Chapter 3 · §3

Why this structure

Two different statements deserve two different scoring frames

Running separate leagues is important because the strategies being evaluated are genuinely different.

The benchmark-aware participant is saying, in effect: "Judge me as an active PM or directional trader relative to a declared market opportunity set."

The market-neutral / alpha participant is saying: "Judge me on residual skill after stripping out obvious market and sector drift."

Those should not share a leaderboard because the scoring logic should not force one style into the frame of the other.

BENCHMARK-AWARE FRAME you bmk excess Measures excess over benchmark. ALPHA FRAME total return − market stripped − sector stripped = residual α Measures residual after market & sector are removed.
Two different things are being measured. They cannot share a leaderboard.
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