The Portfolio screen

Portfolio is the book's holdings page. It sits under Monitor, right after the Inbox, and the Overview's positions list links to it ("Open Portfolio"). Everything on it is computed on the server from the book's own fills, orders, thesis notes and end-of-day snapshots, with the last price and today's move taken from the same live price feed the Overview shows; the page only formats. Switch books with the book switcher at the top and the whole page follows: two books never mix. Someone viewing your book read-only sees every number and no buttons.

Under the title, one sentence says where the book stands and whether anything wants you ("8 names held, 6 stops armed, 2 of 4 orders wait for you."; with nothing waiting it reads "8 names held, with 4 orders open and 6 stops armed."). Beside it (at the foot of the page on a phone) is when the numbers are from and whether the market is open. The words about orders and about stops are links: the first opens the Orders tab (it counts buys for names you do not hold yet, too) and the second opens it on the list of protective stops; the browser's Back button brings you back to where you were.

The page has three tabs, and the address remembers which one you are on, so a refresh or a shared link lands on the same tab:

The Orders tab carries a count while an order is in flight.

Holdings

The first panel gives the totals: the book's value with its as-of time, how much is invested and in how many names, cash, unrealized profit or loss against cost, and Today: the book's change on the day, the same figure the top of the console shows, which counts the whole book (cash and today's sales included). The line under it gives the holdings' own part ("holdings +$80.63 since the Fri Sep 4 close"), which is the sum of the Today column in the table; hover or tap the word "Today" for what each counts, and for how a name bought today is measured (from its purchase price). On a book's first day, before there is a previous close to measure from, the tile reads Holdings today and shows that sum alone. On a phone the panel shows the book's value and Holdings today, and More figures opens the rest.

Allocation splits the book into the desk's own picks (Satellite), index funds held by rule (Core) and cash: three shares that always add to 100, drawn as one bar. Hover or tap either sleeve name for what it means. It sits under the table, so the holdings start as high on the screen as they can; on a very wide screen (from about 1,700 pixels) it stacks with the totals in a column beside the table.

Then a table with one row per name, largest first, grouped by sleeve. Each group's caption says how many names it holds and the sleeve's share of the book; hover or tap the count for what the sleeve is. When a filter or a search is active, both captions read "3 of 7 names shown" and name the whole sleeve's share.

Each row is one line you can scan: the ticker and the company name (press the ticker to open that name's symbol sheet; pressing anywhere else on the row opens its detail in place), how long the position has been held, and a small mark when an order in the name is open ("buy parked until 12:00 CT"; it turns orange and reads "a sell is waiting for you" only when the order needs your decision), then Value, Share (the position's share of the book with its bar; amber near this book's cap on one name, red over it, and hovering or tapping the figure says which), Last price, Unrealized profit or loss in dollars with the percent on cost under it, Today in dollars with the percent under it, and Above stop: how far the price sits above the armed protective stop ("1.2%", amber once it is within 2% of it, the same threshold the Overview uses) with the stop's own price on the second line. A name whose thesis marks a line the PM has not armed yet reads "not armed" with that line under it; a name with no stop at all reads "none"; a stop that has been touched reads "selling". Click a column header to sort by it; click it again to reverse the order; hover or tap Share or Above stop for what the column measures.

The bar beside the share (here and on the Overview's positions list) fills toward the most one name may be under your posture: a full bar is a position at the cap, and the line under the Holdings heading says once what that cap is; every bar ends at the same edge, so they compare down the column. A book with a name over the cap adds one sentence for the whole book: nothing is added to that name until it is back under.

The last price is the same price the Overview shows. While the market is open and the live feed has a price for the name it is that live price; otherwise it is the last completed close. Where the prices come from is said once, in the line beside the Holdings heading ("every price is the Wed Sep 16 close", or "live prices as of 10:41 CT" when the live prices are older than the time beside the page title; while they are as fresh as that time the line says nothing more), and a row repeats its own as-of only when it differs from the rest: a live price that has gone quiet for a quarter of an hour, or one name still at its close while the others are live. A name with no price yet reads "at cost". Today is the move since the previous close, measured from the same previous close the ticker chips use, and the Today total at the top of the page is exactly the sum of the rows. When a row has no today figure it says why instead: "no live price" (the market is open but nothing has come in for this name yet), "before the open", or "market closed"; when that is true of every row, one note above the rows says it once. Shares carried overnight move from the previous close; shares bought today move from their own fill price and the row says "since it was bought" under its Today figure, so a position opened this morning at the touch reads about zero for the day, not the whole gap from yesterday's close; an add to an older position reads "since the close and today's fill". "Held 9 days" counts calendar days since the first fill; a buy late yesterday reads "held 1 day" this morning.

