{"advice":{"items":[{"action":"review_only","evidence_package":{"backtest":{"max_drawdown":-0.04,"period":"demo window","quality":"demo_only","required":true,"return":0.07,"status":"passed","trade_count":8},"evidence_id":"DEMO_EVIDENCE_CORE_A","evidence_status":"passed","evidence_version":"evidence1-demo","limitations":["Demo fixture only; not real portfolio guidance."],"market_context":{"decision_impact":"low","limitations":["Demo market context is static and cannot authorize action."],"required":false,"status":"supporting_only"},"no_trade_placed":true,"operator_status":"allowed_small","policy_evidence":[{"breach_status":"ok","message":"Demo sizing remains inside the static advisory guardrail.","no_trade_placed":true,"policy_name":"position_sizing_demo_guardrail"}],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","stress_evidence":[{"message":"Demo stress impact remains reviewable under the static drawdown assumption.","no_trade_placed":true,"scenario_id":"equity_drawdown_20","status":"available"}]},"id":"DEMO_ADVICE_CORE_A","instrument":"DEMO_CORE_A","no_trade_placed":true,"operator_status":"allowed_small","sleeve":"DEMO_CORE","title":"Review small demo core rebalance"},{"action":"do_not_increase","evidence_package":{"backtest":{"max_drawdown":null,"period":"demo window","quality":"not_available","required":false,"return":null,"status":"not_required","trade_count":null},"evidence_id":"DEMO_EVIDENCE_CONVEX_BLOCK","evidence_status":"policy_only","evidence_version":"evidence1-demo","limitations":["Policy-only demo guardrail; no execution permission."],"market_context":{"decision_impact":"low","limitations":["Demo market context is static and cannot authorize action."],"required":false,"status":"supporting_only"},"no_trade_placed":true,"operator_status":"blocked","policy_evidence":[{"actual_value":"demo convex test exposure","breach_status":"hard","message":"Demo convex sleeve total-loss stress blocks risk escalation.","no_trade_placed":true,"policy_name":"avoid_uncontrolled_leverage","threshold":"demo policy threshold"}],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","stress_evidence":[{"message":"The demo convex test sleeve can lose its full demo allocation.","no_trade_placed":true,"scenario_id":"convex_sleeve_total_loss","status":"available"}]},"id":"DEMO_ADVICE_CONVEX_BLOCK","instrument":"DEMO_CONVEX_TEST","no_trade_placed":true,"operator_status":"blocked","sleeve":"DEMO_CONVEX","title":"Block demo convex sleeve escalation"},{"action":"research_only","evidence_package":{"backtest":{"max_drawdown":null,"period":"demo window","quality":"not_available","required":true,"return":null,"status":"insufficient_data","trade_count":null},"evidence_id":"DEMO_EVIDENCE_ALPHA_RESEARCH","evidence_status":"insufficient_data","evidence_version":"evidence1-demo","limitations":["Backtest evidence is intentionally insufficient in the demo fixture."],"market_context":{"decision_impact":"low","limitations":["Demo market context is static and cannot authorize action."],"required":false,"status":"supporting_only"},"no_trade_placed":true,"operator_status":"research_only","policy_evidence":[{"breach_status":"warn","message":"Demo alpha candidate needs more local evidence before any operator decision.","no_trade_placed":true,"policy_name":"evidence_before_action"}],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","stress_evidence":[{"message":"Currency stress is unavailable for the demo candidate.","no_trade_placed":true,"scenario_id":"sek_usd_move","status":"partial"}]},"id":"DEMO_ADVICE_ALPHA_RESEARCH","instrument":"DEMO_ALPHA_CANDIDATE","no_trade_placed":true,"operator_status":"research_only","sleeve":"DEMO_RESEARCH","title":"Research demo alpha candidate only"}],"summary":{"allowed":0,"allowed_small":1,"backtest_failed":0,"backtest_insufficient_data":1,"backtest_missing":0,"backtest_not_required":1,"backtest_passed":1,"blocked":1,"insufficient_evidence":0,"policy_only":1,"research_only":1,"total":3,"unknown":0,"wait":0}},"advisory_only":true,"asof":"2026-05-15T12:00:00+00:00","brief_type":"daily_operator_brief","brief_version":"brief1","canonical_for":["today","investment_committee_brief","public_demo"],"changed_since_last_brief":[{"is_operator_advice":false,"kind":"diagnostic","message":"Demo fixture is deterministic; change tracking is static.","no_trade_placed":true}],"decision_outcomes":{"drift_summary":{"evidence_drift":0,"ignored_risk_warning":0,"market_context_drift":0,"missed_planned_action":0,"no_drift":1,"sizing_drift":0,"snapshot_drift":0,"thesis_drift":0,"timing_drift":0,"unknown":1,"unplanned_trade":0},"items":[{"advice_id":"DEMO_ADVICE_CORE_A","decision_id":"DEMO_DECISION_OPEN_001","decision_state":"deferred","drift_category":"unknown","evidence_id":"DEMO_EVIDENCE_CORE_A","limitations":["Pending