risk-desk

risk-desk is NOT a picker

stocks-advisor's removed the picker layer decide() answered one question: is this a good time to add? Its WAIT verdict ("cheap but downtrending — do not add") is the correct answer to that question and a useless answer to a completely different one that nothing else in the stack was asking: is this position still sized right, given what it's already done?

risk-desk asks only the second question, continuously, over the positions actually held — not the universe of names being screened for entry. It has no opinion on valuation, growth, or thesis. It runs independently of the alpha view and, on held positions, risk overrides alpha: a panel WATCH or HOLD does not block a risk-desk TRIM/REVIEW from firing or being delivered. This mirrors how central risk desks at multi-strat funds (Citadel, Millennium) work — PMs pick names, but a separate, mechanical risk function polices size, drawdown, and correlation across the whole book regardless of what any PM's view is.

See docs/architecture.excalidraw.json for the full system diagram (Data → Alpha/Picker (on-demand) + Risk Desk (always-on) → Delivery).