Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and the implied vol as of the last close for any unsupplied volatility. Growth and vol come from different sources, so some symbols resolve only one, and a vol that is not current resolves as nothing. A field the ticker cannot resolve falls through to a \"required field\" error naming that field: pass it explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve growth."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, derived internally (the drag formula is horizon-dependent). This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one; only as a last fallback does hedge pricing use a sector-typical implied volatility."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, derived internally (the drag formula is horizon-dependent). This value must come from the user or from a `ticker` that resolves it as of the last market close; if neither supplies it, ask the user rather than estimating one; only as a last fallback does hedge pricing use a sector-typical implied volatility."

Previous value: -"Total cost basis of the position, USD (sum of strikes paid + ordinary-income inclusions on RSU vest / NSO exercise / disqualified ISO)."New value: +"Total cost basis of the position, USD (sum of strikes paid + ordinary-income inclusions on RSU vest / NSO exercise / disqualified ISO). Must come from the user."

Previous value: -"Annual expected return on the concentrated stock as a decimal (0.10 = 10%), or the string \"market\" to use the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from trailing CAGR."New value: +"Annual expected return on the concentrated stock as a decimal (0.10 = 10%), or the string \"market\" to use the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from trailing CAGR. This tool has no default for it: a value not stated by the user, not resolved by a covered `ticker`, and not the \"market\" sentinel is outside the input contract."

Previous value: -"Put strike chosen as (1 − this fraction) × spot. 0.10 = 10% OTM put. Range 0.05..0.50."New value: +"Put strike chosen as (1 − this fraction) × spot. 0.10 = 10% OTM put. Range 0.05..0.50. The user's choice, not a modelling detail, and it changes the answer: use the value they gave, and if they gave none, ask for it rather than assuming one."

Previous value: -"Option tenor in years. 1 = 12-month; 0.25 = ~90-day."New value: +"Option tenor in years. 1 = 12-month; 0.25 = ~90-day. The user's choice, not a modelling detail, and it changes the answer: use the value they gave, and if they gave none, ask for it rather than assuming one."

Previous value: -"Annual W-2 ordinary income before any sales, USD. Baseline for LTCG bracket determination."New value: +"Annual ordinary income before any sales, USD. Baseline for LTCG bracket determination. Must come from the user. This is taxable income after deductions, not gross wages: the engine applies no standard or itemized deduction to it."

Previous value: -"Current market value of the concentrated single-stock position, USD."New value: +"Current market value of the concentrated single-stock position, USD. Must come from the user."

Previous value: -"Total investable portfolio in dollars (concentrated position + everything else). User-supplied; never inferred. If the user did not state it, ASK."New value: +"Total investable portfolio in dollars (concentrated position + everything else). This value must come from the user, never inferred; if the user did not state it, ask."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing fall back to a sector-typical implied volatility."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the volatility itself, not a pre-computed drag: the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, derived internally (the drag formula is horizon-dependent). This value must come from the user or from a `ticker` that resolves it from the cached implied-vol table; if neither supplies it, ask the user rather than estimating one; only as a last fallback does hedge pricing use a sector-typical implied volatility."

Previous value: -"Alternative to `volatility`: the multiplicative price haircut already computed for the horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). Most callers should pass `volatility` and let the tool compute the drag; only pass this if you already have a horizon drag figure. The model MUST NOT compute it itself."New value: +"Alternative to `volatility`: the multiplicative price haircut already computed for the horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). This field is for a drag figure that already exists from a prior computation; the drag formula is horizon-dependent, so a figure derived for a different horizon does not carry over. Supplying `volatility` instead lets the tool derive it."

Previous value: -"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for the 3-year horizon if omitted."New value: +"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for the 3-year horizon if omitted; the string \"market\" names that same default explicitly."

Previous value: -"number"New value: +[
+  "number",
+  "string"
+]

Previous value: -"Annual expected return on the concentrated stock as a decimal (0.10 = 10%). Required unless `ticker` resolves it from trailing CAGR."New value: +"Annual expected return on the concentrated stock as a decimal (0.10 = 10%), or the string \"market\" to use the S&P 500 trailing average when the user has no view. Required unless `ticker` resolves it from trailing CAGR."

