phase-6: typescript introduction
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Sai Kiran Vella
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saikiranvella
saikiranvella
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import type { Sector } from './constants.js';
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// ── Credit rating scale (S&P convention) ─────────────────────────────────
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// Bond.ts converts letter ratings to these numbers; BondScorer uses them for gate checks.
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// Investment grade = BBB (7) and above.
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export const CREDIT_RATING_SCALE: Record<string, number> = {
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AAA: 10,
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AA: 9,
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A: 8,
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BBB: 7,
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BB: 6,
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B: 5,
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CCC: 4,
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CC: 3,
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C: 2,
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D: 1,
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};
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// ── Scoring rule shape ────────────────────────────────────────────────────
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interface GateSet extends Record<string, number> {}
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interface WeightSet extends Record<string, number> {}
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interface ThresholdSet extends Record<string, number> {}
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interface RuleBlock {
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gates: GateSet;
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weights: WeightSet;
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thresholds: ThresholdSet;
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}
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interface StockRules extends RuleBlock {
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SECTOR_OVERRIDE: Partial<Record<Sector, Partial<RuleBlock>>>;
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}
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interface ScoringRulesShape {
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STOCK: StockRules;
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ETF: RuleBlock;
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BOND: RuleBlock;
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}
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// ─────────────────────────────────────────────────────────────────────────────
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// Fundamental baseline — Graham / value-investing style.
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// MarketRegime.ts overrides the valuation gates for INFLATED-mode analysis.
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// Sector overrides are structural — they apply in both modes.
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// ─────────────────────────────────────────────────────────────────────────────
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export const ScoringRules: ScoringRulesShape = {
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STOCK: {
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gates: {
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maxDebtToEquity: 1.5, // Graham ceiling; most distress starts above 2x
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minQuickRatio: 0.8, // below 0.8 signals real liquidity stress in non-tech
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maxPERatio: 15, // Graham's actual rule: never pay more than 15x trailing earnings
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maxPegGate: 1.0, // PEG > 1.0 means you're paying full price for growth (Lynch standard)
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},
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weights: {
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margin: 2, // net profit margin
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opMargin: 2, // operating margin (pricing power)
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roe: 3, // return on equity — Buffett's primary quality metric
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peg: 2, // valuation relative to growth
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revenue: 2, // revenue growth
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fcf: 3, // FCF is the most manipulation-resistant quality signal
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},
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thresholds: {
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marginHigh: 15, // 15% net margin is genuinely excellent across most sectors
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marginMed: 8, // 8% is the realistic mid-tier for industrials/retail
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opMarginHigh: 20,
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opMarginMed: 10,
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roeHigh: 15, // sustainable 15% ROE is Buffett-quality; 20% is rare/fleeting
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roeMed: 10, // 10% is the cost-of-equity floor for most businesses
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pegHigh: 0.75, // PEG < 0.75 is genuinely cheap relative to growth
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pegMed: 1.0,
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revHigh: 10, // 10% organic revenue growth is strong for mature cos
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revMed: 5,
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fcfHigh: 5,
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fcfMed: 2,
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},
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SECTOR_OVERRIDE: {
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TECHNOLOGY: {
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gates: { maxDebtToEquity: 2.0, minQuickRatio: 0.8, maxPERatio: 35, maxPegGate: 1.5 },
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weights: { margin: 1, opMargin: 3, roe: 3, peg: 3, revenue: 4, fcf: 3 },
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thresholds: { marginHigh: 25, opMarginHigh: 25, roeHigh: 20, pegHigh: 1.0, revHigh: 20 },
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},
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REIT: {
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gates: { maxDebtToEquity: 6.0, minQuickRatio: 0.1, maxPERatio: 9999, maxPegGate: 9999 },
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weights: { margin: 0, opMargin: 0, roe: 0, peg: 0, revenue: 0, fcf: 0, yield: 5, pFFO: 3 },
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thresholds: { minYield: 4.5, maxPFFO: 20 },
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},
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FINANCIAL: {
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gates: {
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maxDebtToEquity: 9999,
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minQuickRatio: 0.1,
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maxPERatio: 9999,
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maxPegGate: 9999,
