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Monday, 20 April 2026.
Three positions need your attention. Two memos await sign-off. Earnings season starts tomorrow.
Portfolio £20.3m
35 positions
+2.1% MTD
Today — flagged
Scout24 — thesis pillar under pressure
AI flagged
ImmoScout24 DACH listings growth slowed to 2.1% YoY this quarter (FACT), versus 6%+ pillar assumption. Bear Case Agent escalated to red.
Halma — memo awaiting sign-off
Conviction 4/5
Proposed: increase 2.8% → 4.0%. Synthesis recommends "increase". Bear Case flags M&A pipeline concentration.
Hargreaves Lansdown — thesis older than 94 days
Last review 2026-01-16. Proposed: refresh pillars before Q2 results on 2026-05-07.
The week ahead
- TUE 21 Auto Trader — TY resultsEarnings
- WED 22 Halma — Capital Markets DayCMD
- THU 23 Rightmove — Q1 trading updateEarnings
- FRI 24 Scout24 — Investor callCall
- NEXT HL — FCA consultation responseReg
Daily brief — Monday 20 April 2026 · 07:02 London
Daily Market Brief
Sonnet 4.6 · prompt v1.0.0 · emailed 07:02 BST
Top of mind
- Scout24 pillar under pressure: DACH listings growth 2.1% YoY FACT, versus 6%+ assumption. Memo awaiting sign-off.
- Halma CMD Wednesday — M&A pipeline disclosure is the pressure point INFERENCE.
- Auto Trader prints tomorrow. Retail sentiment skew positive r/stocks · 4,312 mentions.
Your names overnight
- SCT.DE −1.4% · sell-side downgrade — Berenberg note
- HLMA.L +0.7% · peer read-across
- AUTO.L +0.3% · no news
Macro releases today
- 09:00 Destatis housing transactions Feb · cons −3.1% YoY · matters for SCT.DE, RMV.L
- 14:30 ECB speaker (Lagarde) · matters for rate-sensitive lending
Open questions on your mind
- — "am I anchoring on 6% listings growth as the pillar when management has already walked it back twice?" (notes/2026-04-18)
- — "what would Marcus want answered before I trim?" (notes/2026-04-19)
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Ask Meridian Intelligence
Research synthesis
ARPU on the Seller Plus product rose 4.7% YoY FACT[1], while DACH listings grew only 2.1% YoY FACT[2] — versus 6.3% a year ago. Implication: pricing is doing the work; volumes are not. Pillar two ("dual engine of price and listings") partially breaks.
Sources: [1] S24 Q1 25 · p.4, [2] S24 Q1 25 · p.3.
Ask a perspective
Additive read on the memo or your current thinking. Never an input to Synthesis.
Portfolio
| Ticker | Name | Weight | P/L | Days since review | 30D | Flag |
|---|---|---|---|---|---|---|
| SCT.DE | Scout24 | 4.1% / 5.0% target |
−3.4% | 12 | ||
| HLMA.L | Halma | 2.8% / 4.0% target |
+8.1% | 44 | ||
| RMV.L | Rightmove | 4.9% / 5.0% target |
+12.4% | 21 | ||
| HL.L | Hargreaves Lansdown | 3.0% / 5.0% target |
+2.0% | 94 | ||
| AUTO.L | Auto Trader | 3.6% / 5.0% target |
+5.7% | 38 |
35 positions · 5 fully modelled · last refreshed 07:02 BST
SCT.DE · XETRA
Property platform
Quality compounder
Scout24 AG
Germany · Online classifieds · Mcap €6.4bn [DEMO]
Weight
4.1% / 5.0%
Cost basis
€64.80
−3.4% vs last
Days held
483
Current thesis · v3 · updated 2026-02-14
Scout24 is the dominant German property classifieds platform with pricing power that compounds faster than listings volume cycles.
Pillar 1 — Network effect in DACH property
ImmoScout24 holds c.60% of German seller market share FACTS24 AR 2024 · p.14, with estate-agent penetration north of 80%. Network density makes a competitive entry on either side of the market structurally difficult.
Pillar 2 — Dual engine: price × listings
Seller Plus ARPU compounds ~6% per year FACT; listings growth adds a further 4–6%. Together, a mid-teens revenue growth runway for 3–5 years if both engines run.
