---
title: "House Style Reference"
dek: "The components and conventions every Holbrook Report piece is built from."
docType: "STYLE REFERENCE"
date: 2026-06-01
summary: "A living reference for the building blocks of a Holbrook Report piece: the author note, callouts, key/value blocks, findings, severity pills, defined terms, evidence labels, and tables."
tags: [meta, style]
author: Aaron Holbrook
disclosure: Written with an AI model and directed, fact-checked, and edited by Aaron Holbrook. Educational only; not advice.
source: https://theholbrookreport.com/reports/style-reference/
---

<div class="author-note">
  [Optional. An introduction in Aaron's own words goes here — written by him, never
  generated. Delete this block when there is no introduction.]
  <span class="byline">— Aaron Holbrook</span>
</div>

This page documents the components a piece is assembled from and the conventions that
govern them. It renders every element so the styling can be checked in one place, and
it is itself written in the house voice: impersonal, declarative, about the subject
rather than the author.

## Voice, in one line

A piece explains a mechanism. It does not narrate a personal journey, manufacture
opinions, or address the reader as a friend. Judgments are permitted but are labeled
as such (see [evidence labels](#evidence-labels)).

## Evidence labels

Claims carry an inline label so a reader can see, sentence by sentence, what kind of
statement each one is:

- **[FACT]** — a sourced data point: a number, date, statute, or quotation that traces
  to a citation. If it cannot be cited, it is not stated.
- **[CHARACTERIZATION]** — a descriptive label placed on the facts. Defensible, but
  flagged as framing rather than raw data.
- **[PROJECTION]** — a forward-looking, conditional "if X then Y" statement. Never a
  prediction; always labeled so it is not read as one.

In the body the tags are interactive. A **[FACT]** links down to the
[Sources](#sources) section. A **[CHARACTERIZATION]** or **[PROJECTION]** reveals, on
hover or keyboard focus, the reasoning for *that specific point* — which the author
writes inside the tag itself, after a colon:

> The first-day open is the worst retail entry [CHARACTERIZATION: a label built from the underpricing facts, not a measured value], and if a deal is hot the same pattern should recur [PROJECTION: conditional on heavy demand — reasoning, not a forecast].

Hover the two tags above to see each one explain itself.

## Defined terms

The first use of a term a reader may not know is wrapped so its plain-language meaning
surfaces on tap or hover. For example, a company files an
<span class="term" data-def="The registration document filed with the SEC before a U.S. IPO; it contains the audited financials and the risk factors.">S-1</span>
before going public. The dotted underline is the cue.

## Callouts

A callout isolates a single practical takeaway from the surrounding explanation.

<div class="callout"><span class="label">What this really means in practice:</span> A callout is for the one sentence a reader should leave with — the translation of the mechanism into a concrete consequence. Use it sparingly.</div>

## Key/value blocks

For compact, scannable pairs — definitions, parameters, a summary of inputs.

<div class="kv">
  <div class="k">Offer price</div><div class="v">The fixed price at which allocated shares are sold the night before trading.</div>
  <div class="k">Opening price</div><div class="v">The first price at which the stock trades publicly, set by supply and demand.</div>
  <div class="k">Underpricing</div><div class="v">Setting the offer price below the expected open, which creates the first-day "pop."</div>
</div>

## Findings

A finding pairs a titled claim with a severity or confidence pill, for pieces that
assess rather than only explain.

<div class="finding">
  <div class="finding-head">
    <div class="name">1 &nbsp; A point that warrants attention</div>
    <span class="pill high">High</span>
  </div>
  <p>The body of a finding states the claim plainly and supports it. A finding may
  contain its own callout or a short preformatted block.</p>
<pre>Input              Value
-----              -----
Worked example     preserved column alignment
</pre>
</div>

<div class="finding">
  <div class="finding-head">
    <div class="name">2 &nbsp; A point of moderate weight</div>
    <span class="pill med">Medium</span>
  </div>
  <p>Pills come in four weights: <span class="pill high">High</span>
  <span class="pill med">Medium</span> <span class="pill low">Low</span>
  <span class="pill ok">No action</span>. They double as confidence markers.</p>
</div>

## Tables

For comparisons across more than two dimensions.

| Mechanism | Who it favors | When it applies |
|---|---|---|
| Traditional IPO (bookbuilding) | Allocation holders | Most offerings |
| Direct listing | Existing holders | No new capital raised |
| Modified Dutch auction | The broad market | Rare; compresses the pop |

## Blockquotes and sources

> A blockquote sets apart a quotation or a contained example without the warm framing
> of a callout.

Every piece ends with a **Sources** section of real, clickable links, so the receipts
travel with the writing.

## Sources

- [SEC — Accredited Investors](https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors) — example of a primary regulatory source