Advisory is not a list of current ideas. It is the structured preparation of choices: what the portfolio actually holds, which risks are being run, which assumptions sit behind a change, and which alternatives were discarded.
Market and portfolio analysis
We separate observation, interpretation and recommendation. Before discussing purchases we map allocation against policy, concentration, currency, cost and liquidity. Many books are diversified in name and concentrated in substance.
Risk assessment
Material recommendations include market, credit, liquidity and operational considerations. Where models are used, their limits are part of the note.