⚠ INFERENCE Pillar partially broken this quarter: listings growth fell to 2.1% while ARPU held. See 2026-04-18 note.
Pillar 3 — Capital returns discipline
Operating margin above 60%, near-100% cash conversion; management has repurchased 8.4% of shares over the last 24 months FACTQ4 24 release. Capital allocation remains a positive lever if organic growth moderates.
Prior versions
v2 — 2025-11-03 (expanded pillar 3) · v1 — 2025-02-20 (opened position)
Data sources attached to this position
P&L (FactSet / filings)
14 periods
LTM revenue €589m · EBITDA €366m · EBITDA margin 62.1% [DEMO]
Insider dealings (BaFin, Form 3)
6 filings · 90d
CEO net buyer (€412k 2026-03-11), CFO net seller (€1.1m, 2026-02-28)
13F / ownership
Q4
T. Rowe Price +80bps, Capital Group −40bps, Silchester new 210bps
Short interest
DE BaFin · Daily
Currently 1.8% of float · up from 0.9% 60d ago INFERENCE rising scepticism
Retail sentiment
r/stocks · StockTwits · X
14d mention count 128 (↓32%) · sentiment −0.12 (mild negative)
Public opinion / press
Reuters · FT · Handelsblatt
Handelsblatt piece 2026-04-17: "Scout24 feels German housing drag" — bearish framing
SCT.DE
Memo · draft v3
Awaiting sign-off
Created 2026-04-19 · last regenerated 09:41
Trim Scout24 from 4.1% to 3.0% into Friday's call
1 · The question
Trim Scout24 by 110bps, rebalancing into Halma, ahead of the 24 April investor call. Review by 2026-07-24.
2 · Current state
Weight
4.1%
Target
5.0%
Cost basis
€64.80
Days held
483
Fundamental Analyst
Sonnet 4.6 · prompt v1.0.0 · sources 14
3 · Fundamental Analyst view
Model validates FACT: LTM revenue ties to filing within 0.3%, gross margin within 40bps, cash ties within 0.2%. Assumption changes this cycle: listings growth lowered 6.0% → 3.8% through 2028; ARPU held at 5.8%. Five-year EBITDA CAGR now 6.1% vs prior 8.9%. Sensitivity: a further 100bps cut to listings growth removes €24m from 2028 EBITDA; a 100bps lift to ARPU adds €31m.
View validation block →
- LTM revenue tie-out — pass (delta 0.3%)
- GM within ±100bps — pass
- Cash balance recon — pass
- All assumptions sourced — pass (52/52)
Public-Market Agent
Sonnet 4.6 · prompt v1.0.0
4 · Public-Market view
Sell-side consensus 2026 EBITDA €378m FACTBBG · 14 brokers; Meridian's number €372m (−1.6%). Consensus listings growth 4.1% — clusters above latest print. Management's Q1 commentary leaned on pricing; did not reaffirm listings trajectory INFERENCE. The buy-side debate has shifted from "ImmoScout platform quality" to "Is DACH housing volume stuck?"
Insider Activity
Sonnet 4.6 · prompt v1.0.0 · BaFin feed
5 · Insider activity (last 180 days)
CEO
+€412k
open-market, 2026-03-11
CFO
−€1,140k
10b5-1 tranche, 2026-02-28
Net 6-month
−€728k
3 sells / 1 buy
Interpretation: CEO open-market buy is a mild positive INFERENCE, but does not offset CFO programmed sales in aggregate. No evidence of opportunistic or unusual dealings. Neutral signal.
Public Sentiment · retail view
Sonnet 4.6 · prompt v1.0.0 · reddit + stocktwits + X
6 · What retail and the press are saying
Retail sentiment 14d
−0.12
128 mentions (↓32%)
Press sentiment 14d
−0.28
9 articles, skewed bearish
Divergence
Aligned
Retail and press reading the same way
Retail narrative on r/stocks (4,312 mentions all-time) has moved from "quiet compounder" in 2024 to "is German property broken?" in 2026 Q1. Top upvoted post this month: "Scout24 is what happens when your network effect meets a housing recession." Not thesis-changing on its own, but confirms the market-wide pillar-two concern.
