diff --git a/tl/resources/public/css/app.css b/tl/resources/public/css/app.css
index cb4011e..2e23516 100644
--- a/tl/resources/public/css/app.css
+++ b/tl/resources/public/css/app.css
@@ -136,7 +136,18 @@ body { overflow: hidden; }
 .form-marks-label { font-size: 11px; text-transform: uppercase; letter-spacing: 1px;
                     color: #7aa6d6; margin-top: 4px; }
 
-.mark-row { display: flex; flex-wrap: wrap; align-items: center; gap: 6px; }
+/* contenteditable content surface + inline link chips */
+.content-editor { white-space: pre-wrap; word-break: break-word; outline: none; cursor: text; }
+.content-editor:empty:before { content: attr(data-placeholder); color: #666; }
+.link-chip { display: inline-flex; align-items: center; gap: 3px; vertical-align: baseline;
+             background: #173049; color: #9fd0ff; border: 1px solid #2f5d86; border-radius: 4px;
+             padding: 0 5px; margin: 0 1px; font-size: 12px; cursor: pointer; user-select: none; }
+.link-chip:hover { background: #1d3e60; }
+.link-chip.broken { background: #3a1d1d; color: #e69; border-color: #a44; }
+.link-chip .link-f { color: #6f9; opacity: .7; font-size: 11px; }
+.md .link-chip .link-f { color: #6f9; }
+
+.mark-row { display: flex; flex-wrap: nowrap; align-items: center; gap: 6px; min-width: 0; }
 .mark-arrow { color: #666; }
 .row-x, .add-mark {
   background: #1c1c1c; color: #aaa; border: 1px solid #333; border-radius: 4px;
@@ -151,16 +162,18 @@ body { overflow: hidden; }
 }
 
 /* point editor + autocomplete */
-.pt-input { position: relative; flex: 1 1 130px; display: inline-block; }
+.pt-input { position: relative; flex: 1 1 130px; display: flex; align-items: center; min-width: 0; }
+.mark-row .pt-input { flex: 0 1 160px; max-width: 180px; }
 .pt-text {
-  width: 100%; box-sizing: border-box;
+  flex: 1; min-width: 0; box-sizing: border-box;
   background: #0e0e0e; color: #ddd; border: 1px solid #333;
   border-radius: 4px; padding: 6px 8px; font-size: 13px;
 }
+.pt-frame-row { display: inline-flex; align-items: center; gap: 4px; margin-left: 6px; }
 .pt-dropdown {
   position: absolute; left: 0; right: 0; top: 100%; z-index: 5;
   margin: 2px 0 0; padding: 4px; list-style: none;
-  max-height: 220px; overflow-y: auto;
+  max-height: 124px; overflow-y: auto;
   background: #1b1b1b; border: 1px solid #3a6ea5; border-radius: 4px;
   box-shadow: 0 6px 18px rgba(0,0,0,0.5);
 }
@@ -168,8 +181,13 @@ body { overflow: hidden; }
                   color: #cde; cursor: pointer; white-space: nowrap;
                   overflow: hidden; text-overflow: ellipsis; }
 .pt-dropdown li.hi { background: #2a4a6a; }
+.pt-dropdown .cand-group { color: #789; font-size: 11px; }
+.pt-dropdown .link-f { color: #6f9; opacity: .7; }
 
-.pt-chip { flex: 1; display: flex; align-items: center; gap: 4px;
+.link-insert { display: flex; align-items: flex-start; gap: 6px; align-self: stretch; }
+.link-insert .pt-input { flex: 1 1 auto; max-width: none; }
+
+.pt-chip { flex: 1 1 0; min-width: 0; display: flex; align-items: center; gap: 4px;
            background: #233; border: 1px solid #3a6ea5; border-radius: 4px;
            padding: 2px 4px; }
 .pt-chip-name { font-size: 12px; color: #cfe3f5; white-space: nowrap;
diff --git a/tl/src/tl/events.cljs b/tl/src/tl/events.cljs
index b3692e1..f99a7f9 100644
--- a/tl/src/tl/events.cljs
+++ b/tl/src/tl/events.cljs
@@ -135,6 +135,29 @@
                  (fn [db [_ gid page rect]]
                    (update-in db [:scene :groups gid :script] (fnil conj []) {:page page :rect rect})))
 
+;; content edits go through their own event (not put-group) so the contenteditable
+;; surface can update :content without re-reading a possibly-stale draft map.
+(rf/reg-event-db ::set-content
+                 (fn [db [_ gid content]] (assoc-in db [:scene :groups gid :content] content)))
+
+;; Linking is an edit-mode sub-task, like script highlighting: "Insert link"
+;; remembers the playhead and arms the mode; while armed, clicking the timeline
+;; or picking from the autocomplete inserts a link chip at the caret. Esc/Cancel
+;; restores the playhead (the arrow-key previews were just seeks).
