diff --git a/reports/daily_reentry_cand.pk1 b/reports/daily_reentry_cand.pk1
index f15c1a0..3055210 100644
Binary files a/reports/daily_reentry_cand.pk1 and b/reports/daily_reentry_cand.pk1 differ
diff --git a/reports/daily_reentry_matrix.json b/reports/daily_reentry_matrix.json
index 40625a0..1ad3b0c 100644
--- a/reports/daily_reentry_matrix.json
+++ b/reports/daily_reentry_matrix.json
@@ -1,15 +1,27 @@
 {
-  "generated_at": "2026-07-17T16:26:48.282643+02:00",
+  "generated_at": "2026-07-17T17:22:46.376961+02:00",
   "snapshot": "/Users/taathde3/git/lab/signal_platform/backtest_snapshots/prod.sqlite",
   "period_start_requested": null,
   "last_eligible_candidate_date": "2026-05-19",
+  "portfolio_asof_date": "2026-07-02",
   "tickers_loaded": 505,
-  "tickers_qualified": 381,
-  "entry_candidates": 492850,
-  "qualified_candidates": 6459,
+  "entry_candidates": 1011248,
+  "entry_candidates_by_direction": {
+    "long": 492850,
+    "short": 518398
+  },
+  "universe_rank_observations": 584393,
+  "qualified_candidates_by_ranking_mode": {
+    "backtest_legacy": 5449,
+    "live_universe": 5189
+  },
   "params": {
     "entry_cadence": "daily",
     "target_model": "production_gtl",
+    "ranking_modes": [
+      "backtest_legacy",
+      "live_universe"
+    ],
     "policies": [
       "immediate",
       "next_session",
@@ -39,11771 +51,23762 @@
     "momentum_percentile_floor": 80.0,
     "ranking_key": "residual_high_vol_blend_80_20_score"
   },
-  "primary_lookback_matrix": [
-    {
-      "arm": "immediate",
-      "lookback": "6m",
-      "lookback_label": "6 months",
-      "capacity": 10,
-      "starting_capital": 10000.0,
-      "cost_per_side_pct": 0.1,
-      "final_equity": 12963.6,
-      "total_return_pct": 29.6,
-      "cagr_pct": 51.8,
-      "max_drawdown_pct": 6.9,
-      "sharpe": 2.29,
-      "trades": 58,
-      "win_rate": 32.8,
-      "avg_trade_pnl": 51.1,
-      "best_trade_r": 11.1,
-      "worst_trade_r": -2.82,
-      "best_trade_pnl": 1302.87,
-      "worst_trade_pnl": -191.01,
-      "avg_hold_days": 15.1,
-      "exit_reasons": {
-        "stop": 26,
-        "time": 12,
-        "trailing_stop": 20
-      },
-      "skipped_book_full": 0,
-      "spy_return_pct": 11.9,
-      "yearly_returns": [
+  "ranking_results": {
+    "backtest_legacy": {
+      "description": "Existing historical backtest approximation: directional setup candidates form the rank cross-section; shorts never qualify.",
+      "qualified_candidates": 5449,
+      "tickers_qualified": 350,
+      "primary_lookback_matrix": [
         {
-          "year": 2025,
-          "return_pct": 12.2
+          "arm": "immediate",
+          "lookback": "6m",
+          "lookback_label": "6 months",
+          "capacity": 10,
+          "starting_capital": 10000.0,
+          "cost_per_side_pct": 0.1,
+          "final_equity": 10495.6,
+          "total_return_pct": 5.0,
+          "cagr_pct": 10.1,
+          "max_drawdown_pct": 15.1,
+          "sharpe": 0.6,
+          "trades": 55,
+          "win_rate": 25.5,
+          "avg_trade_pnl": 9.01,
+          "best_trade_r": 11.1,
+          "worst_trade_r": -2.86,
+          "best_trade_pnl": 1053.11,
+          "worst_trade_pnl": -251.25,
+          "avg_hold_days": 12.4,
+          "exit_reasons": {
+            "stop": 33,
+            "time": 4,
+            "trailing_stop": 18
+          },
+          "skipped_book_full": 0,
+          "spy_return_pct": 9.2,
+          "yearly_returns": [
+            {
+              "year": 2025,
+              "return_pct": 0.0
+            },
+            {
+              "year": 2026,
+              "return_pct": 5.0
+            }
+          ],
+          "start_date": "2025-12-31",
+          "end_date": "2026-07-02",
+          "post_stop_events": 33,
+          "post_stop_reentries": 11,
+          "post_stop_states_open_at_end": 22,
+          "turnover": {
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+            "reentry_trades": 11,
+            "same_day_reentries": 0,
+            "next_session_reentries": 0,
+            "reentries_within_5_sessions": 4,
+            "avg_reentry_wait_sessions": 16.4,
+            "reentry_win_rate": 9.1,
+            "reentry_total_pnl": -188.15
+          },
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+            "qualified_checks": 57,
+            "emitted_candidates_by_reason": {
+              "gate_still_or_again_qualified": 57
+            }
+          }
         },
         {
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-          "return_pct": 15.5
+          "arm": "next_session",
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+          "lookback_label": "6 months",
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+          "starting_capital": 10000.0,
+          "cost_per_side_pct": 0.1,
+          "final_equity": 10495.6,
+          "total_return_pct": 5.0,
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+          "max_drawdown_pct": 15.1,
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+          "worst_trade_pnl": -251.25,
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+          "exit_reasons": {
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+            "time": 4,
+            "trailing_stop": 18
+          },
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+          "spy_return_pct": 9.2,
+          "yearly_returns": [
+            {
+              "year": 2025,
+              "return_pct": 0.0
+            },
+            {
+              "year": 2026,
+              "return_pct": 5.0
+            }
+          ],
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+          "end_date": "2026-07-02",
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+            "reentries_within_5_sessions": 4,
+            "avg_reentry_wait_sessions": 16.4,
+            "reentry_win_rate": 9.1,
+            "reentry_total_pnl": -188.15
+          },
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+            "qualified_checks": 57,
+            "emitted_candidates_by_reason": {
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+            }
+          }
+        },
+        {
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+          "lookback_label": "6 months",
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+          "final_equity": 10520.57,
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+            "time": 5,
+            "trailing_stop": 18
+          },
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+          "spy_return_pct": 9.2,
+          "yearly_returns": [
+            {
+              "year": 2025,
+              "return_pct": 0.0
+            },
+            {
+              "year": 2026,
+              "return_pct": 5.3
+            }
+          ],
+          "start_date": "2025-12-31",
+          "end_date": "2026-07-02",
+          "post_stop_events": 31,
+          "post_stop_reentries": 8,
+          "post_stop_states_open_at_end": 23,
+          "turnover": {
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+            "reentry_trades": 8,
+            "same_day_reentries": 0,
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+            "reentries_within_5_sessions": 2,
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+            "reentry_win_rate": 0.0,
+            "reentry_total_pnl": -564.8
+          },
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+            "qualified_checks": 56,
+            "emitted_candidates_by_reason": {
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+            }
+          }
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+            "trailing_stop": 18