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maxPriceToBook: 1.5,
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},
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weights: { margin: 0, opMargin: 0, peg: 0, roe: 5, revenue: 1, fcf: 1, priceToBook: 3 },
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thresholds: { roeHigh: 15, roeMed: 12, revHigh: 10, revMed: 5 },
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},
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ENERGY: {
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gates: { maxDebtToEquity: 1.5, minQuickRatio: 0.6, maxPERatio: 15, maxPegGate: 1.5 },
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weights: { margin: 0, opMargin: 3, roe: 2, peg: 1, revenue: 2, fcf: 4, yield: 3 },
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thresholds: {
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opMarginHigh: 20,
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opMarginMed: 10,
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roeHigh: 15,
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roeMed: 8,
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fcfHigh: 8,
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fcfMed: 4,
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},
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},
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HEALTHCARE: {
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gates: { maxDebtToEquity: 1.5, minQuickRatio: 1.0, maxPERatio: 25, maxPegGate: 1.5 },
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weights: { margin: 1, opMargin: 2, roe: 2, peg: 2, revenue: 4, fcf: 3 },
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thresholds: {
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marginHigh: 20,
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marginMed: 10,
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roeHigh: 20,
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roeMed: 12,
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revHigh: 15,
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revMed: 8,
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fcfHigh: 8,
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fcfMed: 3,
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},
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},
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COMMUNICATION: {
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gates: { maxDebtToEquity: 2.0, minQuickRatio: 0.8, maxPERatio: 25, maxPegGate: 1.5 },
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weights: { margin: 2, opMargin: 3, roe: 2, peg: 2, revenue: 3, fcf: 4 },
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thresholds: {
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marginHigh: 25,
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marginMed: 12,
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opMarginHigh: 30,
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opMarginMed: 15,
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roeHigh: 20,
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roeMed: 12,
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pegHigh: 1.0,
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pegMed: 1.5,
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revHigh: 15,
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revMed: 5,
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fcfHigh: 8,
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fcfMed: 3,
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},
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},
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CONSUMER_STAPLES: {
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gates: { maxDebtToEquity: 1.5, minQuickRatio: 0.5, maxPERatio: 22, maxPegGate: 2.0 },
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weights: { margin: 3, opMargin: 3, roe: 3, peg: 1, revenue: 1, fcf: 3 },
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thresholds: {
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marginHigh: 12,
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marginMed: 7,
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opMarginHigh: 18,
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opMarginMed: 10,
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roeHigh: 20,
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roeMed: 12,
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pegHigh: 1.5,
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pegMed: 2.0,
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revHigh: 5,
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revMed: 2,
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fcfHigh: 5,
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fcfMed: 2,
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},
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},
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CONSUMER_DISCRETIONARY: {
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gates: { maxDebtToEquity: 2.0, minQuickRatio: 0.5, maxPERatio: 25, maxPegGate: 1.5 },
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weights: { margin: 2, opMargin: 2, roe: 2, peg: 2, revenue: 4, fcf: 3 },
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thresholds: {
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marginHigh: 10,
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marginMed: 5,
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opMarginHigh: 15,
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opMarginMed: 8,
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roeHigh: 20,
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roeMed: 12,
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pegHigh: 1.0,
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pegMed: 1.5,
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revHigh: 12,
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revMed: 5,
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fcfHigh: 5,
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fcfMed: 2,
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},
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},
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},
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},
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ETF: {
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gates: { maxExpenseRatio: 0.2 },
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weights: { yield: 2, lowCost: 4, fiveYearReturn: 2 },
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thresholds: {
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minYield: 1.5,
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maxExpense: 0.05,
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minVolume: 1_000_000,
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minFiveYearReturn: 8.0,
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},
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},
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BOND: {
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gates: { minCreditRating: 7 }, // BBB = investment-grade floor
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weights: { yieldSpread: 3, duration: 2 },
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thresholds: { minSpread: 1.5, maxDuration: 7 },
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},
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};
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