+(rf/reg-event-db ::start-linking
+                 (fn [db [_ gid]]
+                   (let [ctx (peek (get-in db [:view :stack]))]
+                     (assoc-in db [:view :linking]
+                               {:gid gid :ctx ctx :playhead (scene/playhead (:view db) ctx)}))))
+(rf/reg-event-db ::stop-linking (fn [db _] (assoc-in db [:view :linking] nil)))
+(rf/reg-event-fx ::cancel-linking
+                 (fn [{:keys [db]} _]
+                   (let [{:keys [ctx playhead]} (get-in db [:view :linking])
+                         sf (scene/local->source (scene/content-segments (:scene db) ctx) playhead)]
+                     {:db (-> db (assoc-in [:view :linking] nil)
+                                 (assoc-in [:view :playheads ctx] playhead))
+                      :player/seek (when sf (/ sf (:fps db)))})))
+
 (rf/reg-event-db ::set-playhead
                  (fn [db [_ ctx lf]] (assoc-in db [:view :playheads ctx] lf)))
 (rf/reg-event-db ::set-playing (fn [db [_ p]] (assoc-in db [:view :playing?] p)))
diff --git a/tl/src/tl/scene.cljs b/tl/src/tl/scene.cljs
index 77356cf..58726d1 100644
--- a/tl/src/tl/scene.cljs
+++ b/tl/src/tl/scene.cljs
@@ -305,3 +305,100 @@
                                  :marks [{:id :root-m :start 0 :end duration}]})}))
 
 (defn clip-name [scene gid] (:name (grp scene gid)))
+
+;; --- links ----------------------------------------------------------------
+;; A link is a ref-point {:ref id :at n} — the same shape as a mark endpoint, so
+;; it resolves through the usual machinery — named inside an annotation's markdown
+;; content as `[label](mark:ref@at)`. The id is just a mark id in the flat pool:
+;; a clip group (clip-scoped time), the context itself (absolute time), or another
+;; annotation's mark (a moment in that annotation). We only need the ctx-local
+;; frame (to seek / label it) and the pickable targets within a context.
+
+(defn link-local
+  "Local frame within `ctx` for link ref-point `point`, or nil if it no longer
+   resolves into ctx. An absolute link (:ref = ctx) IS the local frame."
+  [scene ctx {:keys [ref at] :as point}]
+  (if (= ref ctx)
+    at
+    (when-let [{:keys [frame]} (point-frame scene ctx point)]
+      (source->local (content-segments scene ctx) frame))))
+
+(defn seg-point
+  "Ref-point {:ref :at} for mark-time frame `f` within content-segment `seg`
+   (the convention selection->marks uses, so it resolves identically)."
+  [scene {:keys [mark src]} f]
+  {:ref mark :at (+ (- (first src) (:xs (target-range scene mark))) (or f 0))})
+
+(defn- runs
+  "Contiguous runs of `gid`'s marks in `ctx`-local coords, each {:id :lo :len}
+   where :id is the run's first mark (a discontinuous annotation lists each
+   piece) and :len is that first mark's frame count — the offset you can pick
+   into it, since the link's ref only spans that one mark."
+  [scene ctx gid]
+  (let [csegs (content-segments scene ctx)
+        pts   (->> (:marks (grp scene gid))
+                   (keep (fn [m] (when-let [seg (first (resolve-mark scene gid m))]
+                                   (let [[s e] (:src seg)]
+                                     {:id (:id m) :lo (source->local csegs s)
+                                      :hi (source->local csegs (dec e))}))))
+                   (filter :lo)
+                   (sort-by :lo))]
+    (reduce (fn [out {:keys [id lo hi]}]
+              (if-let [p (peek out)]
+                (if (and (:hi p) hi (<= (- lo (:hi p)) 1))
+                  (conj (pop out) (assoc p :hi hi))   ; extend run (display only)
+                  (conj out {:id id :lo lo :hi hi :len (inc (- hi lo))}))
+                [{:id id :lo lo :hi hi :len (inc (- hi lo))}]))
+            [] pts)))
+
+(defn linkables
+  "Pickable link targets within `ctx`, grouped for the autocomplete: one group
+   per video track (its clips, by start) and per child annotation (its run
+   starts). Each candidate is {:label :point {:ref :at} :local}."