Management Quality
Sonnet 4.6 · prompt v1.0.0 · 24 calls analysed
7 · Management track record
- CEO Tobias Hartmann (tenure 6.2y) has hit 12 of 14 stated guidance ranges FACT.
- Language drift on earnings calls: "structural" usage up 3× in last two prints INFERENCE; "temporary" usage down. Consistent with management reframing soft volumes as cyclical-to-structural.
- Capital allocation: buybacks at median €68/share, below current price — disciplined.
- Bear mark: 2-of-3 questions on last call about listings volumes received pivot-to-ARPU answers. Would prefer direct engagement on listings outlook on Friday.
Macro Context
Sonnet 4.6 · prompt v1.0.0
8 · Macro / sector regime
German residential transactions Q1 2026: 78k FACTDestatis · Mar 26, −11% YoY, a fifth consecutive quarterly decline. ECB policy path now flat through Q3, implying stable mortgage rates; recovery in transaction volume priced for H2 2026 by Goldman, H1 2027 by JPM INFERENCE Meridian view sits closer to JPM. Currency neutral (EUR exposure natural for UK-based fund given unhedged mandate).
Bear-Case Agent
Sonnet 4.6 · prompt v1.0.0
9 · Bear case
Short thesis: Scout24 rerates down to 14× EBITDA if DACH listings volume remains stuck through 2027. Pillar two ("dual engine") functionally becomes single-engine — ARPU only — and mid-teens revenue growth is no longer a believable runway.
Three sell triggers
- Listings growth sub-3% for a second consecutive quarter.
- CEO language pivots to "we manage what we can control" on call — classic acceptance marker.
- Competitive entry confirmed in DACH (e.g., Funda / Otomoto cross-border), even at sub-scale.
Synthesis · Chair
Opus 4.6 · prompt v1.0.0 · sources 41
10 · Synthesis
Base case (55%)
+9% 12m
ARPU compounds, listings recover to 4% by H2 26.
Bull (20%)
+26% 12m
Transactions recover, rerate.
Bear (25%)
−19% 12m
Pillar two breaks for the cycle.
Recommended action: trim 4.1% → 3.0%. Conviction 3/5. The position was sized assuming both engines; with listings stuck, the balance of base/bear skews modestly negative for 12 months. Hold, do not exit — pillar one (network effect) is intact and ARPU discipline remains.
What would flip the view
Friday's call: explicit reaffirmation of mid-single-digit listings growth trajectory for 2026 with evidence (agent uptake, new product pipeline). If given, revert to 5% target.
Pattern library warning
⚠ Past "trim on listings softness" calls have underperformed hold in 3 of 4 cases (2022 Q2, 2023 Q4, 2024 Q2). Proceed with the trim only if Friday's call does not address listings.
11 · Edward's decision
Monitor · Weekly brief
Week of 20–26 April 2026
Top flags this week
Scout24 — listings growth 2.1% (v pillar 6%)
Pillar-two pressure. Memo opened. Friday call decisive.
Halma — Capital Markets Day Wed
M&A integration disclosure will stress pillar two.
Auto Trader — TY print Tue, retail sentiment +0.31
High expectations into print. Trim candidate if beats ≤2%.
HL.L — thesis 94 days old; FCA response pending
Refresh thesis before 7 May.
Rightmove — agent churn stable
Informational. Pillar one intact.
Earnings this week
- Auto Trader — Tue 21Consensus revenue £631m / EBITDA £414m. Must-ask: (i) ad-supply mix shift run-rate; (ii) retailer price increases for July.
- Rightmove — Thu 23Q1 trading update. Must-ask: (i) property stock normalisation; (ii) OTM listings growth.
Sizing drift & thesis freshness
- Rightmove98% of target (on track)
- Halma70% of target (under)
- Scout2482% of target (under)
- HL.L thesis94 days (stale)
Monthly retrospective · March 2026
How the book thought this month.
Retrospective Agent
Opus 4.6 · prompt v1.0.0 · 7 decisions reviewed
Executive summary
- Three of seven March decisions are tagged good; two neutral; two bad.
- The two bad calls were both trims into strength. Pattern library reinforced.
- Halma add on the 6 March drawdown remains the highest-return decision of the month FACT.
- Bear-Case Agent was invoked on 5 of 7 memos. On all 5, it changed the action materially — worth surfacing more prominently pre-draft.
