Investment
Personal investment analysis: per-company models that predict future performance, tracked against quarterly results, feeding capital-allocation decisions for a real portfolio.
Language
Company: The unit of analysis. Every thesis, model, dossier, and report belongs to exactly one company. _Avoid_: stock, ticker (those refer to the listed share, not the analysis unit)
Holding: A company currently owned in the portfolio, with a purchase history to measure returns against. _Avoid_: position, investment
Candidate: A company on the watchlist being analyzed but not (yet) owned. _Avoid_: prospect, idea
Thesis: The written reason for owning or wanting to own a company. Qualitative, saved per company, revisited each quarter. _Avoid_: theory, story, case, scenario
Archetype: A class of companies with similar models, compared on the same metrics and reported with the same template (e.g. commodity producer, growth company). An archetype fixes its comparison metrics and report template; model code is shared only where it genuinely overlaps. Archetypes are defined as companies are onboarded, not fixed upfront. _Avoid_: nature, company type, style, category
Lifting: A cargo sale event — the unit of revenue recognition for producers that sell infrequently. Production is steady; liftings are lumpy. Models project as if production were sold in-period (ADR-0005); lifting timing explains reported-revenue noise. _Avoid_: sale (ambiguous), shipment
Earnings on production basis: What a period's production earned, net of every cash-natured cost: entitlement barrels × attributed price, minus operating, administrative, capex-paid and decommissioning costs. Values barrels when produced, not when sold or paid (ADR-0005) — an explicit cash bridge converts it to reported cash. _Avoid_: economic free cash flow, FCF (it is not a cash flow — the bridge exists precisely to reach cash)
Onboarding: The mandatory first step for any new company: a grilling session that assigns (or mints) its archetype, captures the thesis, and identifies the drivers — before any modeling. _Avoid_: adding, setup
Account: A Nordnet account. Every transaction belongs to exactly one account; every account maps to exactly one owner. _Avoid_: depot, portfolio (a portfolio is an owner's view across accounts)
Owner: The person whose money an account holds (Kim, each kid, niece, nephew). Portfolio views are per-owner; sleeve targets are defined per owner (in practice: Kim's). _Avoid_: person, user
Fund: A fund position — equity fund or bond fund — tracked in the portfolio for value and return only. Funds are never onboarded, modeled, or compared — they exist solely in portfolio tracking. _Avoid_: treating funds as companies
Cash: An interest-bearing balance (e.g. the high-interest savings account). Its value is its balance; interest arrives as transactions. Never modeled. _Avoid_: treating cash accounts as funds
Sleeve: A target share of an owner's portfolio assigned to an archetype or an asset class (e.g. "60% stable cash generators", "10% cash/bond reserve"). Sleeves make allocation explicit; models compete only for their own sleeve's capital. _Avoid_: bucket, allocation group
Reconstruction backtest: Feeding a model the known historical inputs (actual prices, production, costs) and checking it reproduces what the company actually reported. Tests the model's arithmetic, not the assumptions — assumptions are tested live by quarterly updates. Fit is quoted as a typical-miss percentage (root-mean-square error: square each year's miss, average, square-root — so misses don't cancel and big ones count extra). _Avoid_: backtest (unqualified — we deliberately do not backtest assumptions)
Revision trigger: A watched condition attached to a driver (e.g. "2027 capex guidance published", "quarterly entitlement ratio off by >5 points"). When news or actuals hit one, the driver must be consciously revisited — Claude proposes, Kim decides. _Avoid_: alert, watch item
Thesis conflict: A news item or reported actual that contradicts a driver assumption or a thesis claim. Both the weekly scan and the quarterly diff exist to surface these; they are flagged, never silently absorbed. _Avoid_: red flag, warning
Driver: A key input assumption of a company's model (e.g. oil price, production volume, revenue growth, margin). Drivers are what you assume; results are what you measure. An uncertain driver may carry a `{low, base, high}` range; the model reports the resulting spread. _Avoid_: marker, metric, KPI