+  [scene ctx]
+  (let [tracks (->> (content-segments scene ctx)
+                    (group-by :track)
+                    (mapv (fn [[t segs]]
+                            (let [track-name (get-in scene [:tracks t :name] (name t))]
+                              {:name track-name :kind :track
+                               :items (mapv (fn [i {:keys [mark] [c d] :local :as seg}]
+                                              {:label (str track-name " (" (inc i) ")")
+                                               :search (clip-name scene mark)
+                                               :point (seg-point scene seg 0) :local c :len (- d c)})
+                                            (range)
+                                            (sort-by (comp first :local) segs))}))))
+        anns   (->> (:groups scene)
+                    (keep (fn [[gid g]]
+                            (when (and (= :annotation (:type g)) (= ctx (:parent g))
+                                       (not (:draft g)))
+                              {:name (or (:name g) (name gid)) :kind :annotation
+                               :items (mapv (fn [{:keys [id lo len]}]
+                                              {:label (or (:name g) (name gid))
+                                               :point {:ref id :at 0} :local lo :len len})
+                                            (runs scene ctx gid))}))))]
+    (vec (concat (sort-by :name tracks) (sort-by :name anns)))))
+
+(def ^:private link-re "\\[([^\\]]*)\\]\\(mark:([^@)]+)@(-?\\d+)\\)")
+
+(defn link-token
+  "The markdown token for a link {:label :ref :at}."
+  [{:keys [label ref at]}]
+  (str "[" label "](mark:" (name ref) "@" at ")"))
+
+(defn parse-content
+  "Split markdown `s` into a vector of [:text str] / [:link {:label :ref :at}]."
+  [s]
+  (if (empty? s)
+    []
+    (let [re (js/RegExp. link-re "g")]
+      (loop [out [] last 0]
+        (if-let [m (.exec re s)]
+          (let [idx (.-index m) pre (subs s last idx)]
+            (recur (cond-> out
+                     (seq pre) (conj [:text pre])
+                     :always   (conj [:link {:label (aget m 1)
+                                             :ref (keyword (aget m 2))
+                                             :at (js/parseInt (aget m 3) 10)}]))
+                   (+ idx (.-length (aget m 0)))))
+          (let [tail (subs s last)]
+            (cond-> out (seq tail) (conj [:text tail]))))))))
diff --git a/tl/src/tl/subs.cljs b/tl/src/tl/subs.cljs
index 9e39546..9e1e16e 100644
--- a/tl/src/tl/subs.cljs
+++ b/tl/src/tl/subs.cljs
@@ -14,6 +14,7 @@
 (rf/reg-sub ::script-url   (fn [db] (get-in db [:project :script])))
 (rf/reg-sub ::pane         (fn [db] (get-in db [:view :pane] :annotations)))
 (rf/reg-sub ::highlighting (fn [db] (get-in db [:view :highlighting])))
+(rf/reg-sub ::linking      (fn [db] (get-in db [:view :linking])))
 (rf/reg-sub ::thumbnails   (fn [db] (get-in db [:project :thumbnails])))
 (rf/reg-sub ::thumbnail-status (fn [db] (get-in db [:project :thumbnail_status])))
 (rf/reg-sub ::create-error (fn [db] (:create-error db)))
diff --git a/tl/src/tl/views.cljs b/tl/src/tl/views.cljs
index 5e164dd..6d0be2f 100644
--- a/tl/src/tl/views.cljs
+++ b/tl/src/tl/views.cljs
@@ -11,6 +11,8 @@
 (defonce raf       (atom nil))
 (defonce scroll-el (atom nil))
 (defonce play      (atom nil))   ; {:ctx :segs :fps :idx} while playing, else nil
+(defonce active-insert! (atom nil))   ; the live content-editor's (insert! link) fn
+(declare commit-link!)
 
 (def ^:private seek-guard-frames 0.75)
 (def ^:private seek-settle-frames 2)
@@ -144,11 +146,16 @@
            :ref (fn [n] (when n (reset! video-el n)))}])
 
 (defn- clip-label
-  "“<video track> <clip name>” for the content segment whose :mark is `mid`."
+  "Track-local clip label for the content segment whose :mark is `mid`."
   [scene segs mid]
-  (let [tname (some (fn [{m :mark t :track}] (when (= m mid) (get-in scene [:tracks t :name]))) segs)
-        cname (or (scene/clip-name scene mid) "clip")]
-    (if tname (str tname " " cname) cname)))
+  (or (some (fn [[t tsegs]]
+              (some (fn [[i {m :mark}]]
+                      (when (= m mid)
+                        (str (get-in scene [:tracks t :name] (name t))
+                             " (" (inc i) ")")))
+                    (map-indexed vector (sort-by (comp first :local) tsegs))))
+            (group-by :track segs))
+      "clip"))
 
 (defn frame-readout
   "Bottom-right of the video: the timeline (context-absolute) frame, and the
@@ -158,16 +165,22 @@
   (let [ph    @(rf/subscribe [::subs/playhead])
         segs  @(rf/subscribe [::subs/segments])
         scene @(rf/subscribe [::subs/scene])
+        linking @(rf/subscribe [::subs/linking])
         auth? (some? @(rf/subscribe [::subs/draft-group]))
         seg   (some (fn [{[c d] :local :as s}] (when (and (<= c ph) (< ph d)) s)) segs)
-        cf    (when seg (js/Math.round (- ph (first (:local seg)))))]
+        cf    (when seg (js/Math.round (- ph (first (:local seg)))))
+        click? (and auth? seg)]
     [:div.frame-readout
      [:span.fr-abs (str (js/Math.round ph) "f")]
      (when seg
-       [:span.fr-clip {:class (when auth? "clickable")
-                       :title (when auth? "Click to set endpoint at this frame")
-                       :on-click (when auth?
