);
}
const ALL_SECTORS = ["All",...[...new Set(STOCKS.map(s=>s.sector))]];
const TYPES = ["All","Stock","ETF","ETN"];
/* ─── DESIGN TOKENS — Dual Theme System ─────────────────────────────
Light: Apple.com / Robinhood light — clean, white, trustworthy
Dark: Refined dark — soft, premium, not terminal */
const LIGHT = {
bg0:"#F2F2F7", bg1:"#FFFFFF", bg2:"#F8F8FA", bg3:"#EFEFF4", bg4:"#E5E5EA",
border:"#E5E5EA", border2:"#D1D1D6",
text:"#1C1C1E", text2:"#48484A", text3:"#8E8E93",
green:"#34C759", greenDim:"#34C75914",
red:"#FF3B30", redDim:"#FF3B3012",
yellow:"#FF9500",yellowDim:"#FF950012",
orange:"#FF9500",orangeDim:"#FF950012",
accent:"#00A550",
cyan:"#007AFF", purple:"#5856D6", gold:"#FF9500", blue:"#007AFF",
overlay:"rgba(0,0,0,.3)",
tooltipBg:"#FFFFFF", tooltipText:"#1C1C1E", tooltipBorder:"#E5E5EA",
tooltipShadow:"0 8px 32px rgba(0,0,0,.12)",
};
const DARK = {
bg0:"#0D0D0F", bg1:"#141416", bg2:"#1C1C1F", bg3:"#242428", bg4:"#2C2C31",
border:"#2A2A2F", border2:"#38383F",
text:"#F5F5F7", text2:"#AEAEB2", text3:"#636366",
green:"#30D158", greenDim:"#30D15818",
red:"#FF453A", redDim:"#FF453A18",
yellow:"#FFD60A",yellowDim:"#FFD60A18",
orange:"#FF9F0A",orangeDim:"#FF9F0A18",
accent:"#30D158",
cyan:"#64D2FF", purple:"#BF5AF2", gold:"#FFD60A", blue:"#0A84FF",
overlay:"rgba(0,0,0,.7)",
tooltipBg:"#1C1C1F", tooltipText:"#F5F5F7", tooltipBorder:"#38383F",
tooltipShadow:"0 8px 32px rgba(0,0,0,.6)",
};
// T is set dynamically — default to light, overridden by ThemeProvider
let T = {...LIGHT};
const scoreColor = s => s>=8?T.green:s>=6?T.yellow:s>=4?"#FF9800":T.red;
const scoreDim = s => s>=8?T.greenDim:s>=6?T.yellowDim:s>=4?"#FF980014":T.redDim;
const SIGNALS = {
"STRONG BUY":{bg:"#00E67614",border:"#00E67640",text:"#00E676",glyph:"▲▲"},
"BUY":{bg:"#00E67610",border:"#00E67630",text:"#69F0AE",glyph:"▲"},
"HOLD":{bg:"#FFD60014",border:"#FFD60040",text:"#FFD600",glyph:"◆"},
"SELL":{bg:"#FF475714",border:"#FF475740",text:"#FF4757",glyph:"▼"},
"STRONG SELL":{bg:"#FF475710",border:"#FF475730",text:"#FF1744",glyph:"▼▼"},
};
const getSig = s => SIGNALS[s]||SIGNALS["HOLD"];
/* ─── LIVE MACRO DATA via Anthropic web_search ───────────────────────
Since we can't fetch from arbitrary FX APIs in the browser, we pull
live prices once on mount via Claude's own web_search tool.
Fallback values are accurate as of March 10 2026. */
// Static fallback — used only if all live APIs fail
const MACRO_FALLBACK = {
xau:"5,095", xauRaw:5095,
zar:"18.45", zarRaw:18.45,
brent:"98.96",brentRaw:98.96,
alsi:"75,420",
silver:"83.51",
platinum:"968",
updated:"offline fallback",
};
/* ─── LIVE MACRO DATA FETCHER ─────────────────────────────────────
Fetches live USD/ZAR + metals prices from free CORS-enabled APIs.