Previous value: -"number"New value: +[
+  "number",
+  "string"
+]

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve: pass that field explicitly, or (for the growth/return/sale-price field) pass the string \"market\" for the S&P 500 trailing average; never invent a number. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. Growth and volatility come from two separate cached snapshots, so some symbols resolve only one of the two fields. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it. The covered-tickers resource (resources/list) lists which symbols resolve which field."

Added value: +5

Previous value: -"Optional hedge specification. Note: this tool does not currently fold a hedged scenario into its sell-down-vs-hold output; for standalone hedge pricing use `protective_put_price`."New value: +"Optional hedge specification. When supplied, the `hedging` output block prices this exact structure (kind, protectionLevel, tenorYears, plus a short call for a collar) instead of the default 1-year 30%-OTM put; the sell-down-vs-hold schedule is unaffected. For full standalone hedge pricing (protective put / collar / put spread) use `protective_put_price`."

Added value: +[
+  "AK",
+  "AL",
+  "AR",
+  "AZ",
+  "CA",
+  "CO",
+  "CT",
+  "DC",
+  "DE",
+  "FL",
+  "GA",
+  "HI",
+  "IA",
+  "ID",
+  "IL",
+  "IN",
+  "KS",
+  "KY",
+  "LA",
+  "MA",
+  "MD",
+  "ME",
+  "MI",
+  "MN",
+  "MO",
+  "MS",
+  "MT",
+  "NC",
+  "ND",
+  "NE",
+  "NH",
+  "NJ",
+  "NM",
+  "NV",
+  "NY",
+  "OH",
+  "OK",
+  "OR",
+  "PA",
+  "RI",
+  "SC",
+  "SD",
+  "TN",
+  "TX",
+  "UT",
+  "VA",
+  "VT",
+  "WA",
+  "WI",
+  "WV",
+  "WY"
+]

Removed value: -"^[A-Z]{2}$"

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field, and a cached implied vol for any unsupplied volatility. About 90 large-cap symbols resolve a return; a slightly smaller set (~85) also resolves volatility. A symbol not in a given table falls through to a \"required field\" error for exactly the field it could not resolve, so pass that field explicitly (or use a fully covered symbol) rather than inventing it."

Added value: +{
+  "description": "Alternative to `volatility`: the multiplicative price haircut already computed for the horizon. Supply this OR `volatility` (if both are given, volatilityDrag wins). Most callers should pass `volatility` and let the tool compute the drag; only pass this if you already have a horizon drag figure. The model MUST NOT compute it itself.",
+  "maximum": 0.99,
+  "minimum": 0,
+  "type": "number"
+}

Previous value: -"Modeled cost of a 1-year 30%-OTM protective put covering the full position."New value: +"Modeled cost of a protective hedge covering the full position. Defaults to a 1-year 30%-OTM put; if a `hedgeChoice` is supplied, this block prices that structure (kind / protectionLevel / tenorYears, plus a short call for a collar)."

Added value: +{
+  "description": "Collar short-call premium in dollars received. Omitted for a put.",
+  "type": "number"
+}

Added value: +{
+  "description": "Collar short-call strike in dollars ((1 + upsideCapPct) x position value). Omitted for a put.",
+  "type": "number"
+}

Added value: +{
+  "description": "Structure priced: \"put\" (default) or \"collar\" when a hedgeChoice with kind:\"collar\" and upsideCapPct was supplied.",
+  "enum": [
+    "put",
+    "collar"
+  ],
+  "type": "string"
+}

Added value: +{
+  "description": "Net premium paid in dollars: putPrice for a put, max(0, putPrice - callPrice) for a collar.",
+  "type": "number"
+}

Added value: +{
+  "description": "Floor as a fraction below spot (0.30 = a 30%-OTM put). Echoes hedgeChoice.protectionLevel, else 0.30.",
+  "type": "number"
+}

Previous value: -"Put premium in dollars for the 1-year tenor."New value: +"Gross long-put premium in dollars for the tenor."

Previous value: -"Put strike in dollars (70% of position value)."New value: +"Long put strike in dollars ((1 - protectionLevel) x position value)."