-                                   #(rf/dispatch [::events/draft-click-seg (:mark seg) cf]))}
+       [:span.fr-clip {:class (when click? "clickable")
+                       :title (when click? (if linking "Click to link this frame"
+                                               "Click to set endpoint at this frame"))
+                       :on-click (when click?
+                                   #(if linking
+                                      (commit-link! (scene/seg-point scene seg cf)
+                                                    (str (clip-label scene segs (:mark seg)) " @" cf "f"))
+                                      (rf/dispatch [::events/draft-click-seg (:mark seg) cf])))}
         (str (clip-label scene segs (:mark seg)) " " cf "f")])]))
 
 ;; --- timeline -------------------------------------------------------------
@@ -203,6 +216,7 @@
             playhead @(rf/subscribe [::subs/playhead])
             playing? @(rf/subscribe [::subs/playing?])
             authoring? (some? @(rf/subscribe [::subs/draft-group]))
+            linking  @(rf/subscribe [::subs/linking])
             len      @(rf/subscribe [::subs/length])
             width    (px len fps zoom)
             lane-h   (* 18 (count anns))
@@ -245,12 +259,254 @@
                [:div.clip {:class (when authoring? "clickable")
                            :on-mouse-down (when authoring?
                                             (fn [e] (.stopPropagation e) (.preventDefault e)
-                                              (rf/dispatch [::events/draft-click-seg (:mark seg)])))
+                                              (if linking
+                                                (commit-link! (scene/seg-point scene seg 0)
+                                                              (clip-label scene segs (:mark seg)))
+                                                (rf/dispatch [::events/draft-click-seg (:mark seg)]))))
                            :style {:left (px c fps zoom) :width (max 1 (px (- d c) fps zoom))
                                    :top (+ lane-h (* (get track-y track 0) row-h)) :height (- row-h 2)
                                    :line-height (str (- row-h 2) "px") :position "absolute"}}
                 [clip-thumbnail-layer thumbs fps zoom row-h seg]
-                [:div.clip-name (scene/clip-name scene mark)]]))]]]))))
+                [:div.clip-name (clip-label scene segs mark)]]))]]]))))
+
+;; --- links: inline markdown chips that seek the timeline ------------------
+;; A link is a ref-point named in the content as `[label](mark:ref@at)` (see
+;; tl.scene). The editor is a contenteditable surface where links live as atomic
+;; chips (delete with backspace, click to seek); everything else is plain text.
+
+(defn- link-frame
+  "ctx-local frame for a chip's {:ref :at}, resolved against the live scene."
+  [ref at]
+  (scene/link-local @(rf/subscribe [::subs/scene]) @(rf/subscribe [::subs/context])
+                    {:ref (keyword ref) :at (js/parseInt at 10)}))
+
+(defn content-display
+  "Read-only render of markdown `content`: text plus clickable link chips."
