Changes
- Each view is graded at its own horizon. Every analyst declares how long a call should take to play out, and the engine stamps that on the view. The scorecard judges the view there, instead of at the fund's next rebalance. Buffett, Munger, Graham, and Lynch are graded at one year (252 trading days), Druckenmiller at 126 days, and post-earnings drift at 60 days. A view the ledger has not reached yet shows as pending. Ledgers written before this still grade, using the horizon the model declares today. The fund builder shows the horizon next to each analyst. Position sizing is unchanged.