Honesty doctrine. Every candidate anomaly is an artifact until proven otherwise; in-sample results are never findings; past statistical regularity does not imply future returns. This is research on statistical properties of market data — not investment advice, not a trading system.

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Questions, methodological objections, artifact reports, pointers to literature — all welcome. The most valuable comment here is "your effect is explained by X". Comments are public. Nothing on this page (or this site) is investment advice.

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