+  [scene ctx content]
+  (into [:div.md]
+        (map (fn [[k v]]
+               (if (= k :text)
+                 v
+                 (let [lf (scene/link-local scene ctx (select-keys v [:ref :at]))]
+                   [:span.link-chip {:class (when-not lf "broken")
+                                     :title (when-not lf "linked clip no longer in this timeline")
+                                     :on-click #(when lf (goto! lf))}
+                    (when-not lf "⚠ ") (:label v)
+                    (when lf [:span.link-f (str " " (js/Math.round lf) "f")])])))
+             (scene/parse-content content))))
+
+(defn- build-chip [{:keys [label ref at]}]
+  (let [span (js/document.createElement "span")
+        lf   (scene/link-local @(rf/subscribe [::subs/scene]) @(rf/subscribe [::subs/context])
+                               {:ref ref :at at})]
+    (set! (.-className span) (if lf "link-chip" "link-chip broken"))
+    (set! (.-contentEditable span) "false")
+    (when-not lf (set! (.-title span) "linked clip no longer in this timeline"))
+    (set! (.-textContent span) (str (when-not lf "⚠ ") label))
+    (aset (.-dataset span) "label" label)
+    (aset (.-dataset span) "ref" (name ref))
+    (aset (.-dataset span) "at" (str at))
+    (when lf
+      (let [f (js/document.createElement "span")]
+        (set! (.-className f) "link-f")
+        (set! (.-textContent f) (str " " (js/Math.round lf) "f"))
+        (.appendChild span f)))
+    span))
+
+(defn- populate! [^js el content]
+  (set! (.-innerHTML el) "")
+  (doseq [[k v] (scene/parse-content content)]
+    (.appendChild el (if (= k :text)
+                       (.createTextNode js/document v)
+                       (build-chip v)))))
+
+(defn- serialize-editor [^js el]
+  (apply str
+         (map (fn [^js n]
+                (cond
+                  (= 3 (.-nodeType n)) (.-textContent n)
+                  (and (.-classList n) (.contains (.-classList n) "link-chip"))
+                  (scene/link-token {:label (.. n -dataset -label)
+                                     :ref (keyword (.. n -dataset -ref))
+                                     :at (js/parseInt (.. n -dataset -at) 10)})
+                  (= "BR" (.-tagName n)) "\n"
+                  :else (str "\n" (.-textContent n))))
+              (array-seq (.-childNodes el)))))
+
+(defn content-editor
+  "Contenteditable markdown surface for the draft's :content. Uncontrolled: we
+   populate it once from `initial`, then serialize back out on input. Exposes its
+   chip-insert fn via active-insert! so the link picker / timeline can drop a
+   chip at the caret."
+  [gid initial]
+  (r/with-let [el (atom nil) saved (atom nil)
+               emit  #(rf/dispatch [::events/set-content gid (serialize-editor @el)])
+               save! (fn [] (let [s (.getSelection js/window)]
+                              (when (and @el (= @el (.-activeElement js/document))
+                                         (pos? (.-rangeCount s)) (.contains @el (.-anchorNode s)))
+                                (reset! saved (.cloneRange (.getRangeAt s 0))))))
+               insert! (fn [link]
+                         (let [r (or @saved (doto (.createRange js/document)
+                                              (.selectNodeContents @el) (.collapse false)))
+                               chip (build-chip link)
+                               sp (.createTextNode js/document " ")]
+                           (.deleteContents r)
+                           (.insertNode r chip)
+                           (.. chip -parentNode (insertBefore sp (.-nextSibling chip)))
+                           (doto r (.setStartAfter sp) (.collapse true))
+                           (reset! saved (.cloneRange r))
+                           (.focus @el)
+                           (emit)))]
+    [:div.content-editor.form-content
+     {:content-editable true :suppress-content-editable-warning true
+      :data-placeholder "Content (optional)"
+      :ref (fn [n] (when (and n (not= n @el))
+                     (reset! el n) (populate! n initial) (reset! active-insert! insert!)))
+      :on-input emit :on-key-up save! :on-mouse-up save! :on-blur save!
+      :on-click (fn [e] (when-let [chip (.closest (.-target e) ".link-chip")]
+                          (when-let [lf (link-frame (.. chip -dataset -ref) (.. chip -dataset -at))]
+                            (goto! lf))))}]))
+
+(defn- point-candidates [scene ctx q]
+  (let [needle (str/lower-case q)
+        n      (when (re-matches #"-?\d+" q) (js/parseInt q 10))]
+    (vec
+     (concat
+      (when n [{:label (str n "f") :point {:ref ctx :at n} :local n :abs true}])
+      (->> (scene/linkables scene ctx)
+           (mapcat (fn [g]
+                     (keep (fn [item]
+                             (let [hay (str/lower-case (str (:name g) " " (:label item) " "
+                                                            (:search item)))]
+                               (when (str/includes? hay needle)
+                                 (assoc item :group (:name g)))))
+                           (:items g)))))))))
+
+(defn- point-label [cand off local]
+  (str (:label cand) " @" (js/Math.round local) "f"
+       (when (and (not (:abs cand)) (pos? off))
+         (str " +" off))))
+
+(defn- pick-point [cand off]
+  (let [o     (if (:abs cand) 0 (min (max 0 off) (max 0 (dec (or (:len cand) 1)))))
+        local (+ (:local cand) o)]
+    (assoc (cond-> (:point cand) (not (:abs cand)) (update :at + o))
+           :label (point-label cand o local)
+           :local local
+           :candidate cand
+           :offset o)))
+
+(defn point-picker
+  "Shared clip / annotation / frame autocomplete. `on-pick` receives the link
+   point plus :label and resolved ctx-local :local. Callers decide whether that
+   pick advances mark entry or just stages a link."