Falls back gracefully to MACRO_FALLBACK on any failure. */
async function fetchLiveMacro() {
const result = {...MACRO_FALLBACK};
const timeout = (ms) => new Promise((_, reject) => setTimeout(() => reject(new Error("timeout")), ms));
// USD/ZAR from open.er-api.com (free, CORS-enabled, no key required)
try {
const r = await Promise.race([
fetch("https://open.er-api.com/v6/latest/USD").then(r => r.json()),
timeout(4000)
]);
if (r?.rates?.ZAR) {
result.zarRaw = r.rates.ZAR;
result.zar = r.rates.ZAR.toFixed(2);
}
} catch(e) { console.warn("USD/ZAR fetch failed, using fallback"); }
// Gold + Silver from frankfurter.app (free, CORS-enabled)
try {
const r = await Promise.race([
fetch("https://api.frankfurter.app/latest?from=USD&to=XAU,XAG").then(r => r.json()),
timeout(4000)
]);
if (r?.rates?.XAU) {
const goldUsdPerOz = 1 / r.rates.XAU;
result.xauRaw = goldUsdPerOz;
result.xau = goldUsdPerOz.toFixed(0).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
if (r?.rates?.XAG) {
const silverUsdPerOz = 1 / r.rates.XAG;
result.silver = silverUsdPerOz.toFixed(2);
}
} catch(e) { console.warn("Metals fetch failed, using fallback"); }
result.updated = new Date().toISOString().slice(0, 16).replace("T", " ") + " UTC";
return result;
}
/* ─── MACRO CONTEXT BUILDER ───────────────────────────────────────
Builds a string injected into every analysis prompt so the AI
has current macro context when scoring securities. */
function buildMacroCtx(m) {
return `LIVE MACRO CONTEXT (as of ${m.updated || "now"}):
- Gold (XAU): $${m.xau}/oz
- Silver (XAG): $${m.silver}/oz
- Platinum: $${m.platinum}/oz
- USD/ZAR: R${m.zar}
- Brent Crude: $${m.brent}/bbl
- JSE ALSI: ${m.alsi}
Use these CURRENT values when reasoning about commodity exposure, currency translation, and SA market dynamics.`;
}
/* ─── ANTHROPIC API ─────────────────────────────────────────────────── */
function sanitiseJSON(raw) {
// Extract outermost { ... }
const start = raw.indexOf("{");
const end = raw.lastIndexOf("}");
if (start < 0 || end < 0) throw new Error("No JSON object found in model response.");
let s = raw.slice(start, end + 1);
// Replace smart/curly quotes with straight quotes
s = s.replace(/[\u2018\u2019]/g, "'").replace(/[\u201C\u201D]/g, '"');
// Remove control characters (except \n \r \t which are valid in JSON)
s = s.replace(/[\x00-\x08\x0B\x0C\x0E-\x1F\x7F]/g, "");
// Remove trailing commas before } or ] — the #1 cause of parse errors
s = s.replace(/,\s*([}\]])/g, "$1");
// Attempt parse — if it fails, try stripping anything after the last valid }
try {
return JSON.parse(s);
} catch (e1) {
// Last-resort: find the last complete top-level } by scanning backwards
let depth = 0, lastValid = -1;
for (let i = s.length - 1; i >= 0; i--) {
if (s[i] === "}") { depth++; }
if (s[i] === "{") { depth--; if (depth === 0) { lastValid = i; break; } }
}
if (lastValid >= 0) {
try { return JSON.parse(s.slice(lastValid)); } catch(e) {}
}
throw new Error(`JSON parse failed: ${e1.message}. Try again — the model returned malformed output.`);
}
}
/* ── callClaude ────────────────────────────────────────────────────────
Routes through your Vercel serverless function /api/analyse.
Your Anthropic key lives in ANTHROPIC_API_KEY env var on Vercel —
never exposed to the browser. The function also enforces tier limits.
For local dev / demo mode: set DEMO_MODE=true and pass apiKey directly.
