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   "median_idx": 12.0417,
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   "avg_ret": 18.9727,
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   "beat_pct": 42.8571,
   "edge_trimmed": 18.1892,
   "median_idx": 29.3779,
   "pos_pct": 66.0714
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   "avg_idx": 15.2428,
   "avg_spy": 15.6668,
   "edge": 22.8821,
   "median_ret": 24.7315,
   "beat_pct": 51.9481,
   "edge_trimmed": 22.8821,
   "median_idx": 17.1826,
   "pos_pct": 53.2468
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   "companies": 34,
   "avg_ret": -8.0034,
   "avg_idx": 12.5957,
   "avg_spy": 17.7772,
   "edge": -20.599,
   "median_ret": -19.4906,
   "beat_pct": 32.4561,
   "edge_trimmed": -20.599,
   "median_idx": 11.0341,
   "pos_pct": 32.4561
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   "companies": 62,
   "avg_ret": -10.1887,
   "avg_idx": 0.9759,
   "avg_spy": 12.6682,
   "edge": -11.1646,
   "median_ret": -26.3254,
   "beat_pct": 39.0041,
   "edge_trimmed": -11.101,
   "median_idx": 3.8652,
   "pos_pct": 41.4938
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   "avg_ret": 271.234,
   "avg_idx": 83.7404,
   "avg_spy": 54.6002,
   "edge": 187.4936,
   "median_ret": 171.0814,
   "beat_pct": 83.4671,
   "edge_trimmed": 119.3774,
   "median_idx": 87.1072,
   "pos_pct": 95.9872
  },
  "2021": {
   "n": 109,
   "companies": 55,
   "avg_ret": -53.0359,
   "avg_idx": -11.1794,
   "avg_spy": -9.5665,
   "edge": -41.8565,
   "median_ret": -59.1376,
   "beat_pct": 12.844,
   "edge_trimmed": -41.8565,
   "median_idx": -11.2896,
   "pos_pct": 9.1743
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  "2022": {
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   "avg_ret": 6.4096,
   "avg_idx": 2.9853,
   "avg_spy": 6.3689,
   "edge": 3.4243,
   "median_ret": -6.9861,
   "beat_pct": 38.0658,
   "edge_trimmed": 2.3138,
   "median_idx": 2.6951,
   "pos_pct": 44.0329
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   "avg_spy": 30.0053,
   "edge": -2.3225,
   "median_ret": -3.2044,
   "beat_pct": 37.5,
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   "median_idx": 23.2937,
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  "2024": {
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   "avg_idx": 7.9601,
   "avg_spy": 16.303,
   "edge": 3.193,
   "median_ret": -14.0127,
   "beat_pct": 34.0909,
   "edge_trimmed": 3.193,
   "median_idx": 8.1378,
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   "avg_idx": 29.2564,
   "avg_spy": 23.2444,
   "edge": 16.2866,
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   "edge_trimmed": 16.2866,
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   "avg_idx": 10.8019,
   "avg_spy": 15.3328,
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   "beat_pct": 28.6189,
   "edge_trimmed": -22.7306,
   "median_idx": 10.1879,
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   "n": 19775,
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   "avg_ret": 8.3107,
   "avg_idx": 10.4131,
   "avg_spy": 15.3234,
   "edge": -2.1024,
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   "beat_pct": 37.6587,
   "edge_trimmed": -4.9675,
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   "n": 62071,
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   "avg_ret": 12.1323,
   "avg_idx": 10.2149,
   "avg_spy": 14.891,
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   "edge_trimmed": 1.2108,
