- Traffic matched to S1 exposure days: 2582 of 2667
- S1 OOS total return: +102.4%
- Placebo median: +459.5% | p(random >= S1)=1.000
- FAIL placebo gate
ALL DONE
- Interpretation: any long basket on random days in 2016+ bull market compounds ~+25%/yr; S1's +102% total on its exposure days does not beat that, so the grinder filter is beta, not a new edge.