──────────────────────────────────────────────────────────────────── */
async function callClaude(authToken, system, userMsg, maxTokens=5000, tier="free") {
// DEMO MODE: if token looks like an Anthropic key, call direct (dev/testing only)
const isDemoKey = authToken?.startsWith("sk-ant-");
async function attempt(attemptNo) {
if (isDemoKey) {
const res = await fetch("https://api.anthropic.com/v1/messages", {
method:"POST",
headers:{
"Content-Type":"application/json",
"x-api-key":authToken,
"anthropic-version":"2023-06-01",
"anthropic-dangerous-direct-browser-access":"true"
},
body:JSON.stringify({
model: tier==="institutional" ? "claude-opus-4-7" : tier==="pro" ? "claude-sonnet-4-6" : "claude-haiku-4-5-20251001",
max_tokens:maxTokens,
system,
messages:[{role:"user",content:userMsg}]
}),
});
if(!res.ok){
const e=await res.json().catch(er=>({}));
// Retry on rate limit or 5xx
if((res.status===429||res.status>=500)&&attemptNo<2){
await new Promise(r=>setTimeout(r,1500*(attemptNo+1)));
return attempt(attemptNo+1);
}
throw new Error(e.error?.message||`API error ${res.status}`);
}
const data=await res.json();
const raw=(data.content?.[0]?.text||"").trim();
// Detect truncation: if response stopped before closing brace
const stopReason=data.stop_reason;
if(stopReason==="max_tokens"&&attemptNo<1){
// Retry once with even more tokens
return attempt(attemptNo+1);
}
try { return sanitiseJSON(raw); }
catch(parseErr){
if(attemptNo<2){
await new Promise(r=>setTimeout(r,800));
return attempt(attemptNo+1);
}
throw new Error("AI returned malformed data after 3 attempts. Please retry.");
}
}
// PRODUCTION: backend proxy
let res;
try {
res = await fetch("/api/analyse", {
method:"POST",
headers:{"Content-Type":"application/json","Authorization":`Bearer ${authToken}`},
body:JSON.stringify({system, userMsg, maxTokens, tier}),
});
} catch(networkErr) {
throw new Error("Network error — check your connection and try again.");
}
// 405 = backend not deployed correctly → tell user to use demo key
if(res.status === 405) {
throw new Error("Backend not configured. Use the Developer/Demo mode with your Anthropic key to test analysis.");
}
if(!res.ok){
const e=await res.json().catch(er=>({}));
if((res.status===429||res.status>=500)&&attemptNo<2){
await new Promise(r=>setTimeout(r,1500*(attemptNo+1)));
return attempt(attemptNo+1);
}
throw new Error(e.error?.message||`Server error ${res.status}`);
}
const data=await res.json();
try { return sanitiseJSON((data.text||"").trim()); }
catch(parseErr){
if(attemptNo<2){
await new Promise(r=>setTimeout(r,800));
return attempt(attemptNo+1);
}
throw new Error("AI returned malformed data. Please retry the analysis.");
}
}
return attempt(0);
}
const ATLAS_SYS = `You are ATLAS — Senior Macro Analyst, JSE Equity Research Division.
ANALYTICAL FRAMEWORK (you MUST apply ALL of these):