   "median_idx": 10.2754,
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  "$10-100M": {
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   "companies": 2774,
   "avg_ret": 12.4247,
   "avg_idx": 11.3357,
   "avg_spy": 15.0815,
   "edge": 1.089,
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   "beat_pct": 44.4596,
   "edge_trimmed": 0.7478,
   "median_idx": 10.6409,
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  "over $100M": {
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   "avg_ret": 16.5294,
   "avg_idx": 15.258,
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   "edge": 1.2714,
   "median_ret": 10.1472,
   "beat_pct": 43.4044,
   "edge_trimmed": 0.7751,
   "median_idx": 16.4267,
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 },
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   "companies": 1643,
   "avg_ret": 19.5794,
   "avg_idx": 17.3575,
   "avg_spy": 20.7985,
   "edge": 2.2219,
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   "beat_pct": 39.8948,
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  "discretionary": {
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   "avg_spy": 20.8261,
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   "edge_trimmed": -1.3078,
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   "pos_pct": 42.4726
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  "over 50%": {
   "n": 2653,
   "companies": 937,
   "avg_ret": 3.1867,
   "avg_idx": 10.6746,
   "avg_spy": 15.1168,
   "edge": -7.488,
   "median_ret": -3.4367,
   "beat_pct": 37.6555,
   "edge_trimmed": -7.887,
   "median_idx": 10.7824,
   "pos_pct": 46.3626
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  "10-50%": {
   "n": 6006,
   "companies": 1398,
   "avg_ret": 5.4164,
   "avg_idx": 9.9499,
   "avg_spy": 14.7843,
   "edge": -4.5335,
   "median_ret": -3.4767,
   "beat_pct": 36.68,
   "edge_trimmed": -6.9914,
   "median_idx": 10.3657,
   "pos_pct": 47.2361
  },
  "nan": {
   "n": 7,
   "companies": 4,
   "avg_ret": 3.7073,
   "avg_idx": 9.6726,
   "avg_spy": 18.8136,
   "edge": -5.9653,
   "median_ret": -27.4,
   "beat_pct": 28.5714,
   "edge_trimmed": -5.7876,
   "median_idx": 14.8081,
   "pos_pct": 42.8571
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 },
 "roles": {
  "Director": {
   "n": 50993,
   "companies": 5188,
   "avg_ret": 19.119,
   "avg_idx": 15.4953,
   "avg_spy": 17.2053,
   "edge": 3.6237,
   "median_ret": 7.2201,
   "beat_pct": 44.3159,
   "edge_trimmed": 1.5955,
   "median_idx": 12.8239,
   "pos_pct": 58.3296
  },
  "CFO": {
   "n": 7065,
   "companies": 2287,
   "avg_ret": 18.9375,
   "avg_idx": 15.8951,
   "avg_spy": 17.3731,
   "edge": 3.0424,
   "median_ret": 5.519,
   "beat_pct": 43.1423,
   "edge_trimmed": 1.0163,
   "median_idx": 12.5987,
   "pos_pct": 55.8811
  },
  "CEO": {
   "n": 19978,
   "companies": 3426,
   "avg_ret": 16.5405,
   "avg_idx": 14.9978,
   "avg_spy": 17.0822,
   "edge": 1.5428,
   "median_ret": 1.9299,
   "beat_pct": 40.0591,
   "edge_trimmed": -1.0691,
   "median_idx": 12.3994,
   "pos_pct": 51.9121
  },
  "Other officer": {
   "n": 17392,
   "companies": 3215,
   "avg_ret": 19.5305,
   "avg_idx": 17.2804,
   "avg_spy": 18.0081,
   "edge": 2.2501,
   "median_ret": 7.2822,
   "beat_pct": 42.8933,
   "edge_trimmed": 0.1792,
   "median_idx": 13.9351,
   "pos_pct": 58.5154
  },
  "10% owner only": {
   "n": 13704,
   "companies": 1555,
   "avg_ret": 11.5538,
   "avg_idx": 14.2342,
   "avg_spy": 16.8866,
