left-side-participation-check.md

{{ research_object }} Left-Side Participation Check

• research_object: {{ research_object }}
• date: {{ date }}
• price_date: {{ price_date }}
• source_thesis_ref: {{ source_thesis_ref }}
• action_boundary: research_action_only_not_trade_instruction
• status: {{ status }}

Use this check only when participation is being considered before the main confirmation variable has arrived. It does not produce a trade instruction. It decides whether the setup can move from watch_only to a research-bound left_side_candidate.

Setup Classification

field	value
current_stage	{{ current_stage }}
proposed_stage	{{ proposed_stage }}
drawdown_type	{{ drawdown_type }}
cycle_type	{{ cycle_type }}
thesis_damage_status	{{ thesis_damage_status }}
valuation_anchor_quality	{{ valuation_anchor_quality }}

Allowed drawdown_type examples: valuation_compression, cycle_pressure, sentiment_liquidity_pressure, event_uncertainty, thesis_damage, unknown.

Reversal Variable

item	value
reversal_variable	{{ reversal_variable }}
observation_window	{{ observation_window }}
evidence_needed	{{ evidence_needed }}
next_marginal_buyer	{{ next_marginal_buyer }}
buyer_not_in_yet	{{ buyer_not_in_yet }}
payoff_source	{{ payoff_source }}
repricing_trigger	{{ repricing_trigger }}

Further Drawdown Test

If price keeps falling, what does that mean for the thesis?

path	interpretation	actionability impact
drawdown_strengthens	{{ drawdown_strengthens_interpretation }}	{{ drawdown_strengthens_impact }}
drawdown_neutral	{{ drawdown_neutral_interpretation }}	{{ drawdown_neutral_impact }}
drawdown_falsifies	{{ drawdown_falsifies_interpretation }}	{{ drawdown_falsifies_impact }}

Price falling can improve risk/reward only when the thesis evidence is intact and the valuation or expectation anchor is credible. If falling price coincides with weakening evidence, treat it as possible thesis damage, not a better left-side setup.

Path Fit And Cycle Burden

item	value
required_holding_path	{{ required_holding_path }}
likely_pain_path	{{ likely_pain_path }}
cycle_duration_risk	{{ cycle_duration_risk }}
opportunity_cost_risk	{{ opportunity_cost_risk }}
alternative_waiting_condition	{{ alternative_waiting_condition }}
position_context_status	{{ position_context_status }}

Without user-provided holdings, weights, mandate and risk budget, do not infer whether the path is personally acceptable. State only whether the research setup requires enduring a full or partial cycle.

Decision

field	value
left_side_check_result	{{ left_side_check_result }}
readiness_level	{{ readiness_level }}
participation_posture	{{ participation_posture }}
confirmation_required	{{ confirmation_required }}
invalidation	{{ invalidation }}
must_refresh_if	{{ must_refresh_if }}

Allowed left_side_check_result values:

• pass_as_left_side_candidate
• watch_only_until_confirmation
• needs_refresh
• reject_left_side_setup