1. DCF VALUATION: Estimate intrinsic value using Discounted Cash Flow.
- Project 3-year FCF trajectory with explicit growth assumptions
- Apply WACC appropriate to SA market (typically 12-16% for JSE equities)
- Calculate terminal value using Gordon Growth Model
- Express upside/downside as % to intrinsic value estimate
2. FACTOR MODEL SCORING (Fama-French 5-Factor):
- Size factor (SMB): market cap positioning vs sector peers
- Value factor (HML): P/B, P/E vs sector averages
- Profitability factor (RMW): EBITDA margin, ROE trend
- Investment factor (CMA): capex cycle, balance sheet deployment
- Momentum factor (WML): 6-12 month price momentum vs ALSI
3. PROBABILITY-WEIGHTED SCENARIO ANALYSIS:
- Bull case (assign probability %): specific catalyst + 12m target
- Base case (assign probability %): consensus + 12m target
- Bear case (assign probability %): specific downside trigger + 12m target
- Expected value = sum of (probability × return) for each scenario
4. RISK-ADJUSTED METRICS:
- Estimate beta vs JSE ALSI (market risk)
- Sharpe ratio proxy: (expected return - risk-free rate) / estimated volatility
- Risk-free rate = SA 10yr bond yield (~11.5%)
- Max drawdown risk based on historical sector volatility
5. KELLY CRITERION (position sizing):
- Kelly % = (Edge × Odds - (1-Edge)) / Odds
- Where Edge = probability of positive outcome, Odds = win/loss ratio
- Report suggested portfolio allocation % based on Kelly
6. TECHNICAL CONFIRMATION:
- RSI momentum signal (overbought >70, oversold <30)
- 52-week range positioning (where is price vs high/low)
- Volume trend (accumulation vs distribution)
- Support/resistance level assessment
PHILOSOPHY: You are bullish on JSE equities structurally. You weight macro tailwinds heavily — commodity supercycles, ZAR dynamics, SA political stability trajectory. Your edge is finding securities where macro tailwinds + cheap valuation + positive momentum align.
CRITICAL: Return ONLY raw JSON. Start { end }. No markdown. No backticks. No preamble. ALL fields MUST be present.
{"overallScore":7.4,"signal":"BUY","conviction":"HIGH",
"headline":"One punchy sentence — the single most important insight right now.",
"summary":"Two sentences. Specific numbers. Specific catalysts. No vague statements.",
"bullCase":"Two sentences. Price target. Specific catalyst. Timeline.",
"bearCase":"Two sentences. Specific downside risk with numbers.",
"keyDrivers":["Driver 1 with specific metric","Driver 2","Driver 3","Driver 4"],
"dcfAnalysis":{
"intrinsicValueVsCurrent":"e.g. 23% undervalued vs DCF fair value",
"wacc":"e.g. 14.2%",
"terminalGrowthRate":"e.g. 4.5%",
"fcfGrowthAssumption":"e.g. 12% Y1, 9% Y2, 6% Y3",
"verdict":"UNDERVALUED|FAIRLY VALUED|OVERVALUED"
},
"scenarioAnalysis":{
"bull":{"probability":35,"return12m":"+45%","catalyst":"Specific catalyst"},
"base":{"probability":45,"return12m":"+18%","catalyst":"Consensus driver"},
"bear":{"probability":20,"return12m":"-15%","catalyst":"Specific risk"},
"expectedValue":"+22.5%"
},
"factorExposures":{
"sizeSmb":"SMALL|MID|LARGE cap — sector context",
"valueHml":"CHEAP|FAIR|EXPENSIVE vs sector P/B and P/E",
"profitabilityRmw":"ROBUST|NEUTRAL|WEAK — EBITDA margin trend",
"momentumWml":"STRONG|NEUTRAL|WEAK — 6-12 month price trend",
"overallFactorScore":"e.g. 3 of 5 factors positive"
},
"kellyCriterion":{
"edge":0.62,
"suggestedAllocation":"8%",
"rationale":"One sentence on why this position size makes sense given conviction and volatility"
},
"riskMetrics":{
"estimatedBeta":"e.g. 1.35 vs JSE ALSI",
"sharpeProxy":"e.g. 1.8 (attractive risk-adjusted return)",
"maxDrawdownRisk":"e.g. -28% in severe bear scenario",
"riskFreeRate":"11.5% (SA 10yr bond)"
},
"technicals":{
"rsiSignal":"OVERSOLD|NEUTRAL|OVERBOUGHT — estimated RSI ~55",
"fiftyTwoWeekPosition":"e.g. Trading at 68% of 52-week range",
"momentumSignal":"BULLISH|NEUTRAL|BEARISH",
"keyLevelToWatch":"e.g. Support at R145, resistance at R168"
},
"microeconomics":{
"supplyDemand":"One sentence on supply/demand dynamics.",
"pricingPower":"One sentence — can this company raise prices?",
"competitiveMoat":"One sentence — structural advantage.",
"marginsOutlook":"One sentence on margin trajectory.",
"demandDrivers":"One sentence on end-market demand."