   "edge": -2.6804,
   "median_ret": 2.2967,
   "beat_pct": 37.033,
   "edge_trimmed": -4.1573,
   "median_idx": 12.4988,
   "pos_pct": 52.7145
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 },
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  "under $50k": {
   "n": 62338,
   "companies": 4888,
   "avg_ret": 18.0111,
   "avg_idx": 15.5569,
   "avg_spy": 17.4051,
   "edge": 2.4542,
   "median_ret": 6.262,
   "beat_pct": 43.0299,
   "edge_trimmed": 0.416,
   "median_idx": 12.8227,
   "pos_pct": 57.5973
  },
  "$50-250k": {
   "n": 28927,
   "companies": 4783,
   "avg_ret": 19.3175,
   "avg_idx": 16.1859,
   "avg_spy": 17.5632,
   "edge": 3.1317,
   "median_ret": 5.9072,
   "beat_pct": 42.4206,
   "edge_trimmed": 0.5856,
   "median_idx": 13.1549,
   "pos_pct": 56.3211
  },
  "$250k-1M": {
   "n": 12095,
   "companies": 3263,
   "avg_ret": 14.566,
   "avg_idx": 14.7802,
   "avg_spy": 16.6121,
   "edge": -0.2142,
   "median_ret": 3.9211,
   "beat_pct": 40.1488,
   "edge_trimmed": -1.3111,
   "median_idx": 12.4542,
   "pos_pct": 54.4936
  },
  "$1-5M": {
   "n": 6145,
   "companies": 2064,
   "avg_ret": 13.5945,
   "avg_idx": 14.2585,
   "avg_spy": 16.3051,
   "edge": -0.664,
   "median_ret": 2.5245,
   "beat_pct": 40.1302,
   "edge_trimmed": -2.3824,
   "median_idx": 12.4342,
   "pos_pct": 52.6932
  },
  "over $5M": {
   "n": 3612,
   "companies": 1240,
   "avg_ret": 9.9853,
   "avg_idx": 12.9705,
   "avg_spy": 15.4938,
   "edge": -2.9852,
   "median_ret": 0.2319,
   "beat_pct": 37.763,
   "edge_trimmed": -3.509,
   "median_idx": 11.1665,
   "pos_pct": 50.1384
  }
 },
 "b10": {
  "10b5-1 plan": {
   "n": 6479,
   "companies": 422,
   "avg_ret": 17.7606,
   "avg_idx": 14.6796,
   "avg_spy": 16.5693,
   "edge": 3.0809,
   "median_ret": 3.8992,
   "beat_pct": 38.9103,
   "edge_trimmed": 0.3872,
   "median_idx": 13.9651,
   "pos_pct": 54.6381
  },
  "discretionary": {
   "n": 106638,
   "companies": 6449,
   "avg_ret": 17.4636,
   "avg_idx": 15.5303,
   "avg_spy": 17.2807,
   "edge": 1.9333,
   "median_ret": 5.7042,
   "beat_pct": 42.4427,
   "edge_trimmed": -0.0263,
   "median_idx": 12.713,
   "pos_pct": 56.5436
  }
 },
 "sells_by_liq_ex2020": {
  "under $100k": {
   "n": 5823,
   "companies": 877,
   "avg_ret": -16.451,
   "avg_idx": 7.8009,
   "avg_spy": 13.7397,
   "edge": -24.2519,
   "median_ret": -22.1106,
   "beat_pct": 27.8894,
   "edge_trimmed": -24.3696,
   "median_idx": 8.5297,
   "pos_pct": 32.509
  },
  "$100k-1M": {
   "n": 18270,
   "companies": 1679,
   "avg_ret": 5.6041,
   "avg_idx": 7.6608,
   "avg_spy": 13.8918,
   "edge": -2.0567,
   "median_ret": -5.1447,
   "beat_pct": 37.9091,
   "edge_trimmed": -4.953,
   "median_idx": 8.6544,
   "pos_pct": 45.1177
  },
  "$1-10M": {
   "n": 56663,
   "companies": 2736,
   "avg_ret": 8.3251,
   "avg_idx": 6.8433,
   "avg_spy": 13.1225,
   "edge": 1.4818,
   "median_ret": 0.1786,
   "beat_pct": 42.9487,
   "edge_trimmed": 1.0329,
   "median_idx": 7.8913,
   "pos_pct": 50.1827
  },
  "$10-100M": {
   "n": 118648,
   "companies": 2736,
   "avg_ret": 8.161,
   "avg_idx": 7.5344,
   "avg_spy": 12.8061,
   "edge": 0.6266,
   "median_ret": 2.6901,
   "beat_pct": 44.5402,
   "edge_trimmed": 0.3969,
   "median_idx": 8.1178,
   "pos_pct": 53.5652
  },
  "over $100M": {
   "n": 83777,
   "companies": 1184,
   "avg_ret": 12.736,
   "avg_idx": 12.6091,
   "avg_spy": 13.1952,
   "edge": 0.1269,
   "median_ret": 7.8475,
   "beat_pct": 42.9497,
   "edge_trimmed": -0.3581,
