Norlyst

From an alert email to a defensible verdict, without leaving the record.

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One ticker, one week: BQX.TO, Boréal Ressources, a TSX forest-products name with a takeover offer on the table. Six chapters, each one page of the app, with what goes in, what comes out and what is kept. Demo data throughout; the issuer is fictitious.

The alert lands in a queue, not in your inbox.

01 · Monday, 07:40 · Special Situations

You paste the morning alert email. Eligible items join the To-analyze queue with a symbol, a situation type and a score; the rest is skipped or blocked, and each decision leaves a dated event. A Safari clip of the offer press release waits in Clips until you file it to BQX.TO.

Special Situations · queue and ideasFig. 1 · demo data
Special Situations: three items to analyze (KXQ:CA, NVQZ, ZVQ:CA), one idea from an arrangement agreement (BQX:CA, MEDIUM) and the Skipped and blocked list folded.
In
One alert email, pasted. One article, clipped from Safari.
Out
Three queued ideas, one blocked symbol, one clip filed as a profile link.
Kept
The Skip and Block events, dated, next to the symbol.

Pull the filings, keep the statements.

02 · Monday, 09:15 · Filings, Financial Reports

The profile's Filings page lists what the issuer published on SEDAR+. You open the material change report, then take it, the MD&A and the audited statements in one batch, converted to Markdown, and add them to the profile's Documents. The filing extractor skill, in your own Claude, turns the statements into a report: in Financial Reports, FY2026 joins FY2024 and FY2025 in the same table, notes clickable, a covenant surfaced as a highlight.

Financial Reports · income statementFig. 2 · demo data
Financial Reports for BQX.TO: the consolidated income statement merged from three filings, FY2023 to FY2026, with note numbers and a chart column per line.
In
Three filings from SEDAR+, through a Canadian filings service you subscribe to.
Out
Three Markdown files in the profile's Documents; one more period in the merged statements.
Kept
Provenance per cell: which filing, which period, which note.

Run the analysis in your own AI. Check the verdict. Import.

03 · Tuesday, 21:40 · Research › AI

You run two skills from the AI Skills page in your own Claude: Forensic and Management. Connected to Norlyst, each reads your LLM Rules and Monday's filings in the profile's Documents. Each shows its verdict and its count of red flags and warnings, then imports once you agree. Without the connector, you paste the report into Import and check the same verdict and counts first.

Research profile · AI · six of seven analyses inFig. 3 · demo data
Research profile for BQX.TO, AI page: six of seven analyses done with 3 red flags and 6 warnings, the LLM Rules folded, and the Special situation (MEDIUM) and Quantitative (3.4 / 5) analyses open on their key metrics, warnings, positives and watch items.
In
Two skills from the AI Skills page, your LLM Rules, the SEDAR+ filings in Documents.
Out
Forensic: MODERATE risk, one red flag (sourced, material, blocking) and two warnings. Management: six people rated, five GREEN, one YELLOW. Both marked “via Claude”.
Kept
Last year's Forensic analysis (LOW risk), behind its history; each full report, beside the profile.
All seven
The research orchestrator asks its questions once and runs the seven analyses side by side when your Claude offers sub-agents; a calibration judge then downgrades the red flags that do not hold. Norlyst itself runs no model.

The deal file becomes a position you can price.

04 · Wednesday, 07:05 · Merger Arb

The Special-situation analysis carried a deal profile: acquirer, consideration, conditions, milestones. Import it into the Share Deal simulator: the facts from the filing fill the form, and the assumptions that are yours (quantity, cost of capital) keep their defaults. Save, and BQX.TO joins the monitor with a spread, an annualized return and a break scenario.

Merger Arb Monitor · BQX.TO selectedFig. 4 · demo data
Merger Arbitrage Monitor with four deals: BQX.TO with a BUY signal, NVQZ and XMQ.TO with SELL, ZVQ.V expired, each with its consideration, offer, current price, spread, annualized and EV annualized returns, close probability and estimated close.
In
The deal profile from Tuesday's analysis; today's quote.
Out
One row in the monitor: 10.98% spread, 33.68% annualized, 88% close probability, three conditions still open.
Kept
The analysis Markdown, in the setup's Details, editable and travelling with the position.

A threshold you set, crossed while you were elsewhere.

05 · Thursday, 10:20 · Watchlist, Home

The Watchlist computes the IRR from today's price to the price target in force, at its date, dividends included. When it clears the list's buy threshold the row reads BUY, and the Daily focus on the Home lists it among the day's exceptions. No push, no email: it is there when you open the app.

Watchlist · CoreFig. 5 · demo data
Watchlist, Core list: BQX.TO at 33.68% annualized with a BUY signal, NVQZ at 23.41%, XMQ.TO at 23.18% and HZQ.V at −8.82% with a SELL signal, under a 10% hurdle and a 25% buy threshold.
In
A price target of C$15.87 by 2027-02-26; today's C$14.30.
Out
IRR 33.68%, above the 25% threshold: BUY. A Daily-focus line, a TODO to size the position.
Kept
The thresholds, per list (10% hurdle, 25% buy), editable, never hidden.

Decide in writing. Grade yourself later, against what you wrote.

06 · Friday, 16:30 · Take Decision, Decisions

Take Decision records the Buy with its side, its recorded price and its reason; it lands as a pin on the price chart and the TODO closes. The Decisions page grades every decision from the price that followed, against the neutral band you set. Months later, the retrospective takes the thesis as it stood and what actually happened, and the rule you draw goes back into the profile.

Decisions · every decision with its verdictFig. 6 · demo data
Decisions page: eight decisions across five profiles, a hit rate of 80% with 4 Good, 2 Neutral and 1 Bad under a ±5% neutral threshold, the count by decision, and each decision with its recorded price, verdict, change and reason; one Sell marked “via Claude”.
In
The thesis as of today, the price target in force, the facts as they arrive.
Out
A dated Buy at C$14.30 with its reason; a verdict that follows the price; one new rule.
Kept
Everything above it: the week is the audit trail.

See it on your own issuers.

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