Market Efficiency: A Framework for Judging Your Edge

A screen you built over the weekend just lit up. Across ten years of history it turned a modest stake into something that looks a lot like skill: the equity…

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Time-Series vs Cross-Sectional Momentum: Two Signals

Two stocks rallied 30% last quarter. One sits in the top decile of its sector by relative strength. The other delivered the same return while half its sector did better.…

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