Being “constructive” requires writers to avoid: 

In business letters, you should indent the first line of each paragraph. 

If a firm operates at a loss, its retained earnings are decreased.

Buying a stock index option reduces systematic risk.

The intrinsic value of an option to buy stock (i.e., a call option) is the difference between the price of the stock and the per share exercise price of the option.

Mortgage bonds are secured by property.

As the price of a stock rises, the time premium paid for an option to buy stock increases.

While bond prices fluctuate,

Stockholders in a publicly held corporation have limited liability.

The dividend-growth model includes both the current and past years’ dividends.