demo review; no performance result is claimed."],"no_trade_placed":true,"operator_status":"allowed_small","outcome_classification":"pending","outcome_status":"pending","realized_result":null,"review_due_at":"2026-05-22T12:00:00+00:00","review_state":"pending","snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001"},{"advice_id":"DEMO_ADVICE_ALPHA_RESEARCH","decision_id":"DEMO_DECISION_RECENT_001","decision_state":"reviewed","drift_category":"no_drift","evidence_id":"DEMO_EVIDENCE_ALPHA_RESEARCH","limitations":["Reviewed demo research outcome has no realized result."],"no_trade_placed":true,"operator_status":"research_only","outcome_classification":"inconclusive","outcome_status":"reviewed","realized_result":null,"review_due_at":null,"review_state":"reviewed","snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001"}],"no_trade_placed":true,"summary":{"avoided_loss":0,"expired":0,"helped":0,"hurt":0,"inconclusive":1,"missed_gain":0,"neutral":0,"pending":1,"review_due":0,"reviewed":1,"total":2}},"degraded_modes":[{"fix_first":false,"mode":"stress_evidence_partial","no_trade_placed":true,"reason":"FX scenario is limited because demo currency exposure is omitted.","severity":"warn"}],"demo_mode":true,"executive_summary":["Static demo data shows the evidence-first advisory loop without private portfolio data.","No demo recommendation is execution authorization."],"export":{"markdown_available":true,"markdown_endpoint":"/api/demo/investment-committee-brief.md","pdf_available":false,"redaction_mode":"demo_sanitized"},"headline":"Public-safe demo advisory brief","market_intelligence":{"decision_impact":"low","guidance":[{"evidence_package":{"backtest":{"max_drawdown":null,"period":"demo window","quality":"not_available","required":false,"return":null,"status":"not_required","trade_count":null},"evidence_id":"DEMO_EVIDENCE_MI_SUPPORT","evidence_status":"policy_only","evidence_version":"evidence1-demo","limitations":["Static demo market context cannot authorize action."],"market_context":{"decision_impact":"low","limitations":["Demo market context is static and cannot authorize action."],"required":false,"status":"supporting_only"},"no_trade_placed":true,"operator_status":"wait","policy_evidence":[],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","stress_evidence":[]},"message":"Treat static market context as supporting evidence only.","no_trade_placed":true}],"limitations":["Demo market intelligence is static supporting context only."],"status":"partial","supporting_only":true},"no_trade_placed":true,"objective":{"advisory_only":true,"hard_constraints":["avoid_ruin","avoid_catastrophic_drawdown","avoid_forced_selling","avoid_uncontrolled_leverage","avoid_behavioral_escalation","avoid_strategy_drift","preserve_compounding_ability"],"legacy_benchmark":{"execution_mandate":false,"guaranteed_target":false,"label":"10x over 10 years","primary_objective":false,"role":"strategic_ambition_calibration_target","summary":"Strategic ambition / calibration target, not an execution mandate or guarantee."},"no_trade_placed":true,"objective_version":"objective_policy_v1","operational_objective":"Recommend today's best advisory action that improves expected long-term compounding without violating survival, evidence, snapshot, scope, exposure, strategy-state, or behavioral constraints.","primary":"maximize_survival_adjusted_geometric_cagr","primary_label":"Maximize survival-adjusted geometric CAGR","short_label":"Best action today for compounding, without violating survival constraints."},"ok":true,"open_decisions":[{"action":"review_only","advice_id":"DEMO_ADVICE_CORE_A","decision_id":"DEMO_DECISION_OPEN_001","decision_state":"deferred","evidence_id":"DEMO_EVIDENCE_CORE_A","instrument":"DEMO_CORE_A","no_trade_placed":true,"operator_status":"allowed_small","outcome_status":"pending","reason":"Demo committee wants one more review pass.","review_due_at":"2026-05-22T12:00:00+00:00","snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001"}],"operator_next_actions":[{"id":"DEMO_ACTION_REVIEW_BLOCKED_RISK","message":"Review the blocked convex demo risk before any committee approval.","no_trade_placed":true,"priority":"high"},{"id":"DEMO_ACTION_REVIEW_RESEARCH","message":"Keep the alpha candidate in research until backtest evidence is sufficient.","no_trade_placed":true,"priority":"medium"}],"operator_view":{"demo_mode":true,"no_trade_placed":true},"portfolio":{"cash_pct":0.18,"exposure_summary":{"cash_demo_pct":0.18,"convex_demo_pct":0.04,"core_demo_pct":0.52,"research_demo_pct":0.08},"limitations":["Demo portfolio values are generalized and not real