- Pattern: memos written after 16:00 BST skew higher-conviction. Investigate sample bias vs fatigue.
Decisions this month
| Date | Ticker | Action | Size Δ | Memo conviction | 30d price | Pillar | Proposed tag |
|---|---|---|---|---|---|---|---|
| 04 Mar | HLMA.L | Increase | +180bps | 4/5 | +9.3% | On-track | Good |
| 11 Mar | RMV.L | Hold | — | 4/5 | +5.2% | On-track | Neutral |
| 14 Mar | AUTO.L | Trim | −80bps | 3/5 | +6.1% | On-track | Bad |
| 18 Mar | SCT.DE | Hold | — | 3/5 | −4.1% | Drifting | Neutral |
| 22 Mar | HL.L | Open | +300bps | 4/5 | +2.0% | On-track | Good |
| 26 Mar | BMPS.MI | Exit | −410bps | 5/5 | +0.8% (flat) | Broken | Good |
| 29 Mar | RKT.L | Trim | −120bps | 3/5 | +4.4% | On-track | Bad |
Pattern library update
Trim-on-strength — leaky bucket
4 of 5 trim-on-strength decisions in last 6 months have underperformed hold. Proposed rule: require an explicit bear-case trigger to be named in the memo before a trim on strength is permitted.
Evidence: 2025-12-11, 2026-01-22, 2026-03-14, 2026-03-29
Adding into genuine drawdowns (≥8%, ≤12 days)
3 of 3 such decisions in the trailing quarter have outperformed. Proposed rule: pre-define size-ups for target positions that hit the drawdown threshold; trigger a bear-case refresh, not a memo-from-scratch.
Evidence: 2026-01-05, 2026-02-19, 2026-03-04
Late-day conviction inflation
Memos first drafted after 16:00 BST have mean conviction 4.1 vs 3.4 for morning memos. No outperformance to justify it. Proposed rule: any post-16:00 memo sits overnight before sign-off.
Evidence: 12 memos, trailing 90 days
Theses to revisit
- Scout24 — pillar two (dual engine) partially broken. Refresh pending Friday call.
- HL.L — consumer duty and FCA consultation change regulatory pillar risk. Refresh before 7 May.
Asks for management
- Scout24 — explicit listings outlook for 2026.
- Auto Trader — ad-supply mix run-rate post-July pricing.
- Halma — bolt-on integration capacity after acquisitions YTD.
Research library
Everything we've read, searchable.
Filters
Type
Filing · Earnings call · Management memo · News · Sell-side
Position
All · SCT.DE · HLMA.L · RMV.L · HL.L · AUTO.L
Date
7d · 30d · 90d · YTD
Status
Ready · Parsing · Failed
Ask the research library
Listings language drift
Scout24 bear evidence · 90d
Halma M&A cadence
UK CPI exposure
Previous answer · cached
Scout24's ARPU rose 4.7% YoY FACT while DACH listings grew only 2.1% YoY FACT. The last time listings growth was this soft was Q2 2022; pricing at that time also carried the revenue line for two quarters before transactions recovered.
Sources: [1] S24 Q1 25 · p.3-4, [2] S24 AR 2022 · p.17, [3] Handelsblatt 2026-04-17.
Filing
Scout24 — Q1 2026 trading update
Published 2026-04-15 · 8pp · ready
Sell-side
Morgan Stanley — Scout24: pricing does the work
Published 2026-04-16 · 5pp · ready
News
Handelsblatt — Scout24 feels German housing drag
Published 2026-04-17 · 3pp · ready
Earnings call
Halma — H1 call transcript
Published 2026-04-10 · 23pp · ready
Filing
Auto Trader — Annual report 2025
Published 2026-02-12 · 112pp · ready
Management memo
Rightmove — IR follow-up notes
Captured 2026-03-21 · 2pp · ready
Private notes · Edward
The part nobody else sees.
Five kinds. Five assistant modes. Every note embedded, searchable, and private until you choose to share.
All · 218
Research · 94
Meeting · 41
Journal · 52
Idea · 19
Post-mortem · 12
[unresolved] · 7
Note · editing · autosaved 09:12
Journal
Private
scout24
thesis-drift
+ Add tag
Reflection prompts · Journal kind
What's changed since yesterday? · What am I assuming that I couldn't defend out loud? · Where did the market say something I haven't yet priced in?