+  [{:keys [scene ctx value on-pick on-cancel placeholder auto-focus? class]}]
+  (r/with-let [text (r/atom (or (:label value) ""))
+               idx (r/atom 0)
+               off (r/atom (or (:offset value) 0))
+               picked (r/atom value)
+               open? (r/atom true)]
+    (let [cands (point-candidates scene ctx @text)
+          i     (min @idx (max 0 (dec (count cands))))
+          cur   (or (:candidate @picked) (get cands i))
+          maxo  (max 0 (dec (or (:len cur) 1)))
+          o     (min (max 0 @off) maxo)
+          frame? (and cur (not (:abs cur)) (pos? maxo))
+          emit! (fn [cand o2]
+                  (when cand
+                    (let [p (pick-point cand o2)]
+                      (reset! picked p)
+                      (reset! text (:label p))
+                      (reset! off (:offset p))
+                      (reset! open? false)
+                      (goto! (:local p))
+                      (on-pick p))))
+          preview! (fn [cand o2]
+                     (when cand
+                       (goto! (:local (pick-point cand o2)))))
+          go! (fn [j]
+                (reset! picked nil)
+                (reset! idx j)
+                (reset! open? true)
+                (reset! off 0)
+                (preview! (get cands j) 0))]
+      [:div.pt-input {:class class}
+       [:input.pt-text
+        {:auto-focus auto-focus?
+         :placeholder (or placeholder "clip / annotation / frame...")
+         :value @text
+         :on-focus #(reset! open? true)
+         :on-change #(do (reset! text (.. % -target -value))
+                         (reset! picked nil)
+                         (reset! idx 0)
+                         (reset! off 0)
+                         (reset! open? true)
+                         (preview! (first (point-candidates scene ctx (.. % -target -value))) 0))
+         :on-key-down
+         (fn [e]
+           (case (.-key e)
+             "ArrowDown" (do (.preventDefault e) (go! (mod (inc i) (max 1 (count cands)))))
+             "ArrowUp"   (do (.preventDefault e) (go! (mod (dec i) (max 1 (count cands)))))
+             "Enter"     (do (.preventDefault e) (emit! (or cur (get cands i)) o))
+             "Escape"    (do (.preventDefault e)
+                              (if @open?
+                                (reset! open? false)
+                                (when on-cancel (on-cancel))))
+             nil))}]
+       (when frame?
+         [:div.pt-frame-row
+          [:input.pt-frame
+           {:type "number" :min 0 :max maxo :value o :title "frame offset"
+            :on-change #(let [v (js/parseInt (.. % -target -value) 10)
+                              v (if (js/isNaN v) 0 (min (max 0 v) maxo))]
+                          (emit! cur v))
+            :on-key-down (fn [e]
+                           (case (.-key e)
+                             "Enter"  (do (.preventDefault e) (emit! cur o))
+                             "Escape" (do (.preventDefault e) (reset! open? false))
+                             nil))}]
+          [:span.pt-dur (str "/" maxo)]])
+       (when (and @open? (seq cands))
+         (into [:ul.pt-dropdown]
+               (for [[j c] (map-indexed vector cands)]
+                 ^{:key j}
+                 [:li {:class (when (and (nil? @picked) (= j i)) "hi")
+                       :on-mouse-down #(.preventDefault %)
+                       :on-mouse-enter #(go! j)
+                       :on-click #(emit! c 0)}
+                  [:span.cand-label (:label c)]
+                  (when (:group c) [:span.cand-group (str " " (:group c))])
+                  [:span.link-f (str " " (js/Math.round (:local c)) "f")]])))])))
+
+(defn- local->draft-point [segs local]
+  (some (fn [{m :mark [c d] :local}]
+          (when (and (<= c local) (< local d))
+            {:seg m :f (js/Math.round (- local c))}))
+        segs))
+
+(defn- local->draft-end-point [segs local]
+  (some (fn [{m :mark [c d] :local}]
+          (when (and (<= c local) (<= local d))
+            {:seg m :f (js/Math.round (- local c))}))
+        segs))
+
+(defn- link-picker [{:keys [scene ctx on-commit on-cancel]}]
+  (r/with-let [picked (r/atom nil)]
+    [:div.link-insert
+     [point-picker {:scene scene :ctx ctx :value @picked :auto-focus? true
+                    :on-pick #(reset! picked %)
+                    :on-cancel on-cancel}]
+     [:button.hl-ok {:type "button" :title "Insert link" :disabled (nil? @picked)
+                     :on-click #(when @picked (on-commit @picked))}
+      "✓"]
+     [:button.hl-cancel {:type "button" :title "Cancel" :on-click on-cancel} "✕"]]))
+
+(defn- commit-link!
+  "Insert a link chip for ref-point `pt` (label `label`) at the editor caret."
+  [pt label]
+  (when-let [ins @active-insert!]
