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Concept · Point-in-time data discipline

Survivorship bias

Backtesting on a universe that excludes delisted or failed entities. Produces optimistic results.

In depth

Backtesting on a universe that excludes delisted or failed names. It quietly inflates returns — the losers that would have hurt you are missing. A point-in-time security master is the fix.

Referenced by (1)

  • ERM3 Cascade-Residual Persistence and the Allocator Skill Signal

    Top-decile rank persistence, active-share comparison, and tail-stratified inference across 1,000 top-AUM US mutual funds

Related concepts

Point-in-time (PIT)Look-ahead biasFiling lag
← Filing lagPoint-in-time data discipline · 4 / 4Point-in-time (PIT) →
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