6% listings growth has been the assumption since I opened this in Feb 24. Based on what: 2018–2022 mid-cycle average. But 2018–2022 was a transactional cycle up until rates broke it; the "normal" may now be 3–4%.
If I replan pillar two with listings 3.5% and ARPU 5.8%, revenue runway is 9-10% — still a good business, but no longer the mid-teens compounder I sized it as.
[unresolved] Is this cyclical (revert to 5–6% when transactions recover) or structural (digitisation penetration is done, we're at the wall)? Friday's call. Ask: listings outlook for 2026 explicitly.
Note Assistant · Challenge mode
v1.0.0
- If you drop the assumption to 3.5%, you have to acknowledge that the same cycle likely compresses ARPU growth too (buyers push back on price when volumes are weak) INFERENCE.
- The 2018–2022 sample may be too short; Scout24 listings grew 7–9% 2015–2017 off a smaller base, suggesting mean-reversion upside if transactions re-accelerate.
- You're implicitly assuming Otomoto-style competition can't enter DACH. Is that tested?
The Challenge mode is trained to disagree. Don't treat its points as right — treat them as things you haven't answered. Try the other modes above.
Positions · 35
Click any row to open the position snapshot. Every row is live in this demo — 8-agent scores, key risk, last note, and last review are simulated per ticker.
| Ticker | Name | Archetype | Weight | Target | P/L | Days held | Last review | Flag |
|---|
Reports
Export what you need, for whom.
Internal
Position dossier — Scout24
Decision journal — 90d
Pattern library · full
Portfolio risk snapshot
LP-facing
Monthly letter — March 2026
Q1 2026 factsheet
Custom LP update
LP reports never include private notes, memo internals, or agent runs. Editorial review required before send.
Team & perspectives.
Meridian's melting pot, made computable. Invoke any approved lens over any position, memo, or note.
5 colleague drafts
3 external archetypes
2 private hats
Colleague perspectives
A
Marcus Webb
Assistant PM · co-manager Compounders & Smaller Companies
What I look for: specific unit economics per counterparty. Mechanisms, not narratives. Scientific readiness for disconfirmation.
Red flags: management vague on unit economics; "platform" used as an explanation.
R
Daniel Voss
PM, Global Smaller Companies · ex Capital Group / Fidelity
What I look for: cash generation, tight coverage, management I know personally, non-dilutive capital structure.
Red flags: serial issuance; promotional IR; weak board composition.
J
Oliver Hartley
PM, European Fund · co-manager Real Return
What I look for: European misunderstood change with a visible value-realisation catalyst — restructuring, regulatory tailwind, new management.
Red flags: change story with no identifiable catalyst date.
AB
Neil Forster
Co-manager, Global Real Return · cross-asset hat
What I look for: real-return resilience, low equity beta, cross-asset tells. I read rates before I read P&L.
Red flags: equities whose thesis reprices entirely on duration.
SN
Claire Donnelly
Co-manager, Real Return · long institutional memory
What I look for: historical parallels. Every cycle rhymes with 1998, 2007, 2015, 2020. I want to know which one we're in.
Red flags: "this time is different".
External archetypes
Capital Group analyst
Buy-and-hold · long tenure · thesis-specific
Slow research, long time horizons, deep single-name conviction.
Terry-Smith-style quality growth
ROC · incumbency · do-nothing portfolio
Turnover is the enemy. Only act if incremental returns structurally break.
Walter Schloss value
Book value anchor · asset-heavy preference
Balance sheet first. Downside is real; upside is optional.
Your private hats
B
Edward as a bear
Private
The steelman of the short thesis on any name you hold. Useful before a sign-off.
P
Edward at Bridgeford
Private
The version of you that ran a different mandate. Good for calibration.
Want another hat? + Create a perspective →
How thinking becomes shared
The three layers of the system.
Every person on the team has their own login, their own private space, and their own consented-to perspective. Here's what flows where.
1
Shared data layer
Firm-readable by default. The commodity stuff.
- Bloomberg prices + fundamentals
- Filings (EDGAR, Companies House)
- Earnings transcripts
- Factiva news
- Management call recordings (Granola)
- Enfusion positions (read-only)
Same view for Edward, Marcus, Edward. Licence scope enforced in code.
