Paper Fund

Trading rules · paper-v1

1. Universe: every company with analyst-reviewed published research; automatic (AUTO) estimates are not traded. Use the one Signal Ledger valuation each report shows, judgment calls included. Freeze the publication, content hash and value for every session.
2. Buy below 80% of headline fair value; observe from 80% through 150% inclusive; liquidate above 150%. Missing or invalid inputs never authorize a trade.
3. Start with $1,000,000.00 cash on launch day. No backtest: historical frozen valuations do not exist, so a backtest would introduce look-ahead bias.
4. Rebalance once after each US market close (22:15 UTC; 22:45 retry). Only publications available by the verified exchange close are eligible; later research takes effect next session.
5. Buy-zone positions share available capital equally, with at most 20 holdings and 10% per name. Hold-zone positions are retained without additions; the hard risk cap may require a trim. Existing buy-zone positions have priority, then ticker order. Unallocated capital stays in cash.
6. Fractional shares to six decimals. Fee $0.005 per share; adverse slippage 5 basis points on both buys and sells. Cash dividends on ex-date, splits applied before trades. No cash interest or taxes.
7. Missing closes: no fill; retain the last mark and flag provisional NAV. Pause all new buys while a held mark is stale. A missed whole session requires review; never insert retroactive performance. A session reviewed as a system outage is recorded as a mark at its own close, with no research and no trades.
8. Fills, signal snapshots and daily NAV are append-only. No reset after losses. Each day commits atomically and retries cannot create duplicate orders. This system has no brokerage connection.

The 10% cap is enforced using valid close marks after trading costs; unavailable prices can temporarily prevent a trim. Small residual cash and weight differences reflect share precision and a transaction-cost reserve. The rules above govern this simulated account; read our valuation methodology for the signals it follows.