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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Bid-Ask Spread: The Built-In Cost of Every Fill You Get

You mark a small-cap you've been watching, the last trade printed at 24.05, and you send a market order to get in. The fill comes back at 24.18. Nothing moved…

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