Added value: +{
+  "description": "Hedge tenor in years. Echoes hedgeChoice.tenorYears, else 1.",
+  "type": "number"
+}

Previous value: -[
-  "strike",
-  "putPrice",
-  "sigma",
-  "riskFreeRate"
-]New value: +[
+  "kind",
+  "protectionLevel",
+  "tenorYears",
+  "strike",
+  "putPrice",
+  "netPremium",
+  "sigma",
+  "riskFreeRate"
+]

Previous value: -"Optional hedge specification. When provided, adds a hedged scenario to the sell-down-vs-hold comparison and computes the post-tax NFV of the hedged hold. Omit to compare only sell-down vs. hold."New value: +"Optional hedge specification. Note: this tool does not currently fold a hedged scenario into its sell-down-vs-hold output; for standalone hedge pricing use `protective_put_price`."

Previous value: -"Hedge instrument: 'put' (bare protective put — pay premium for downside protection) or 'collar' (put financed by a short call — caps upside in exchange for lower or zero net premium)."New value: +"Hedge instrument: 'put' (bare protective put, pay premium for downside protection) or 'collar' (put financed by a short call, caps upside in exchange for lower or zero net premium)."

Previous value: -"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided. See lib/markets/sector-stats.ts for the per-sector annualVol table; this tool applies IV_OVER_RV_MULTIPLIER (1.20) to the realized vol to approximate implied vol."New value: +"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided (a sector-typical implied volatility)."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing use sector_stats.annualVol × 1.20."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself; the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing fall back to a sector-typical implied volatility."

Previous value: -"Black-Scholes cost of a 1-year 30%-OTM protective put covering the full position."New value: +"Modeled cost of a 1-year 30%-OTM protective put covering the full position."

Previous value: -"Annualized volatility used in pricing (explicit/ticker implied vol, else sector realized vol x 1.20)."New value: +"Annualized volatility used in pricing (explicit or ticker-implied vol, else a sector-typical implied volatility)."