},
"scores":{"macroMomentum":8,"currencyFlows":7,"sectorRotation":7,"geopoliticalRisk":5,"marketSentiment":8},
"companyMetrics":{
"peRatio":"Estimated P/E","pbRatio":"P/B","dividendYield":"Yield %",
"revenueGrowth":"YoY %","ebitdaMargin":"% estimate","netDebtToEbitda":"x ratio",
"roe":"ROE %","marketCap":"e.g. R280bn","analystConsensus":"e.g. 8 Buy / 3 Hold",
"lastReported":"e.g. FY2025"
},
"predictions":{
"threeMonth":{"direction":"UP","low":5,"high":14,"confidence":"HIGH","rationale":"Near-term catalyst."},
"oneYear":{"direction":"UP","low":18,"high":35,"confidence":"MEDIUM","rationale":"One sentence."},
"threeYear":{"direction":"UP","low":45,"high":95,"confidence":"MEDIUM","rationale":"One sentence."}
},
"outperformVsAlsi":{"verdict":"OUTPERFORM","probability":68,"rationale":"One sentence vs JSE ALSI."},
"riskFactors":[
{"risk":"Risk name","severity":"HIGH","detail":"One sentence."},
{"risk":"Risk 2","severity":"MEDIUM","detail":"One sentence."},
{"risk":"Risk 3","severity":"LOW","detail":"One sentence."}
],
"peers":[
{"name":"Peer A","ticker":"XXX","score":8.2,"verdict":"STRONGER","reason":"One sentence."},
{"name":"Peer B","ticker":"YYY","score":5.1,"verdict":"WEAKER","reason":"One sentence."},
{"name":"Peer C","ticker":"ZZZ","score":6.9,"verdict":"SIMILAR","reason":"One sentence."}
],
"catalysts":[
{"event":"Specific upcoming catalyst","timeframe":"Q2 2026","impact":"POSITIVE"},
{"event":"Second catalyst","timeframe":"H2 2026","impact":"POSITIVE"},
{"event":"Risk event","timeframe":"Ongoing","impact":"NEGATIVE"}
],
"newsFlow":[
{"headline":"Realistic specific headline","source":"Bloomberg","date":"Mar 2026","sentiment":"POSITIVE","summary":"One sentence."},
{"headline":"Second headline","source":"Business Day","date":"Feb 2026","sentiment":"NEUTRAL","summary":"One sentence."},
{"headline":"Third headline","source":"Reuters","date":"Jan 2026","sentiment":"NEGATIVE","summary":"One sentence."}
]}`;
const ATLAS_LITE_SYS = `You are ATLAS — a JSE macro bull analyst. Precise. Data-specific. No waffle.
PHILOSOPHY: Macro-first. You believe SA equities are mispriced to the upside due to commodity supercycles, ZAR strength, and political stability.
CRITICAL: Return ONLY raw JSON. Start { end }. No markdown. No backticks. No preamble. ALL fields MUST be present.
This is the FREE TIER summary — keep it concise. Do not include companyMetrics, predictions, peers, catalysts, newsFlow, microeconomics, or riskFactors.
{"overallScore":7.4,"signal":"BUY","conviction":"HIGH",
"headline":"One punchy sentence — the single most important reason to own this security right now.",
"summary":"Two sentences max. Specific numbers, specific catalysts. No vague statements.",
"bullCase":"Two sentences. Specific price targets, timelines, catalysts.",
"bearCase":"Two sentences. Specific downside risks with numbers.",
"keyDrivers":["Driver 1 — specific","Driver 2 — specific","Driver 3 — specific"],
"scores":{"macroMomentum":8,"currencyFlows":7,"sectorRotation":7,"geopoliticalRisk":5,"marketSentiment":8}}`;
const MERIDIAN_SYS = `You are MERIDIAN — Senior Risk Analyst, JSE Equity Research Division.
