B1 · Module 02 · Class 07 — The Connective Tissue

Santiago Reviews the Recommendations Section

"The market analysis reads well," Elena tells Santiago over coffee. "The hedging is right, the register is clean. But the recommendations section — I can't follow the logic. It jumps from one point to the next without any signposting."

Santiago prints Marco's draft and sits down with a red pen. He circles three places where Marco has moved from one idea to the next with no connecting phrase. Then he calls Marco in.

"The issue isn't your thinking," he says. "The issue is that the reader can't see how your ideas connect. You need connective tissue — discourse markers. They're the road signs of a report."

He writes six categories on the whiteboard. "Every formal document uses all of these."

Report Structure

signposting

/ˈsaɪnpəʊstɪŋ/

Language that guides the reader through the structure of a text

discourse marker

/ˈdɪskɔːs ˌmɑːkə/

A word or phrase that signals the logical relationship between ideas

connective

/kəˈnektɪv/

A word that joins clauses, sentences, or paragraphs and shows how they relate

transition

/trænˈzɪʃən/

A movement from one idea, section, or topic to another in a document

coherence

/kəʊˈhɪərəns/

The quality of being logically connected and easy to follow as a whole text

consequently

formal result

Demand fell sharply. Consequently, several suppliers exited the market.

as a result

very common, slightly less formal

The audit identified irregularities. As a result, further investigation was commissioned.

therefore

logical conclusion

The data is incomplete; therefore, no firm projection can be offered at this stage.

thus

formal, concise

The fund is well-positioned; thus, early entry is recommended.

it follows that

introduces a logical deduction

Margins are tightening. It follows that cost restructuring is now a priority.

ADDITION

furthermore

strong addition, formal

The analysis confirmed declining margins. Furthermore, liquidity ratios deteriorated across all segments.

moreover

stronger than "also"

Costs increased by 14%. Moreover, revenue growth failed to compensate for this rise.

in addition (to this)

neutral, very common

In addition, three market risks were identified during the assessment phase.

additionally

formal, single adverb

Additionally, the regulatory environment is expected to tighten in 2027.

it should also be noted that

draws extra attention

It should also be noted that comparable firms reported similar trends.

CONTRAST

however

most common formal contrast

The projections are positive. However, significant execution risk remains.

nevertheless / nonetheless

concedes a point, then counters it

The market is volatile. Nevertheless, the long-term fundamentals are sound.

in contrast

compares two different things

Sector A showed strong growth. In contrast, Sector B contracted sharply.

on the other hand

balances two perspectives

Option A reduces risk. On the other hand, Option B offers higher returns.

while / whereas

within-sentence contrast

While costs have risen, revenue has remained broadly stable.

RESULT / CONSEQUENCE

consequently

formal result

Demand fell sharply. Consequently, several suppliers exited the market.

as a result

very common, slightly less formal

The audit identified irregularities. As a result, further investigation was commissioned.

therefore

logical conclusion

The data is incomplete; therefore, no firm projection can be offered at this stage.

thus

formal, concise

The fund is well-positioned; thus, early entry is recommended.

it follows that

introduces a logical deduction

Margins are tightening. It follows that cost restructuring is now a priority.

CONCESSION

although / even though

introduces concession clause

Although the timeline is ambitious, it is considered achievable.

despite / in spite of

followed by a noun phrase

Despite the uncertainty, the recommendation remains unchanged.

admittedly

concedes a weakness honestly

Admittedly, the sample size is limited; the findings are nonetheless indicative.

it must be acknowledged that

formal, balanced tone

It must be acknowledged that full implementation will require significant resources.

while it is true that

balances before countering

While it is true that risks exist, the projected returns justify the exposure.

EMPHASIS

in particular

singles out one element

Several risks were identified, in particular the regulatory exposure in Chile.

notably / most notably

draws attention to a key fact

The fund outperformed benchmarks — most notably in Q3 and Q4.

it is worth noting that

flags an important detail

It is worth noting that this figure excludes contingency reserves.

above all

signals the most important point

Above all, the timeline must be agreed before due diligence begins.

it should be stressed that

formal, emphatic

It should be stressed that these projections are based on current data only.

EXEMPLIFICATION

for instance / for example

neutral, widely used

Several structural issues were noted — for instance, the absence of a risk committee.

such as

inline list or example

Key risks, such as currency exposure and regulatory change, were modelled.

to illustrate

introduces a concrete example

To illustrate, Sector C returned 14% over five years under comparable conditions.

as evidenced by

links claim to data

The market is growing, as evidenced by the 22% increase in transaction volume.

this is reflected in

links idea to data source

Investor confidence is improving. This is reflected in recent capital inflows.

Phrasal Verbs

come down to  —  to be ultimately determined by one key factor

"All these options come down to one question: what level of risk is Vantage willing to accept?"

fall short of  —  to fail to reach a target or expectation

"The initial projections fell short of the 12% threshold required to trigger the next phase."

stand out  —  to be noticeably better, more important, or more obvious

"Of the three markets assessed, Colombia stood out for its regulatory stability and deal flow."

SECTION 5 — RECOMMENDATIONS

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Based on the analysis set out in Sections 3 and 4, three recommendations are

presented below. Each is supported by the data and modelling conducted during

the engagement.

5.1  MARKET PRIORITISATION

It is recommended that Vantage Capital initiate formal due diligence in Colombia

and Chile within the next 90 days. In addition, Mexico City logistics assets

should be monitored as a secondary opportunity. While the Mexican regulatory

environment presents some uncertainty, the infrastructure pipeline is considerable.

5.2  PORTFOLIO STRUCTURE

A blended portfolio — combining infrastructure debt and equity positions — is

considered optimal. Furthermore, it should be noted that a phased entry strategy

would reduce initial capital exposure. Admittedly, phased entry may delay return

realisation; nevertheless, this approach is consistent with the fund's stated

risk parameters.

5.3  TIMELINE

Above all, the 90-day timeline for due diligence is critical. Consequently,

internal resource allocation at Vantage should be confirmed no later than

end of Q2. It should be stressed that any delay in this process will affect

the recommended entry window. As evidenced by comparable transactions in

the region, timing is a material factor in infrastructure deal returns.

Santiago Reyes / Marco Peña — Altius Consulting Group  |  April 2026