Locked Assumption Cards: v1, vN, Refresh, and "You Own It"

The output of a formal valuation is saved as a "Locked Assumption Card." It is not an ordinary report but a structured, audit-grade investment memo—recording the stock's inputs, assumptions, scenarios, conclusion, review triggers, and more. More importantly: it belongs to you.

v1 and vN: How Versions Progress

The New Valuation produces v1. After that, a new version (v2, v3... vN) is produced only when evidence genuinely changes a long-term assumption and a "valuation revision" is performed, and it takes effect only after you explicitly "adopt" it. Note: a routine "data refresh" does not create a new version—it only updates the current data, leaving the locked long-term assumptions untouched. Each version has an archived copy and a "latest" working copy.

The Change-Permission Map: What Can Change and What Is Locked

This "change-permission map" is the core of the discipline: it prevents you from casually nudging the terminal multiple higher and prettying up the conclusion during an ordinary refresh. To change a long-term assumption, you must go through a formal "valuation revision" and leave a change ledger behind.

• Refreshable: current price, position, timestamp—updatable on every data refresh.
• Same-basis refresh only: NTM EPS, FY1-FY5 EPS—updated only when the basis is unchanged and you provide new data.
• Locked (changeable only via valuation revision): scenario probabilities, terminal multiples, the thesis, Kill Criteria, DCF/SOTP structure, Required Return.

“Data can be refreshed, but assumptions must be guarded—otherwise the valuation will drift with your mood.”— Institutional Research Principle

You Own the Content Asset

The card can be stored under your platform account or written directly into your own GitHub repository. That means these research assets are yours and portable—the platform owns "the rules and the ability to refresh correctly," while you own "the content." This neither locks you into any one platform nor makes the engine dispensable when it comes to "maintaining the card correctly."

How It Shows Up in the Report

When you log in and choose to save, the report is committed as a Locked Card. Once you understand v1/vN and refreshable/locked fields, you can correctly maintain your research on a stock over the long term rather than starting from scratch each time. The next article, "Data Refresh vs. Valuation Revision," makes the boundary between the two clear.