Stocks and Shares · Equity process and review · lesson 7 of 9 · 7 min read · David Alexander
Outcome bias, when the market pays your mistakes
benchmark-relative grading
Grading the record against what the market layer handed everyone: raw profit in a rising market is mostly the tide's work, and a book up 10% while its benchmark rose 15% was beaten, not vindicated. The equity outcome-bias machine runs on regimes rather than report days - slower, larger, and it trains whole styles before the tide turns and grades them honestly.
This lesson is part of the advanced modules.
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