2
Private layer Per person
Encrypted. Only you can read it.
- Your notes, journals, post-mortems
- Your draft memos
- Your internal email (scoped)
- Your PM Profile (thesis model)
- Your private hats ("me as a bear")
Marcus's private layer is as invisible to Edward as Edward's is to Marcus. Synthesis can't read it either, unless you explicitly scope it.
3
Perspective layer Opt-in
What you choose to share. Curated, versioned.
- A distilled model of how you think
- Your framework, worry list, challenge style
- Things you've been right and wrong about
- NOT your raw notes — an abstraction you author
- Versioned (v1, v2), approved, redactable
This is what a colleague invokes when they "ask Marcus Webb." It's Marcus-the-curated-lens, not Marcus-the-private-corpus.
The rule: data in Layer 1 is seen by everyone. Data in Layer 2 is seen by you alone. Layer 3 is what you choose to publish as a thinking artifact — and every invocation writes an audit event the owner sees.
Your thesis model — the PM Profile
How the system learns how you think.
Your profile is a living document that informs every AI output on your behalf. It's yours — you edit it, you own it. Built from four channels.
Profile v4 · last updated 2026-04-19
1 · Backfill
The cold start. Your last 18-24 months of emails, memos, Notion pages, and Granola transcripts get ingested. The system drafts your profile from what it reads.
~2 hours · runs overnight
2 · Interview
Three structured sessions with the system. It asks what you'd otherwise never write down — your worst decisions, your sell triggers, who you trust to challenge you.
~90 minutes · one-off
3 · Journaling
Your daily notes, sign-offs, rejected drafts, and reflection-prompt responses continuously train the profile. Reflect-back mode shows you how you reasoned.
Ongoing · as you work
4 · Private hats
Alter-egos you explicitly build — "me as a bear", "me at Bridgeford". Prompt templates that interrogate your current self from another vantage.
You author each one
Publishing a perspective
How Marcus's voice becomes available to you.
Colleagues don't share raw notes. They publish curated, versioned artifacts — and they control the lifecycle.
1 · Draft
Owner writes a curated lens of their own thinking. Visible to firm, NOT invokable yet.
→
2 · Review
Owner iterates. Adds worry list, challenge style, past wins and misses.
→
3 · Approved v1
Owner clicks Publish. Now firm-invokable. Every use writes audit event to owner.
What Marcus has published
Framework, worry list, challenge style, public track record (what he's said publicly on Halma, Renishaw, etc.), what he won't do when invoked ("I will not read your private notes, reference unpublished holdings, or issue buy/sell calls").
What Marcus has NOT published
His raw notes. His private journal. His draft memos. His unexpressed doubts. When Edward invokes "Marcus", none of this is read. Marcus retains it as his own.
A new joiner starts with an empty profile. A meaningful perspective typically takes 3-6 months of real work to accrete. The system will not let someone LARP as a senior voice on day one — perspectives represent real historical thinking, not aspirational claims.
Governance
Colleague consent
Perspectives require explicit publish to go from Draft → Approved. Drafts are visible to the firm but cannot be invoked. Owners see a weekly digest of where their perspective was invoked and by whom, and can redact at any time.
Never a vote
Synthesis does not read perspectives. Perspectives are additional commentary for the human reader. Every output carries an AI-interpretation banner and attribution back to the profile version that produced it.
Notes sharing is granular
A note is private by default. Sharing is per-note, not per-corpus, and logs a named audit event. Edward cannot read Marcus's other notes just because Marcus shared one.
Audit chain.
Tamper-evident record of every memo, decision, thesis edit, agent run, and perspective invocation. FCA SYSC 9 evidence trail.