Finding your way around

Above the table sit four controls: Show, Find, Grouped | Ungrouped and Expand all. Every choice is kept in the page address, so a refresh or a shared link lands on the same view, including which rows you had open.

• Show is one list of choices, each with a live count: All, Satellite, Core, Winners today and Losers today (the row's Today figure is above or below zero; a row with no Today figure is neither), Near stop (the price is within 2% of an armed stop, or through it; a line that is not armed never counts), With an order (an order in the name has not filled, or a sale of it is scheduled; it counts names you hold, so a buy for a name you do not hold yet shows on the Orders tab only) and New this week (first bought within the last seven days). A choice that would show nothing is greyed out.
• Find a name or ticker keeps the names whose ticker starts with what you type or whose company name contains it.
• A column heading sorts by that column when you press it, and reverses the order when you press it again. A row with no value for the chosen sort (no Today figure, no armed stop) goes last either way.
• Grouped | Ungrouped keeps the Satellite and Core sections, or merges everything into one list in the sort order.
• Expand all opens every row's detail at once; it then reads Collapse all.

On a phone the rows are cards: the name, then Value, Unrealized and Today, and the armed stop on one line ("stop $412.00, 1.2% above it", amber when the price is close to it); an opened card adds the last price, the share of the book with its bar and the distance above the stop. The controls open from a Filter and sort button that shows how many are in use (the sheet also has a Sort by list and its order, since a card has no column headings; that is where you sort by days held), and Expand all sits beside it.

A row's detail

Press a row (or the arrow at the end of it) to open its detail underneath; press again to close it. An open row is tinted and ruled off so you can find it again after scrolling. Every labeled line is a plain sentence the console writes from the book's own records; on a wide screen the lines run two across. The detail opens with three lines, and More on this holding opens the rest.

• Why held says why the book still holds it, from what the platform knows for certain: for one of the desk's picks, what its signals read on the name today, how many of them have a view and which pulls hardest ("The desk's signals read long on it, 4 of 4 have a view, Cross-sectional momentum (12-1) strongest."; hover or tap the signal's name for what it does); for an index fund, that the book holds it by rule; for a position you opened or manage yourself, that. The PM's own reason for buying it is one step further, in The PM's note, as written.
• Sells if states the sell condition from the stop the desk will actually act on ("It closes at or under its $412.00 stop, or the reason to own it stops being true." on a book that checks stops on the closing price; "The price falls to its $412.00 trailing stop, or…" for a stop that rests all day), so the row never shows two different stops.
• Next says what is wanted from you or what is already in motion: an order in the name that waits for your decision (in orange), an order on its way ("A sale of 2 shares is part filled."), an earnings date within ten days, or "Nothing for you to do." An order's words are a link that opens the Orders tab on that order.

More on this holding opens these:

• Signals gives the figures behind the Why held line: the blend on its scale from -1 to +1, the line above which the desk may buy, how many signals have a view, and what each signal adds (when fewer are listed than have a view, the list says it is the ones that move it most). The same blend is what that name's symbol sheet shows. It changes nothing about trading by itself: the PM decides.
• Stop is the one protective stop the Executor will act on and how far the price is from it ("$412.00, checked at the close. The price is 1.2% above it." or, for a stop that rests all day, "$412.00, trailing. The price is 1.2% above it."), then what rests at the broker behind it in its own sentence: the disaster stop on a book that checks stops on the closing price, the broker backstop under a stop that rests all day (hover the words for what it is and where it sits).
• Target is the price target ("$965.00, about twice what the stop risks."; when the PM added a qualifier of its own the line is the figure alone, "$425.00.", and the PM's words are in its note below) or, when the plan is a scheduled sale rather than a price, the sale in words ("None. It sells everything tomorrow at 08:30 CT, order parked."); a target the PM wrote as words, with no price in it, reads "No price target." (the condition is in the PM's note)
• Earnings appears when the next print is within ten days and the Next line is already saying an order.
• Orders appears when an order in the name has not filled: the words say what it is ("Selling 3 at $128.55, 1 of 3 filled so far") and are a link that opens the Orders tab on that order.
• Position: the share count, the average price paid and the total cost; "you manage it" when the position is yours to run rather than the desk's.
• The PM's note, as written opens the reason exactly as the PM typed it, with its sell condition and its target words, and says how long ago it was updated. It is the PM's own text, so it is never mixed into the console's sentences.