Previous value: -nullNew value: +{
+  "description": "Single-stock concentration analysis. All dollar amounts are USD.",
+  "properties": {
+    "advisorBenchmarkLine": {
+      "description": "One-line comparison of the user weight vs the common advisor 10% single-name guideline.",
+      "type": "string"
+    },
+    "concentration": {
+      "description": "Position value / total assets, 0..1.",
+      "type": "number"
+    },
+    "daysUntilLongTerm": {
+      "description": "Days until long-term treatment; 0 when already long-term.",
+      "type": "number"
+    },
+    "hedging": {
+      "description": "Black-Scholes cost of a 1-year 30%-OTM protective put covering the full position.",
+      "properties": {
+        "putPrice": {
+          "description": "Put premium in dollars for the 1-year tenor.",
+          "type": "number"
+        },
+        "riskFreeRate": {
+          "description": "Annualized risk-free rate used in pricing, as a decimal.",
+          "type": "number"
+        },
+        "sigma": {
+          "description": "Annualized volatility used in pricing (explicit/ticker implied vol, else sector realized vol x 1.20).",
+          "type": "number"
+        },
+        "strike": {
+          "description": "Put strike in dollars (70% of position value).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "strike",
+        "putPrice",
+        "sigma",
+        "riskFreeRate"
+      ],
+      "type": "object"
+    },
+    "isLongTermToday": {
+      "description": "True when the position already qualifies for long-term capital gains treatment.",
+      "type": "boolean"
+    },
+    "longTermDate": {
+      "description": "Date the position turns long-term (acquisitionDate + 1 year). ISO 8601 date-time string.",
+      "type": "string"
+    },
+    "lossExposure": {
+      "description": "Dollar damage at 30/50/70% single-stock drawdowns.",
+      "items": {
+        "properties": {
+          "dollarLoss": {
+            "description": "Dollars lost at this drawdown.",
+            "type": "number"
+          },
+          "drop": {
+            "description": "Modeled drawdown as a fraction of position value (0.30, 0.50, 0.70).",
+            "type": "number"
+          },
+          "newConcentration": {
+            "description": "Portfolio concentration (0..1) after the drawdown.",
+            "type": "number"
+          }
+        },
+        "required": [
+          "drop",
+          "dollarLoss",
+          "newConcentration"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "riskBand": {
+      "description": "Qualitative concentration band for the position weight.",
+      "enum": [
+        "Low",
+        "Moderate",
+        "Concentrated",
+        "Highly concentrated",
+        "Extreme"
+      ],
+      "type": "string"
+    },
+    "schedule": {
+      "description": "Sell-down plans over 1, 2, and 3 years; empty when the position is already at or below the target weight.",
+      "items": {
+        "properties": {
+          "endOfHorizonWealth": {
+            "description": "Total after-tax wealth in dollars at the end of the 3-year comparison horizon.",
+            "type": "number"
+          },
+          "planKey": {
+            "description": "Plan identifier.",
+            "enum": [
+              "lump_sum",
+              "two_year",
+              "three_year"
+            ],
+            "type": "string"
+          },
+          "planLabel": {
+            "description": "Human-readable plan name, e.g. \"Sell over 2 years\".",
+            "type": "string"
+          },
+          "savingsVsLumpSum": {
+            "description": "Raw tax saved in dollars vs selling everything today; positive means this plan pays less tax.",
+            "type": "number"
+          },
+          "taxBreakdown": {
+            "description": "Plan-total tax slices, same-rate rows merged.",
+            "items": {
+              "description": "One tax slice: a dollar amount taxed at one rate.",
+              "properties": {
+                "amount": {
+                  "description": "Dollars of gain in this slice.",
+                  "type": "number"
+                },
+                "label": {
+                  "description": "Tax line label, e.g. \"Federal LTCG\", \"NIIT\", \"California\".",
+                  "type": "string"
+                },
+                "rate": {
+                  "description": "Rate applied to this slice as a decimal (0.15 = 15%).",
+                  "type": "number"
+                },
+                "tax": {
+                  "description": "Tax in dollars: amount x rate.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "label",
+                "rate",
+                "amount",
+                "tax"
+              ],
+              "type": "object"
+            },
+            "type": "array"
+          },
+          "totalSale": {
+            "description": "Total nominal sale dollars across the plan years.",
+            "type": "number"
+          },
+          "totalTax": {
+            "description": "Total tax in dollars across the plan years.",
+            "type": "number"
+          },
+          "wealthByYear": {
+            "description": "Total wealth in dollars at the end of each year, t = 0..3 (4 points). For charting.",
+            "items": {
+              "type": "number"
+            },
+            "type": "array"
+          },
+          "wealthVsLumpSum": {
+            "description": "End-of-horizon wealth delta in dollars vs the sell-everything-today baseline; positive means this plan ends wealthier.",
+            "type": "number"
+          },
+          "year1IsShortTerm": {
+            "description": "True when the first sale year would be taxed at short-term rates.",
+            "type": "boolean"
+          },
+          "yearlySales": {
+            "description": "One entry per sale year: year (1-indexed), saleAmount, gainAmount, isLongTerm, federalTax, stateTax, totalTax in dollars, plus a per-slice breakdown.",
+            "items": {
+              "properties": {
+                "breakdown": {
+                  "description": "Per-rate tax slices for this sale.",
+                  "items": {
+                    "description": "One tax slice: a dollar amount taxed at one rate.",
+                    "properties": {
+                      "amount": {
+                        "description": "Dollars of gain in this slice.",
+                        "type": "number"
+                      },
+                      "label": {
+                        "description": "Tax line label, e.g. \"Federal LTCG\", \"NIIT\", \"California\".",
+                        "type": "string"
+                      },
+                      "rate": {
+                        "description": "Rate applied to this slice as a decimal (0.15 = 15%).",
+                        "type": "number"
+                      },
+                      "tax": {
+                        "description": "Tax in dollars: amount x rate.",
+                        "type": "number"
+                      }
+                    },
+                    "required": [
+                      "label",
+                      "rate",
+                      "amount",
+                      "tax"
+                    ],
+                    "type": "object"
+                  },
+                  "type": "array"
+                },
+                "federalTax": {
+                  "description": "Federal tax in dollars on this sale (including NIIT).",
+                  "type": "number"
+                },
+                "gainAmount": {
+                  "description": "Taxable gain in dollars within the sale.",
+                  "type": "number"
+                },
+                "isLongTerm": {
+                  "description": "True when this sale gets long-term capital gains treatment.",
+                  "type": "boolean"
+                },
+                "saleAmount": {
+                  "description": "Dollars sold this year.",
+                  "type": "number"
+                },
+                "stateTax": {
+                  "description": "State tax in dollars on this sale.",
+                  "type": "number"
+                },
+                "totalTax": {
+                  "description": "Total tax in dollars on this sale.",
+                  "type": "number"
+                },
+                "year": {
+                  "description": "Sale year, 1-indexed.",
+                  "type": "number"
+                }
+              },
+              "required": [
+                "year",
+                "saleAmount",
+                "gainAmount",
+                "isLongTerm",
+                "federalTax",
+                "stateTax",
+                "totalTax",
+                "breakdown"
+              ],
+              "type": "object"
+            },
+            "type": "array"
+          }
+        },
+        "required": [
+          "planKey",
+          "planLabel",
+          "yearlySales",
+          "totalSale",
+          "totalTax",
+          "endOfHorizonWealth",
+          "savingsVsLumpSum",
+          "wealthVsLumpSum",
+          "year1IsShortTerm",
+          "taxBreakdown",
+          "wealthByYear"
+        ],
+        "type": "object"
+      },
+      "type": "array"
+    },
+    "sectorContextLine": {
+      "description": "One-line volatility/drawdown context for the chosen sector.",
+      "type": "string"
+    },
+    "waitForLtInsight": {
+      "description": "Tax saved by waiting for long-term treatment before selling; null when already long-term or no sale is needed.",
+      "properties": {
+        "daysAway": {
+          "description": "Days until that date.",
+          "type": "number"
+        },
+        "delayedLumpSumTax": {
+          "description": "Tax in dollars on the same sale executed after the long-term date.",
+          "type": "number"
+        },
+        "immediateLumpSumTax": {
+          "description": "Tax in dollars on the full sell-down executed today (short-term rates).",
+          "type": "number"
+        },
+        "longTermDate": {
+          "description": "Date the position turns long-term. ISO 8601 date-time string.",
+          "type": "string"
+        },
+        "savings": {
+          "description": "immediateLumpSumTax - delayedLumpSumTax in dollars (floored at 0).",
+          "type": "number"
+        }
+      },
+      "required": [
+        "longTermDate",
+        "daysAway",
+        "immediateLumpSumTax",
+        "delayedLumpSumTax",
+        "savings"
+      ],
+      "type": [
+        "object",
+        "null"
+      ]
+    }
+  },
+  "required": [
+    "concentration",
+    "riskBand",
+    "isLongTermToday",
+    "longTermDate",
+    "daysUntilLongTerm",
+    "lossExposure",
+    "waitForLtInsight",
+    "schedule",
+    "hedging",
+    "sectorContextLine",
+    "advisorBenchmarkLine"
+  ],
+  "type": "object"
+}

