Reading framework

Research Terminology

A consistent vocabulary for reading historical evidence without confusing a research result with live performance, suitability, or a forecast.

01 / Evidence labels

Performance metrics

Risk-adjusted return: Historical results considered in relation to the variability observed over the same research period. It is descriptive, not a forecast.
Historical return: The change recorded over a stated historical test period. Cost and compounding assumptions must be read with the methodology.
Trading activity: How much portfolio composition changes through time. It indicates implementation demand but is not a complete transaction-cost estimate.
Peak-to-trough decline: The largest observed decline from a prior high in the presented historical sequence.
Portfolio breadth: The combined number of reported long and short positions. It does not by itself establish diversification, capacity, or independent bets.
Performance index: A base-100 representation of compounded historical changes, used to compare the path through time rather than capital value.

02 / Research Quality Review

Historical consistency: Whether the observed historical pattern remains coherent across the available periods and tests.
Signal efficiency: Whether the evidence supports a useful relationship between signal strength, variability, and implementation demand.
Implementation practicality: Whether activity, costs, liquidity, timing, and operational requirements appear practicable under the stated assumptions.
Portfolio breadth: Whether the reported position count and concentration evidence are sufficient to assess how broadly the strategy is expressed.
Market breadth transfer: Whether the idea has evidence of retaining its character beyond the market segment in which it was first examined.
Data coherence: Whether coverage, chronology, observation counts, and missing-data treatment form a coherent research record.

03 / Evidence state

Supported: The supplied evidence supports this review lens.
Needs review: The supplied evidence identifies a material weakness or unresolved concern.
Pending evidence: The supplied record does not yet contain enough evidence for a conclusion.