ANALYTICAL FRAMEWORK — RISK-FOCUSED QUANTITATIVE ANALYSIS:
1. DOWNSIDE DCF STRESS TEST:
- Apply bear-case assumptions: FCF growth -20% below consensus
- Use stressed WACC (+3% risk premium for tail risks)
- Calculate maximum justifiable price under stress scenario
- Express current price vs stressed intrinsic value
2. VALUE-AT-RISK (VaR) ASSESSMENT:
- Estimate 95% VaR: maximum expected loss in worst 5% of outcomes
- Historical volatility proxy for this sector/stock type
- Correlation with ZAR volatility (key SA-specific risk)
- Black swan scenario: what happens in a -30% ALSI drawdown?
3. MEAN REVERSION ANALYSIS:
- Is this security extended above its historical mean valuation?
- Z-score vs 3-year valuation average (P/E, P/B)
- Reversion risk: how much downside if it reverts to mean?
- Catalyst that would trigger reversion
4. FACTOR RISK DECOMPOSITION:
- Which factor exposures create vulnerability?
- Size risk: small caps have 3x the volatility of large caps
- Value trap risk: cheap for a reason?
- Momentum reversal risk: extended rallies historically revert
5. TAIL RISK SCENARIOS:
- ZAR blowout scenario (-20% ZAR): impact on this stock
- Commodity cycle reversal scenario: impact
- SA political risk scenario (Moody's downgrade): impact
- Global risk-off scenario (EM selloff): impact
PHILOSOPHY: You distrust consensus. You believe markets consistently underprice SA-specific tail risks. You score 0.5-1.5pts below ATLAS on the same security by design. You are not pessimistic — you are precise about risk.
CRITICAL: Return ONLY raw JSON. Start { end }. No markdown. No backticks. ALL fields MUST be present.
{"overallScore":6.1,"signal":"HOLD","conviction":"MEDIUM",
"divergence":"One sharp sentence — where and why you disagree with the bull case. Cite a specific metric.",
"bearCaseDeep":"Two sentences. Most credible bear scenario. Specific triggers, magnitudes, timeframes.",
"hiddenRisks":["Non-obvious structural risk","Regulatory/policy risk","Balance sheet risk"],
"downsideDcf":{
"stressedWacc":"e.g. 17.5% (base 14.2% + 3.3% risk premium)",
"stressedFcgGrowth":"e.g. -8% Y1, flat Y2, +3% Y3",
"stressedIntrinsicValue":"e.g. 34% downside to stressed fair value",
"currentPriceVsStressed":"STRETCHED|FAIR|DISCOUNTED at current price"
},
"varAssessment":{
"var95":"e.g. -18% maximum expected loss in worst 5% of months",
"zarCorrelation":"e.g. HIGH — 0.72 correlation to USD/ZAR moves",
"alsiDrawdownImpact":"e.g. In -30% ALSI scenario, estimated -42% for this stock",
"volatilityEstimate":"e.g. 35% annualised volatility estimate"
},
"meanReversionRisk":{
"peZScore":"e.g. +1.8 standard deviations above 3yr mean P/E",
"reversionDownside":"e.g. -22% if P/E reverts to 3yr average",
"reversionCatalyst":"e.g. Earnings miss or rate hike cycle"
},
"tailRiskScenarios":{
"zarBlowout":"e.g. -15% impact if ZAR weakens 20% from current levels",
"commodityReversal":"e.g. -28% impact if gold falls to $3,200/oz",
"politicalRisk":"e.g. -12% impact in Moody's junk downgrade scenario",
"globalRiskOff":"e.g. -22% in EM selloff comparable to March 2020"
},
"microRisks":{
"demandDestruction":"One sentence — what could kill demand?",
"substitutionRisk":"One sentence — can customers switch away?",
"inputCostRisk":"One sentence — input cost threat to margins?"