Previous value: -"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."New value: +"Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes a cached trailing return for any unsupplied expected-return / sale-price field AND a cached implied vol for any unsupplied volatility, instead of requiring the caller to invent either. Most large-cap public symbols are covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user."

Previous value: -"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them; only when neither is supplied does hedge pricing fall back to sector_stats.annualVol × 1.20."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number AND no `ticker` resolves it from the cached implied-vol table, ASK them; only as a last fallback does hedge pricing use sector_stats.annualVol × 1.20."

Previous value: -[
-  "positionValue",
-  "costBasis",
-  "acquisitionDate",
-  "sector",
-  "stateCode",
-  "filingStatus",
-  "ordinaryIncome",
-  "totalAssets",
-  "volatility"
-]New value: +[
+  "positionValue",
+  "costBasis",
+  "acquisitionDate",
+  "sector",
+  "stateCode",
+  "filingStatus",
+  "ordinaryIncome",
+  "totalAssets"
+]

Previous value: -"Annualized implied volatility (sigma) of the stock. Optional. When omitted, falls back to sector_stats.annualVol × 1.20 (the IV-over-RV multiplier)."New value: +"Annualized volatility (sigma) of the stock as a decimal (0.72 = 72%). Pass the user-supplied volatility directly; the tool uses it both for hedge pricing (as implied vol) and for the 3y horizon drag, computed internally. The model MUST NOT compute drag itself — the correct formula is horizon-dependent and most models get it wrong. If the user does not supply a volatility number, ASK them; only when neither is supplied does hedge pricing fall back to sector_stats.annualVol × 1.20."

