python stdlib only)

Location: ./scripts/

• research_engine.py - Orchestration engine

• validate_report.py - Quality validation (9 checks, financial-enhanced)

• citation_manager.py - Citation tracking

• source_evaluator.py - Financial source credibility scoring (0-100)

• verify_citations.py - Citation verification with SEC filing checks

No external dependencies required.

Progressive References (Load On-Demand)

Do not inline these - reference only:

• Complete Methodology - 8-phase details with financial focus

• Report Template - Financial output structure

• README - Usage docs

• QUICK_START - Fast reference

Context Management: Load files on-demand for current phase only. Do not preload all content.

Dynamic Execution Zone

User Query Processing:

[User financial research question will be inserted here during execution]

Retrieved Information:

[Search results and sources will be accumulated here]

Generated Analysis:

[Findings, synthesis, and report content generated here]

Note: This section remains empty in the skill definition. Content populated during runtime only.