+    (ins (assoc pt :label label))
+    (rf/dispatch [::events/stop-linking])))
 
 ;; --- annotation list (commentary) + authoring ----------------------------
 
@@ -276,7 +532,9 @@
     (fn []
       (let [anns   @(rf/subscribe [::subs/annotations])
             active @(rf/subscribe [::subs/active-annotation])
-            authed? @(rf/subscribe [::subs/authed?])]
+            authed? @(rf/subscribe [::subs/authed?])
+            scene  @(rf/subscribe [::subs/scene])
+            ctx    @(rf/subscribe [::subs/context])]
         (r/after-render
          (fn [] (when-let [c @el]
                   (when-let [node (and active (.querySelector c (str "#ann-" (name active))))]
@@ -306,7 +564,7 @@
                    [:button.del-btn {:title "Delete"
                                      :on-click #(when (js/confirm (str "Delete \"" (:name a) "\"?"))
                                                   (rf/dispatch [::events/delete-annotation (:id a)]))} "✕"])]]
-               (when (not-empty (:content a)) [:div.md (:content a)])]))
+               (when (not-empty (:content a)) [content-display scene ctx (:content a)])]))
            [:div.ann-empty "No annotations here."])]))))
 
 (defn- to-frame [v len]
@@ -327,20 +585,32 @@
     (let [d     @(rf/subscribe [::subs/draft-group])
           scene @(rf/subscribe [::subs/scene])
           segs  @(rf/subscribe [::subs/segments])
+          ctx   @(rf/subscribe [::subs/context])
           pt    @(rf/subscribe [::subs/pt])
+          linking @(rf/subscribe [::subs/linking])
           gid   (:gid d)
           new?  (= :new (:draft d))
           put   (fn [g] (rf/dispatch [::events/put-group gid (dissoc g :gid)]))
-          rows  (scene/marks->rows scene (:marks d))]
-      [:div.form
+          rows  (scene/marks->rows scene (:marks d))
+          valid? (and (not (str/blank? (:name d))) (seq (:marks d)))
+          save  #(when valid? (put (dissoc d :draft)))]
+      [:form.form {:on-submit (fn [e] (.preventDefault e) (save))}
        [:div.form-head (if new? "New annotation" "Edit annotation")]
        [:div.form-row
         [:input.form-name {:placeholder "Name" :value (:name d)
                            :on-change #(put (assoc d :name (.. % -target -value)))}]
         [:input.form-color {:type "color" :value (:color d)
                             :on-change #(put (assoc d :color (.. % -target -value)))}]]
-       [:textarea.form-content {:placeholder "Content (optional)" :value (:content d)
-                                :on-change #(put (assoc d :content (.. % -target -value)))}]
+       [:div.form-marks-label "Content"]
+       ^{:key gid} [content-editor gid (:content orig)]
+       (if (and linking (= gid (:gid linking)))
+         [link-picker {:scene scene :ctx ctx
+                       :on-commit #(commit-link! (select-keys % [:ref :at]) (:label %))
+                       :on-cancel #(rf/dispatch [::events/cancel-linking])}]
+         [:button.add-mark {:type "button" :on-click #(rf/dispatch [::events/start-linking gid])}
+          "🔗 Insert link"])
+       (when (and linking (= gid (:gid linking)))
+         [:div.form-hint "Click a clip or the frame-readout to link it, or pick above."])
        [:div.form-marks-label "Marks"]
        (doall
         (for [[i row] (map-indexed vector rows)]
@@ -349,23 +619,36 @@
            [frame-chip scene segs put d i :start (:s row)]
            [:span.mark-arrow "→"]
            [frame-chip scene segs put d i :end (:e row)]
-           [:button.row-x {:title "Remove"
+           [:button.row-x {:type "button" :title "Remove"
                            :on-click #(put (update d :marks (fn [ms] (vec (concat (subvec ms 0 i) (subvec ms (inc i)))))))} "✕"]]))
        (when (map? pt)
          [:div.mark-row
-          [:div.pt-chip [:span.pt-chip-name (clip-label scene segs (:seg pt))]]
-          [:span.mark-arrow "→"] [:div.pt-input.active [:div.pt-text "click end clip…"]]])
+          [:div.pt-chip [:span.pt-chip-name (str (clip-label scene segs (:seg pt))
+                                                 " @" (:f pt) "f")]]
+          [:span.mark-arrow "→"]
+          [point-picker {:scene scene :ctx ctx :class "active" :auto-focus? true
+                         :placeholder "click end clip..."
