Universe 493 names (crypto/ETF filtered), IS<2016<=OOS, next-open, 10bps, sqrt(252), hold=5.
- IS: ret -80.6%, SR -0.15, maxDD -88.1%
- OOS: ret -91.6%, SR -0.23, maxDD -96.0%
Verdict: REJECT. Gross OOS -70%, net OOS -92% at 10bps (turnover ~116x/yr), negative IS too - sign-stable, not a sample artifact. The expected-move (per-name beta into yesterday's leader-basket return) ordering is negatively informative on this universe. Parked; do not flip signs without a pre-registered OOS reason.