Chain verified · 2 min ago
✓ Chain valid
Hash chain integrity · OK
26,417 events · last seq #2413 · root hash 9c·f1·4a·2e… · verified 2 min ago
All actors
Edward
Spencer
System
Agent runs
|
memo.*
decision.*
thesis.*
perspective.*
document.*
admin.*
#2413
memo.signed
Edward Whitfield signed Trim Scout24 4.1% → 3.0%
prev a4·c8·f1·2e… · this b2·9a·0f·7d…
2026-04-20 14:02 BST
#2412
memo.perspective_invoked
Edward invoked Marcus Webb v2 on memo m_71ad
perspective p_andrew · run run_91c2
2026-04-20 13:58 BST
#2411
agent_run.completed
Synthesis Agent produced memo section 12 (Sonnet 4.6 → Opus 4.6 escalated)
prompt synthesis-agent.md@sha 7d3b2f1 · tokens 9,413 · citations 14
2026-04-20 13:42 BST
#2410
memo.unsourced_acknowledged
Edward acknowledged unsourced claim in memo section 8 — "agent churn reportedly at 4.1%"
memo m_71ad · forced sign-off gate
2026-04-20 13:35 BST
#2409
perspective.approved
Marcus Webb approved perspective v2 (edits: added "management-vague-on-unit-economics" red flag)
perspective p_andrew · approved by u_andrew
2026-04-02 10:14 BST
#2408
document.ingested
Scout24 Q1 trading update ingested (BaFin feed) · 14 chunks, 14 embeddings
doc d_9a81 · source bafin
2026-04-19 07:22 BST
#2407
thesis.pillar_marked_unresolved
Edward flagged pillar 1 on Scout24 ("DACH listings growth ≥ 6% CAGR") as unresolved
thesis t_sct_v4 · pillar 1
2026-04-19 09:41 BST
#2406
admin.prompt_version_activated
Spencer activated bear-case-agent.md v1.2 (adds adjacent-peer evidence requirement)
sha c9e2b1a
2026-04-15 17:11 BST
Regulatory posture
Human-in-the-loop
No automated trades. Every material action is signed. Agents propose; the human writes.
Evidence retention
Signed memos + agent snapshots retained 7 years. Audit chain retained 7 years. Notes owner-controlled.
MAR / SYSC 9
Outputs are internal analytical material. Client-facing content passes through the reports pipeline with explicit disclaimers.
Data ingestion
Connectors.
Every source that feeds Meridian Intelligence — market data, filings, transcripts, meetings, email, position systems. Each runs on its own schedule and writes to the audit chain.
16 connected
5 available
0 errors · 24h
How ingestion works
1 · Pull
Each connector runs on its own schedule — real-time webhooks, 15-min polls, or overnight batches. Nothing is "pushed" to us by users.
2 · Process
OCR (if needed) → semantic chunk → embed (Voyage-3) → store in pgvector with ticker, date, and source metadata.
3 · Audit
Every fetch writes a hash-chained log entry. When an agent cites a fact, it links to the exact passage and the exact fetch timestamp.
4 · Respect tiers
Market data stays inside vendor licence boundaries. Private notes never leak into shared agents. Every boundary is enforced in code, not on trust.
All 21
Market data 4
Filings 3
Transcripts 3
News & research 3
Meetings 3
Internal 3
OMS / CRM 1
Market data
BB
Bloomberg Terminal · BLPAPI
Prices, fundamentals, estimates, corporate actions, news
Update frequency
Live during LSE hours · EOD weekends
Last sync
14s ago · 247 ticks
API key
blp_live_••••••••••7c2a
Authorised by
Marcus Webb · 2025-11-03
Licence tier
Data Licence Plus · 2 seats
Scope
35 tickers · watchlist + benchmarks
DL
Bloomberg Data Licence
End-of-day batch · fundamentals, estimates, actions
Update frequency
Overnight · 22:30 UTC
Last sync
Today 22:31 UTC · 842 rows
Transport
SFTP · CSV drop
Next sync
In 14h 23m
Rf
Refinitiv / LSEG Workspace
Alternative to Bloomberg · fundamentals + news
Not currently subscribed. Worth considering if Bloomberg licence is cut back.
FS
FactSet
Consensus estimates · ownership data · screens
Strong on European ownership and broker consensus. Not currently subscribed.