   "median_idx": 15.1501,
   "pos_pct": 59.8541
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 },
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  "under $100k": {
   "n": 21966,
   "companies": 1708,
   "avg_ret": 2.0944,
   "avg_idx": 8.5362,
   "avg_spy": 14.0731,
   "edge": -6.4418,
   "median_ret": -2.7257,
   "beat_pct": 37.813,
   "edge_trimmed": -7.3073,
   "median_idx": 9.473,
   "pos_pct": 46.5173
  },
  "$100k-1M": {
   "n": 26855,
   "companies": 2318,
   "avg_ret": 10.5081,
   "avg_idx": 7.9003,
   "avg_spy": 13.6515,
   "edge": 2.6078,
   "median_ret": 3.3371,
   "beat_pct": 43.2173,
   "edge_trimmed": 0.1403,
   "median_idx": 7.9443,
   "pos_pct": 54.2953
  },
  "$1-10M": {
   "n": 25434,
   "companies": 2605,
   "avg_ret": 8.7717,
   "avg_idx": 8.4786,
   "avg_spy": 13.9377,
   "edge": 0.293,
   "median_ret": 2.4578,
   "beat_pct": 42.9071,
   "edge_trimmed": -0.6079,
   "median_idx": 8.5012,
   "pos_pct": 53.1021
  },
  "$10-100M": {
   "n": 14910,
   "companies": 1978,
   "avg_ret": 7.2644,
   "avg_idx": 9.6106,
   "avg_spy": 13.7337,
   "edge": -2.3463,
   "median_ret": 1.86,
   "beat_pct": 41.5694,
   "edge_trimmed": -2.5043,
   "median_idx": 9.9344,
   "pos_pct": 52.0724
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  "over $100M": {
   "n": 7128,
   "companies": 739,
   "avg_ret": 14.7346,
   "avg_idx": 13.048,
   "avg_spy": 13.7716,
   "edge": 1.6866,
   "median_ret": 9.6166,
   "beat_pct": 44.5146,
   "edge_trimmed": 1.4722,
   "median_idx": 15.4791,
   "pos_pct": 62.2615
  }
 },
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   "under $100k": {
    "n": 3268,
    "companies": 543,
    "avg_ret": 5.4172,
    "avg_idx": 14.3258,
    "avg_spy": 16.3267,
    "edge": -8.9086,
    "median_ret": -3.2951,
    "beat_pct": 36.7197,
    "edge_trimmed": -9.1303,
    "median_idx": 13.3455,
    "pos_pct": 45.8384
   },
   "$100k-1M": {
    "n": 9802,
    "companies": 1097,
    "avg_ret": 15.7949,
    "avg_idx": 13.9189,
    "avg_spy": 16.2134,
    "edge": 1.876,
    "median_ret": 3.3759,
    "beat_pct": 40.4305,
    "edge_trimmed": 1.0749,
    "median_idx": 13.4846,
    "pos_pct": 54.0604
   },
   "$1-10M": {
    "n": 33214,
    "companies": 1870,
    "avg_ret": 19.7867,
    "avg_idx": 14.7338,
    "avg_spy": 16.6905,
    "edge": 5.0529,
    "median_ret": 8.7246,
    "beat_pct": 45.4868,
    "edge_trimmed": 4.1904,
    "median_idx": 13.923,
    "pos_pct": 59.2461
   },
   "$10-100M": {
    "n": 68895,
    "companies": 1962,
    "avg_ret": 21.0132,
    "avg_idx": 15.39,
    "avg_spy": 17.4893,
    "edge": 5.6233,
    "median_ret": 13.2368,
    "beat_pct": 49.3142,
    "edge_trimmed": 5.3299,
    "median_idx": 13.8861,
    "pos_pct": 65.7334
   },
   "over $100M": {
    "n": 42690,
    "companies": 835,
    "avg_ret": 25.2478,
    "avg_idx": 18.468,
    "avg_spy": 18.5881,
    "edge": 6.7798,
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    "beat_pct": 50.2436,
    "edge_trimmed": 6.499,
    "median_idx": 17.3737,
    "pos_pct": 73.5793
   }
  },
  "2021-2025": {
   "under $100k": {
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    "companies": 534,
    "avg_ret": -30.314,
    "avg_idx": 7.0211,
    "avg_spy": 14.2664,
    "edge": -37.3351,
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    "beat_pct": 19.9278,
    "edge_trimmed": -37.3222,
    "median_idx": 7.1791,
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   },
   "$100k-1M": {
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    "companies": 1070,