Open orders

The Orders tab lists everything that has not filled, newest first, each with its state in words:

Under the state the row says what that state means when the words alone do not ("The offer lapses at 10:49 CT." on an order that waits for a yes, "The PM chose that time. Nothing reaches the broker before it." on a parked one), then when the order was asked for and which session asked (the desk's reasoning opens it). An order that was asked during the session and neither filled nor was decided is gone after the close; only an order held for a later time stays.

An order that waits for your decision has a Review button: it opens that order's card in the Inbox, where you approve or reject it. Someone viewing the book read-only sees See it in the Inbox instead.

Cancel appears on orders that have not reached the broker (waiting for your decision, parked, queued): it is the Inbox's reject, one click then a confirm, and the PM reads your note at its next session. An order already at the broker cannot be pulled from this screen today; the row says when the unfilled part stops working (the end of its order window). An order whose window has ended leaves the list. The Executor's own protective exits are not cancellable here either: they re-arm from the stop.

Beside the list (under it on a phone), Protective stops lists every held symbol with an armed stop: the name, the stop's price (and "trailing" when it follows the price up) and how far the price sits above it, nearest first and in amber when it is close. The panel also says how stops work and whether a broker-side backstop is resting behind them on this book.

Closed trades

The Closed trades tab lists the trades whose last sale fell in the last 30 days, newest first. It shows five, says how many there are ("Showing 5 of 11 trades"), and Show 5 more adds the next five under the ones you have already read. The columns are Name (with the shares and how long it was held), Bought and Sold (the average price and when), Result (the realized profit or loss in dollars and percent) and Why it was sold, which carries two lines:

• Why it was sold, one of: stop hit, target reached, trailing stop hit, thesis invalidated (the PM closed its thesis note saying the idea broke), closed by the PM, sold in steps by the PM, rebalanced by rule (a core-sleeve resize), you sold it, or closed by Flatten all. The reason is read from the sale that closed the position: a trim followed by Flatten all reads "Closed by Flatten all".
• How it did against what it risked: "It made 1.4× what it risked." or "It lost 0.8× what it risked.", measured against the distance from entry to the initial stop. A trade opened without a stop reads "No stop was set, so there is no risk multiple."

The desk's reasoning opens the session that decided the sale; an exit made automatically at a stop or a target needed no session and says so ("Sold automatically at its target."). The full history, filters and statistics are on Performance.

A brand-new book

Before the first fill the page says so in place: the status sentence reads "This book holds nothing yet and is all cash.", Holdings reads "Holdings appear here after the first buy. The desk buys after its morning plan when a setup qualifies…" with the next session time (or, when trading is paused or halted on the book, that nothing is bought until it is back on), and the other two tabs read "No open orders" and "Nothing sold yet" (a book that traded before but closed nothing this month reads "Nothing sold in the last 30 days"), each with what will appear there and when. Nothing on the page is ever blank or a dash.

Where the numbers come from

Holdings are the latest end-of-day position snapshot adjusted by any newer fills; the thesis, invalidation and first target come from the PM's thesis note for the symbol; the stop is the armed guard when there is one, else the thesis line, else the proposal's suggested stop; the sleeve is the one stamped on the latest buy; days held counts from the first fill of the current position. Open orders are proposals that have not become broker orders plus broker orders that are still open. Closed trades are rebuilt from fills first-in-first-out. The last price and today's move come from the console's live price feed while the market is open and the feed has the name (the same price and the same previous close the Overview's ticker chips use), else from the last completed close; everything else is the book's own records. For the market itself, see Markets.