Removed value: -{
-  "description": "Multiplicative haircut on the expected stock-price path at the 3-year analysis horizon (0..0.99), capturing the half-variance correction in compounded returns.",
-  "maximum": 0.99,
-  "minimum": 0,
-  "type": "number"
-}

Previous value: -[
-  "positionValue",
-  "costBasis",
-  "acquisitionDate",
-  "sector",
-  "stateCode",
-  "filingStatus",
-  "ordinaryIncome",
-  "totalAssets",
-  "volatilityDrag"
-]New value: +[
+  "positionValue",
+  "costBasis",
+  "acquisitionDate",
+  "sector",
+  "stateCode",
+  "filingStatus",
+  "ordinaryIncome",
+  "totalAssets",
+  "volatility"
+]

Added value: +"Earliest acquisition date in the lot (YYYY-MM-DD). Drives the 1-year LTCG threshold and the long-term-vs-short-term tax routing."

Added value: +"Total cost basis of the position, USD (sum of strikes paid + ordinary-income inclusions on RSU vest / NSO exercise / disqualified ISO)."

Added value: +"Federal filing status. Drives LTCG brackets and the NIIT MAGI threshold."

Added value: +"Optional hedge specification. When provided, adds a hedged scenario to the sell-down-vs-hold comparison and computes the post-tax NFV of the hedged hold. Omit to compare only sell-down vs. hold."

Added value: +"Hedge instrument: 'put' (bare protective put — pay premium for downside protection) or 'collar' (put financed by a short call — caps upside in exchange for lower or zero net premium)."

Added value: +"Put strike chosen as (1 − this fraction) × spot. 0.10 = 10% OTM put. Range 0.05..0.50."

Added value: +"Option tenor in years. 1 = 12-month; 0.25 = ~90-day."

Added value: +"For collars only: optional explicit upside cap as fraction above spot (e.g. 0.20 = 20% cap). Omit to let the tool solve for the cap that makes the collar zero-net-premium."

Added value: +"Annual W-2 ordinary income before any sales, USD. Baseline for LTCG bracket determination."

Added value: +"Current market value of the concentrated single-stock position, USD."

Added value: +"Sector tag. Drives the default volatility used in the hedge-cost computation when no explicit volatility is provided. See lib/markets/sector-stats.ts for the per-sector annualVol table; this tool applies IV_OVER_RV_MULTIPLIER (1.20) to the realized vol to approximate implied vol."

Added value: +"Two-letter US state code. Drives state LTCG and ordinary brackets."

Added value: +"Annualized implied volatility (sigma) of the stock. Optional. When omitted, falls back to sector_stats.annualVol × 1.20 (the IV-over-RV multiplier)."

Added value: +"Multiplicative haircut on the expected stock-price path at the 3-year analysis horizon (0..0.99), capturing the half-variance correction in compounded returns."

Added value: +"Annual after-tax-proceeds reinvestment rate. Defaults to SPY trailing CAGR for the 3-year horizon if omitted."

Added value: +"Annual expected return on the concentrated stock as a decimal (0.10 = 10%). Required unless `ticker` resolves it from trailing CAGR."

Added value: +{
+  "description": "Optional public-stock symbol (e.g. \"NVDA\", \"AAPL\"). When set, the tool substitutes the ticker's trailing CAGR for any unsupplied expected-return / sale-price field instead of requiring the caller to invent one. ~90 symbols covered; unknown tickers fall through to \"required field\" errors so the model knows to ask the user.",
+  "type": "string"
+}

Added value: +"Total investable portfolio in dollars (concentrated position + everything else). User-supplied; never inferred. If the user did not state it, ASK."

Previous value: -[
-  "positionValue",
-  "costBasis",
-  "acquisitionDate",
-  "sector",
-  "stateCode",
-  "filingStatus",
-  "ordinaryIncome",
-  "totalAssets",
-  "expectedPositionReturn",
-  "expectedMarketReturn",
-  "volatilityDrag"
-]New value: +[
+  "positionValue",
+  "costBasis",
+  "acquisitionDate",
+  "sector",
+  "stateCode",
+  "filingStatus",
+  "ordinaryIncome",
+  "totalAssets",
+  "volatilityDrag"
+]