Look-Ahead Bias in Backtesting: The Timestamp Test

An equity curve slopes up and to the right, smooth, barely a drawdown across ten years. It reads like a finished strategy. Then you check one detail: the ranking that…

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Index Reconstitution: How Benchmark Rebalancing Works

On the last Friday of June, a full year of index reconstitution lands in a single closing auction. I keep that date circled because the tape turns strange into the…

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