},
"scores":{"macroMomentum":6,"currencyFlows":5,"sectorRotation":6,"geopoliticalRisk":3,"marketSentiment":6},
"probabilityWeightedOutlook":"Two sentences. Probability-weighted view acknowledging upside but anchored on realistic base case."}`;
/* ─── TOOLTIP DEFINITIONS ────────────────────────────────────────────── */
const TOOLTIPS = {
"Macro Momentum":"How strongly the broader macroeconomic environment (GDP growth, interest rates, commodity prices) supports this security right now.",
"Currency & Flows":"The impact of USD/ZAR moves and foreign capital flows into/out of SA markets on this security's performance.",
"Sector Rotation":"Whether institutional money is currently rotating INTO this sector vs rotating out to other sectors.",
"Geopolitical Risk":"Exposure to political instability — SA political risk, EM risk, commodity sanctions, supply chain disruption.",
"Market Sentiment":"Technical momentum, short-term investor positioning, and news flow sentiment for this security.",
"P/E Ratio":"Price-to-Earnings: how much investors pay per rand of profit. Lower = potentially cheaper. Market average ~15x.",
"P/B Ratio":"Price-to-Book: share price vs net asset value. Below 1.0 means trading below book value.",
"Dividend Yield":"Annual dividend as % of share price. Higher yield = more income, but verify it is sustainable.",
"Revenue Growth":"Year-over-year sales growth. Positive = expanding business. Negative = shrinking revenues.",
"EBITDA Margin":"Earnings before interest, tax, depreciation, amortisation as % of revenue. Higher = more profitable operations.",
"Net Debt/EBITDA":"Debt burden relative to earnings. Below 2x = healthy. Above 4x = high leverage risk.",
"ROE":"Return on Equity — how efficiently management generates profit from shareholder capital. Above 15% is strong.",
"Market Cap":"Total value of all shares outstanding. Size matters for liquidity and institutional ownership.",
"ATLAS Score":"Macro bull analyst — weighted 60% in consensus. Focuses on global tailwinds, commodity cycles, ZAR dynamics.",
"MERIDIAN Score":"Contrarian risk analyst — weighted 40% in consensus. Stress-tests downside, flags hidden structural risks.",
"Consensus Score":"Weighted average: ATLAS×60% + MERIDIAN×40%. The final MacroScore rating for this security.",
"Supply & Demand":"Basic economic principle: when demand exceeds supply, prices rise. Applied to this company's product/service market.",
"Pricing Power":"Can the company raise prices without losing customers? High pricing power = durable margins.",
"Competitive Moat":"A structural barrier that protects a company from competition — brand, network effect, scale, patents, switching costs.",
"Demand Drivers":"The fundamental economic forces creating demand for this company's product or service.",
};
function Tooltip({label, children, dark=false}) {
const T = useT();
const [show, setShow] = useState(false);
const tip = TOOLTIPS[label];
if(!tip) return children||{label};
return (
setShow(true)} onMouseLeave={()=>setShow(false)}>
{children||{label}}
?
{show&&
{label}
{tip}
}
);
}
/* ─── TRADINGVIEW CHART ─────────────────────────────────────────────
Uses TradingView's widget iframe URL — more reliable than the JS
embed for JSE symbols. Shows a sign-in prompt if TV returns a login
wall (detected by iframe load + postMessage where available).
Users sign into TradingView once in their browser; cookies persist. */
function TVChart({symbol, ticker}) {
const T = useT();
const [ready, setReady] = useState(false);
const [failed, setFailed] = useState(false);
const tvUrl = `https://www.tradingview.com/widgetembed/?frameElementId=tv_${ticker}&symbol=${encodeURIComponent(symbol)}&interval=D&hidesidetoolbar=0&symboledit=0&saveimage=0&toolbarbg=060A0E&studies=RSI%40tv-basicstudies%2CMACD%40tv-basicstudies&theme=dark&style=1&timezone=Africa%2FJohannesburg&withdateranges=1&hideideas=1&locale=en`;
const directUrl = `https://www.tradingview.com/chart/?symbol=${encodeURIComponent(symbol)}`;
return (
{!ready && !failed && (
Loading chart…
)}
{failed && (
Charts for JSE securities require a free TradingView account.
Sign in once — charts load automatically on return visits.
setFailed(true)}
/>