Narrative agent · what the company is, the industry around it, and what is still unsettled
Three to four paragraphs of prose, almost no numbers. Then up to six news links from the last month.
Bull agent · the strongest honest version of the argument for owning it
Three to four labelled points. This is where the financials sit.
Bear agent · reads the bull case and answers it point for point
The same shape as the bull case, written against it.
Risk agent · what would have to go wrong, operationally and financially
Operational and financial risks, three to four labelled points.