RE: backtesting we use SEC enforcement actions related to fraud (10b-5) as our gold label. That said, there is no gold label for absence of fraud so our backtes

RE: backtesting we use SEC enforcement actions related to fraud (10b-5) as our gold label. That said, there is no gold label for absence of fraud so our backtested metrics are probably slightly better than they seem. We've never tried to score a short fund on their precision/recall but unofficially, Hindenburg Research has the highest concordance with our models in deployment.