+                         :on-pick #(let [end-local (if (and (zero? (:offset %))
+                                                            (pos? (or (get-in % [:candidate :len]) 0)))
+                                                     (+ (:local %) (get-in % [:candidate :len]))
+                                                     (:local %))]
+                                     (when-let [p (local->draft-end-point segs end-local)]
+                                       (rf/dispatch [::events/draft-click-seg (:seg p) (:f p)])))}]])
        (when (= pt :new)
-         [:div.mark-row [:div.pt-input.active [:div.pt-text "click a clip…"]]])
+         [:div.mark-row
+          [point-picker {:scene scene :ctx ctx :class "active" :auto-focus? true
+                         :placeholder "click a clip..."
+                         :on-pick #(when-let [p (local->draft-point segs (:local %))]
+                                     (rf/dispatch [::events/draft-click-seg (:seg p) (:f p)]))}]])
        [:div.form-hint "Click a clip in the timeline to set a start, then a clip for the end."]
        [:div.form-marks-label "Script"]
-       [:button.add-mark {:on-click #(rf/dispatch [::events/start-highlighting gid])}
+       [:button.add-mark {:type "button" :on-click #(rf/dispatch [::events/start-highlighting gid])}
         (str "＋ Add script annotation"
              (when-let [n (seq (:script d))] (str " (" (count n) ")")))]
        [:div.form-actions
-        [:button.save {:disabled (or (str/blank? (:name d)) (empty? (:marks d)))
-                       :on-click #(put (dissoc d :draft))} "Save"]
-        [:button.cancel {:on-click #(if new? (rf/dispatch [::events/drop-group gid]) (put orig))} "Cancel"]]])))
+        [:button.save {:type "submit" :disabled (not valid?)} "Save"]
+        [:button.cancel {:type "button"
+                         :on-click #(if new? (rf/dispatch [::events/drop-group gid]) (put orig))} "Cancel"]]])))
 
 ;; --- chrome ---------------------------------------------------------------
 
diff --git a/tl/test/tl/scene_test.cljs b/tl/test/tl/scene_test.cljs
index 3e1b4af..6f23076 100644
--- a/tl/test/tl/scene_test.cljs
+++ b/tl/test/tl/scene_test.cljs
@@ -320,3 +320,49 @@
       (is (= 5 (s/local->source segs 5)))       ; first A
       (is (= 5 (s/local->source segs 205)))     ; second A — same source frame
       (is (= 100 (s/local->source segs 100)))))) ; crossing into B
+
+;; =========================================================================
+;; Suite — links (ref-points named in markdown content)
+;; =========================================================================
+
+(deftest parse-content-splits-text-and-links
+  (testing "content round-trips through link-token / parse-content"
+    (let [tok (s/link-token {:label "B-roll clip @10" :ref :clip-b :at 10})
+          s   (str "see " tok " here")]
+      (is (= "[B-roll clip @10](mark:clip-b@10)" tok))
+      (is (= [[:text "see "]
+              [:link {:label "B-roll clip @10" :ref :clip-b :at 10}]
+              [:text " here"]]
+             (s/parse-content s))))
+    (is (= [] (s/parse-content "")))
+    (is (= [[:text "plain note"]] (s/parse-content "plain note")))))
+
+(deftest seg-point-and-link-local-round-trip
+  (testing "a clip-scoped point resolves back to the same ctx-local frame"
+    (let [seg (some #(when (= :clip-b (:mark %)) %) (s/content-segments base :root))
+          pt  (s/seg-point base seg 10)]
+      (is (= {:ref :clip-b :at 10} pt))
+      (is (= 110 (s/link-local base :root pt))))))
+
+(deftest link-local-absolute-is-the-frame
+  (testing "an absolute link (ref = ctx) is the local frame itself"
+    (is (= 42 (s/link-local base :root {:ref :root :at 42})))))
+
+(deftest link-local-nil-when-target-gone
+  (testing "a link to a deleted clip no longer resolves"
+    (is (nil? (s/link-local (update base :groups dissoc :clip-b)
+                            :root {:ref :clip-b :at 10})))))
+
+(deftest linkables-groups-tracks-and-annotations
+  (testing "tracks (with their clips) and child annotations are pickable"
+    (let [ls    (s/linkables base :root)
+          names (set (map :name ls))]
+      (is (contains? names "A-roll"))
+      (is (contains? names "B-roll"))
+      (is (= 1 (count (:items (some #(when (= "B-roll" (:name %)) %) ls)))))
+      (is (= {:ref :clip-b :at 0}
+             (:point (first (:items (some #(when (= "B-roll" (:name %)) %) ls)))))))
+    (testing "a discontinuous annotation collapses contiguous marks into runs"
+      (let [ann (some #(when (= :annotation (:kind %)) %) (s/linkables inter-x :root))]
+        (is (some? ann))
+        (is (= 1 (count (:items ann))))))))   ; X's four subclips tile [0,200) → one run