    "avg_ret": 0.9548,
    "avg_idx": 6.9675,
    "avg_spy": 14.4486,
    "edge": -6.0127,
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    "beat_pct": 34.9343,
    "edge_trimmed": -10.9063,
    "median_idx": 6.898,
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   },
   "$1-10M": {
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    "companies": 1904,
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    "avg_idx": 5.0137,
    "avg_spy": 12.8198,
    "edge": -1.6914,
    "median_ret": -6.8915,
    "beat_pct": 39.8586,
    "edge_trimmed": -2.2186,
    "median_idx": 4.9339,
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   },
   "$10-100M": {
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    "companies": 2138,
    "avg_ret": 3.2378,
    "avg_idx": 6.999,
    "avg_spy": 12.5059,
    "edge": -3.7612,
    "median_ret": -3.7019,
    "beat_pct": 39.2669,
    "edge_trimmed": -4.1535,
    "median_idx": 6.8943,
    "pos_pct": 46.1263
   },
   "over $100M": {
    "n": 52017,
    "companies": 1012,
    "avg_ret": 9.3743,
    "avg_idx": 12.6237,
    "avg_spy": 13.2348,
    "edge": -3.2494,
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    "beat_pct": 37.7915,
    "edge_trimmed": -3.9226,
    "median_idx": 15.4765,
    "pos_pct": 53.1941
   }
  }
 },
 "micro_knife_dist": {
  "lost_half": 34.2105,
  "doubled": 11.8084,
  "n": 7410
 },
 "track": {
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  "later_buys": 20468,
  "by_q": {
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    "companies": 479,
    "avg_ret": 5.825,
    "avg_idx": 3.1307,
    "avg_spy": 10.1289,
    "edge": 2.6943,
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    "beat_pct": 46.4559,
    "edge_trimmed": 2.4232,
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   },
   "second": {
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    "companies": 580,
    "avg_ret": 8.6073,
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    "avg_spy": 14.2915,
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    "beat_pct": 48.5521,
    "edge_trimmed": 1.1214,
    "median_idx": 6.8701,
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   },
   "middle": {
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    "companies": 431,
    "avg_ret": 6.8272,
    "avg_idx": 5.6036,
    "avg_spy": 12.848,
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    "beat_pct": 49.9645,
    "edge_trimmed": 1.1995,
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   },
   "fourth": {
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    "avg_spy": 12.8421,
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    "beat_pct": 44.5451,
    "edge_trimmed": -1.7265,
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   },
   "top fifth": {
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    "avg_spy": 12.5449,
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    "edge_trimmed": 2.0523,
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  "no_record": {
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   "companies": 4296,
   "avg_ret": 4.622,
   "avg_idx": 7.9147,
   "avg_spy": 13.5786,
   "edge": -3.2927,
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   "beat_pct": 40.3123,
   "edge_trimmed": -5.3248,
   "median_idx": 7.7377,
   "pos_pct": 48.0444
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  "top_trim_edge": 2.0523,
  "rest_trim_edge": 1.0462
 },
 "snapshot_date": "2026-09-25"
}