Filings & regulatory
CH
Companies House (UK)
Filings, director dealings, PSC changes — free public API
Update frequency
Streaming webhook · near real-time
Last fetch
3m ago · Halma plc 6-K
Watching
23 UK entities
API key
ch_••••••••••d14f
ED
SEC EDGAR
US filings — 10-K, 10-Q, 8-K, 13F, S-1, Form 4 · free
Update frequency
Poll every 5 min
Last fetch
2m ago · 3 filings indexed
Watching
12 US entities + peers
Auth
Public · User-Agent: meridian-intel/1.0
FCA
FCA Register + RNS
UK regulatory register + London Stock Exchange news service
Update frequency
RNS: live · FCA: daily
Last fetch
18s ago · Scout24 trading update
Earnings transcripts
AS
AlphaSense
Earnings calls, investor days, sell-side events · 12k sources
Update frequency
Within 2h of call end
Last fetch
47m ago · Scout24 Q1 call
API key
as_prod_••••••••9a3f
Licence
Professional · 2 seats
SP
S&P Capital IQ
Supplementary transcripts + fundamentals overlap
Update frequency
Within 4h of call end
Last fetch
2h ago · LSE small-cap day
SA
Seeking Alpha (free)
Fallback transcript source · 6-24h lag
Use only as a backstop where AlphaSense/CIQ don't cover.
News & research
Fa
Factiva (Dow Jones)
33k sources · multilingual · auto-translate on ingest
Update frequency
Real-time stream
Last item
4m ago · Handelsblatt property clipping
Saved searches
27 queries across the book
API key
dj_••••••••••4b71
BN
Bloomberg News (via Terminal)
First-party wire · co-located with price data
Update frequency
Real-time stream · during LSE hours
Last item
2m ago · Scout24 rating change · Morgan Stanley
O
Sell-side research (via Outlook)
Morgan Stanley · Numis · Liberum · Panmure · 11 houses
Update frequency
On email arrival · filter by sender domain
Last item
22m ago · Numis Scout24 Q1 preview
Attachment handling
PDF extract → index · 4,217 notes indexed
Meetings & calls Edward's primary ingest for management interactions
Gr
Granola
Native MCP · meeting notes, transcripts, action items
Update frequency
Within 5min of call end · webhook
Last fetch
1h 47m ago · Scout24 CFO follow-up
Folders watched
Management calls · Team internals · Broker events
Auth
OAuth · workspace scope
Last 30d
43 meetings · 38 auto-tagged to positions
Privacy
Internal-team notes kept out of colleague agents
Go
Gong
Enterprise call recording · conference-line transcripts
Not currently subscribed. Redundant with Granola for now; worth revisiting if the firm grows.
Zm
Zoom Cloud Recording
Fallback for calls Granola missed or conferences only on Zoom
Update frequency
On recording complete · webhook
Last fetch
3d ago · Numis small-cap conference
Internal documents & email
M
Microsoft 365 (Graph API)
Outlook · Teams · SharePoint · OneDrive · firm-wide
Update frequency
Real-time delta sync
Mailbox scope
Edward + shared Research inbox
Docs scope
/Research · /Memos · /Meetings (14,842 docs)
Auth
OAuth · app registration approved by IT
Exclusions
/HR · /Legal · Edward's private folder
Last fetch
9s ago
N
Notion (firm research workspace)
Marcus Webb's weekly notes · meeting-prep docs · thesis pages
Update frequency
Webhook · on page save
Last fetch
12m ago · Webb's Q1 tape reading
Pages indexed
3,417
R
Edward's private note store Private
Encrypted · never readable by colleague agents or Synthesis without explicit scope
Update frequency
Instant · as you type
Storage
Dedicated encrypted pgvector · key held by Edward
Notes
218 · 94 research · 52 journal · 12 post-mortem
Access
Edward only · unless explicitly shared (audit event)
Position data & CRM
Ef
Enfusion (OMS/PMS)
Holdings · orders · trade blotter · P&L
Update frequency
Real-time · every fill
Access
Read-only · Meridian Intelligence cannot place orders
Last sync
4s ago
Audit
Every read logged to audit chain
Af
Affinity (CRM)
Relationship tracking · management contacts · IR interactions
Not currently used. Would enrich management-contact graph if adopted.
Governance of data ingestion
Licence scope is code, not trust
Bloomberg data never leaves the licensed-user environment. The connector enforces redistribution rules and refuses to render raw Bloomberg prices in unlicensed surfaces.
Every fetch is auditable
4,217 fetches logged in the last 24h. Hash-chained. Open the audit view →
Private stays private
Edward's private note store uses a separate encrypted index. Synthesis and colleague agents cannot read it without an explicit scope flag — which itself writes an audit event.