FOR trend loading… cap% style loading… props Δ loading… SEED — ↗ for_history.json ↗ prop_edge.jsonl
FOR Joint History — Quality Alpha Over Time2020-2024 loading…
AVG FOR_JOINT TREND 2020→2024
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FOR_joint = 0.30·Prof + 0.10·Growth + 0.15·Moat + 0.15·Cash + 0.15·Bal + 0.15·Val — honest from real_data.json
CAP % STYLE — Quality Allocation
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cap% proxy = cheap-for-quality pos % + Piotroski 7+ % blend → how much cap to allocate to high-quality closers vs avoid
Props Δ — Beats Market Expectation (Equity Proxy)Δ MODEL vs VEGAS
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Training-only synthetic — earnings surprise = analyst consensus (Vegas) vs model expected (edge). Same Δ logic as hoops props. No live odds. DAILY_SEED LCG a=1103515245 c=12345 m=2^31 example 20260809→70737614 for deterministic chip rotation.
Owner Lab

Championship Economics
= Fund Alpha

Fund manager POV: you own the team. Wins are quality alpha — market-beating excess return vs benchmark (ring = alpha). The Owner Lab turns cap allocation into a tool, not a slide.

8 ArchetypesCompounder Cash_Cow Turnaround HyperGrowth_SaaS Heavy_Industrial Bank_Capital_Heavy Moonshot_Bio Serial_Acquirer
12 SkillsProfitability Growth Moat_Margin_Stability Cash_Conversion Capital_Allocation Balance_Health Efficiency Valuation_Discipline Market_Momentum Management_Quality Shareholder_Yield Disclosure_Quality
SEC 2015-2024EDGAR XBRL CIK+ticker 64-d L2 4yr forward gate
Factor Exposure — The Dashboard
Altman Z
Z = 1.2·WC/TA + 1.4·RE/TA + 3.3·EBIT/TA + 0.6·MVE/TL + 1.0·Sales/TA
Plain: how many bad quarters before distress? Z > 2.6 safe, 1.8-2.6 grey, <1.8 distress. We use as Balance_Health.
Piotroski F 0-9
+1 each: ROA>0, CFO>0, ΔROA>0, CFO>ROA, ΔLever<0, ΔLiquid>0, No Dilution, ΔGM>0, ΔTurn>0
Plain: quality checklist. High F = cash-backed profit, not paper profit.
Beneish M-score
M = -4.84 +0.92·DSRI+0.528·GMI+0.404·AQI+0.892·SGI+0.115·DEPI-0.172·SGAI+4.679·TATA-0.327·LVGI
Plain: manipulation flag. M > -1.78 → earnings may be managed. Maps to exploitable.
Sloan Accruals
Accrual = (NI - CFO)/TA ; High accrual = low cash conversion
Plain: injury flag = restatement risk. Low accrual = durable.
QMJ Quality-Minus-Junk
Profit + Growth + Safety + Payout
High Profitability+Cash_Conversion+Balance_Health+Shareholder_Yield minus low = QMJ.
Burn Multiple + Runway
Burn = NetBurn/NewARR ; Runway = Cash / Monthly Burn
HyperGrowth_SaaS & Moonshot_Bio lens. <1.5 efficient growth, >3 cash burning.
FOR = Quality Alpha: ring = alpha vs benchmark. The model learns FOR by asking: does this FY embedding predict 6M IC 0.007 and 10%-before--7% 63d hit 21.9%? If yes, it's closer (stays in index). Cheap-for-Quality Surplus = Profitability percentile in top 40% AND Valuation_Discipline (cheap) top 40% — value, not value trap. Formula plain: surplus = Profitability% - (100 - Valuation_Discipline%). Positive = cheap for how good it is.
Construct Validity — why these aren't vibes
  • Define construct plain English: Altman Z = distress tolerance; Piotroski = cash-backed profit quality; Beneish = earnings gamesmanship; Sloan = accrual risk; QMJ = all-in quality.
  • Operationalize: Each maps to 12 skills: Profitability (ROA, GM), Balance_Health (Z), Cash_Conversion (Sloan inverse), Disclosure_Quality (Beneish inverse), etc. 154 feats → 20 towers gated → transformer 4L4H → 64-d L2.
  • Convergent: sector purity 0.7057 lift 6.32× vs random 0.1117 — similar businesses cluster.
  • Discriminant: cross-ticker purity 0.4013 — removes own ticker, still finds peer. Not memorizing.
  • Predictive: forward IC 6M 0.007 >0, triple barrier 21.9% 10% before -7% 63d. Log guard: no ticker leakage, FY median-impute causal.
  • Threats: backtest bias, sector drift 9.8° COVID 2020-21, XBRL parsing shift 2015-2024 — mitigated by isotonic calibration + sector-neutral.
Cheap-for-Quality Finder — Liveloading 4831 FYs…
Ticker FYArchSecProfValSurplusZ~BalF~Qual
Fetches ../assets/real_data.json latest FY per ticker + ../assets/data/equities.json for grounded stats. Profit/Val percentiles = skills[0], skills[7] (0-100 mapped). Surplus = Prof - (100-Val) . Positive = cheap for quality. QMJ proxy = (Prof+CashConv+BalHealth+ShareYield)/4.
Closers: top surplus + Piotroski>6Aviod: Beneish flagged / low Z
PWA Ready — Installable Fund Sheet

Manifest /manifest.json theme #0b0e14 display standalone, icons 192/512, shortcuts Play daily + Lab. Offline fallback offline.html + sw.js. Dark void zero-deps ensures fast audit on iPad in board meeting.

↗ MapLab FusionCompanies
Zero-deps: inline CSS/JS only, no torch, no external libs. All calcs in browser.
Plain English Formulas
Altman Z = 1.2·WC/TA + 1.4·RE/TA + 3.3·EBIT/TA + 0.6·MktCap/Liab + Sales/TA → survive?
Piotroski 0-9: ROA>0? CFO>0? ΔROA>0? CFO>NI? Lev↓? Liquid↑? No Dilution? GM↑? Turnover↑? → quality quality quality.
Beneish M > -1.78 → may be managing earnings. Watch short interest spike.
Sloan accrual = (Net Income - CFO)/TA → injury flag if high.
Burn Multiple = Cash Burn / Net New ARR → HyperGrowth_SaaS efficiency.