holdings."],"positions_count":5,"sleeve_summary":{"DEMO_CASH":"public demo cash sleeve","DEMO_CORE":"public demo core sleeve","DEMO_RESEARCH":"public demo research sleeve"},"total_value":"[demo amount]"},"recent_decisions":[{"action":"research_only","advice_id":"DEMO_ADVICE_ALPHA_RESEARCH","decision_id":"DEMO_DECISION_RECENT_001","decision_state":"reviewed","evidence_id":"DEMO_EVIDENCE_ALPHA_RESEARCH","instrument":"DEMO_ALPHA_CANDIDATE","no_trade_placed":true,"operator_status":"research_only","outcome_classification":"inconclusive","outcome_status":"reviewed","realized_result":null,"reason":"Demo evidence is insufficient for action.","snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001"}],"risk":{"fix_first":["Review blocked demo risk item before accepting any risk increase."],"hard_blocks":[{"breach_status":"hard","message":"Do not expand the demo convex sleeve while total-loss stress is active.","no_trade_placed":true,"policy_name":"avoid_uncontrolled_leverage","scenario_id":"convex_sleeve_total_loss","source":"stress_evidence"}],"limitations":["Risk status is based on static demo data only."],"status":"blocked","warnings":[{"breach_status":"warn","message":"Research candidate remains evidence-limited in the demo.","no_trade_placed":true,"policy_name":"evidence_before_action","scenario_id":"sek_usd_move","source":"stress_evidence"}]},"sections":[{"id":"demo_summary","is_operator_advice":false,"items":[{"is_operator_advice":false,"kind":"summary","no_trade_placed":true,"text":"Public-safe static fixture."}],"kind":"summary","no_trade_placed":true,"title":"Demo summary"}],"snapshot":{"asof":"2026-05-15T11:30:00+00:00","fix_first":[],"freshness":"demo fixture","limitations":["Static demo snapshot; not connected to a real account."],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","status":"fresh_snapshot","usable":true},"strategy":{"allocation_policy":{"mode":"demo_only","no_trade_placed":true},"current_strategy":"demo_evidence_first_committee","display_name":"Demo Evidence-First Committee","limitations":["Demo strategy posture is illustrative only."],"pod_readiness":[{"pod":"DEMO_CORE","status":"ready_for_review"},{"pod":"DEMO_RESEARCH","status":"research_only"}],"posture":"cautious_review","readiness":"demo_ready"},"stress_evidence":{"asof":"2026-05-15T12:00:00+00:00","limitations":["Stress evidence is deterministic demo evidence, not a forecast."],"no_trade_placed":true,"scenarios":[{"applies_to":["portfolio","DEMO_CORE"],"assumption":"Demo equity-exposed holdings decline by 20%.","category":"equity_drawdown","estimated_portfolio_impact":{"amount":-1200.0,"pct":-0.12},"label":"20% demo equity drawdown","limitations":["Impact uses round demo values only."],"no_trade_placed":true,"policy_implications":["Review drawdown tolerance before any demo risk increase."],"position_impacts":[],"scenario_id":"equity_drawdown_20","severity":"high","sleeve_impacts":[{"amount":-900.0,"pct":-0.09,"sleeve":"DEMO_CORE"}]},{"applies_to":["portfolio"],"assumption":"Demo USD exposure would move 10% in SEK terms if exposure were known.","category":"fx","estimated_portfolio_impact":{"amount":null,"pct":null},"label":"SEK/USD demo move","limitations":["Demo fixture omits currency exposure detail; FX impact is not available."],"no_trade_placed":true,"policy_implications":[],"position_impacts":[],"scenario_id":"sek_usd_move","severity":"unknown","sleeve_impacts":[]}],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","snapshot_status":"fresh_snapshot","status":"partial","stress_version":"stress1-demo","summary":{"largest_risk_driver":"equity_drawdown_20","limitations_count":1,"scenario_count":2,"worst_estimated_loss_amount":-1200.0,"worst_estimated_loss_pct":-0.12}},"what_not_to_do":[{"evidence_package":{"backtest":{"max_drawdown":null,"period":"demo window","quality":"not_available","required":false,"return":null,"status":"not_required","trade_count":null},"evidence_id":"DEMO_EVIDENCE_NO_EXECUTION","evidence_status":"policy_only","evidence_version":"evidence1-demo","limitations":["Policy-only public demo guardrail."],"market_context":{"decision_impact":"low","limitations":["Demo market context is static and cannot authorize action."],"required":false,"status":"supporting_only"},"no_trade_placed":true,"operator_status":"blocked","policy_evidence":[{"breach_status":"hard","message":"Demo mode is advisory-only and cannot authorize execution.","no_trade_placed":true,"policy_name":"advisory_only_boundary"}],"snapshot_id":"DEMO_SNAPSHOT_PUBLIC_001","stress_evidence":[]},"id":"DEMO_GUARDRAIL_NO_EXECUTION","message":"Do not place orders from the public demo brief.","no_trade_placed":true,"title":"Do not treat demo advice as execution approval"}]}