+          },
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+          "spy_return_pct": 9.2,
+          "yearly_returns": [
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+              "year": 2025,
+              "return_pct": 0.0
+            },
+            {
+              "year": 2026,
+              "return_pct": 5.0
+            }
+          ],
+          "start_date": "2025-12-31",
+          "end_date": "2026-07-02",
+          "post_stop_events": 33,
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+            "reentry_total_pnl": -188.15
+          },
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+            "emitted_candidates_by_reason": {
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+            }
+          }
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+              "return_pct": 0.0
+            },
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+              "return_pct": -1.5
+            }
+          ],
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+            "emitted_candidates_by_reason": {
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+          }
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+        {
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+            "emitted_candidates_by_reason": {
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+          }
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+              "return_pct": 35.8
+            },
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+          ]
+        },
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+          "lookback_label": "All history",
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+            },
+            {
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+              "reentry_date": "2024-05-07"
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+              "symbol": "TPL",
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+              "reentry_date": "2024-05-21"
+            },
+            {
+              "symbol": "COIN",
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+              "reentry_date": "2024-05-22"
+            },
+            {
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+            },
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+              "reentry_date": "2024-06-24"
+            },
+            {
+              "symbol": "FANG",
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+              "reentry_date": "2024-06-24"
+            },
+            {
+              "symbol": "STX",
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+              "reentry_date": "2024-07-01"
+            },
+            {
+              "symbol": "TPL",
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+              "reason": "stop_day_block_complete",
+              "stop_date": "2024-07-01",
+              "reentry_date": "2024-07-18"
+            },
+            {
+              "symbol": "PSX",
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+              "stop_date": "2024-07-08",
+              "reentry_date": "2024-07-25"
+            },
+            {
+              "symbol": "TPL",
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+              "reason": "stop_day_block_complete",
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+              "reentry_date": "2024-07-26"
+            },
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+              "reentry_date": "2024-07-29"
+            },
+            {
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+              "reason": "stop_day_block_complete",
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+              "reentry_date": "2024-08-01"
+            },
+            {
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+              "reason": "stop_day_block_complete",
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+              "reentry_date": "2024-09-11"
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+              "reason": "stop_day_block_complete",
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+              "reentry_date": "2024-09-18"
+            },
+            {
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+              "reentry_date": "2024-10-23"
+            },
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+              "reentry_date": "2024-12-09"
+            },
+            {
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+              "reentry_date": "2024-12-12"
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+            {
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+              "stop_date": "2024-08-02",
+              "reentry_date": "2025-01-10"
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+            {
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+            },
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+              "reentry_date": "2025-02-20"
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+          ]
+        },
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+              "reentry_date": "2023-05-04"
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+            {
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+              "reentry_date": "2023-06-23"
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+            {
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+          ]
+        },
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+              "symbol": "VRT",
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+              "reentry_date": "2023-06-02"
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+            {
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+              "reentry_date": "2023-08-03"
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+            {
+              "symbol": "HAL",
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+              "reason": "stop_day_block_complete",
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+              "reentry_date": "2023-08-09"
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+              "reentry_date": "2023-08-02"
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+              "reentry_date": "2023-08-09"
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+            {
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+              "reentry_date": "2023-09-27"
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+              "reentry_date": "2023-09-27"
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+              "reentry_date": "2023-10-09"
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+              "reentry_date": "2023-10-20"
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+              "reentry_date": "2023-10-20"
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+              "reentry_date": "2023-10-23"
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+              "reentry_date": "2023-10-25"
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+              "reentry_date": "2023-10-30"
+            },
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+              "reentry_date": "2023-11-29"
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+              "reentry_date": "2023-12-04"
+            },
+            {
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+              "reentry_date": "2023-12-04"
+            },
+            {
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+              "stop_date": "2023-08-02",
+              "reentry_date": "2023-12-05"
+            },
+            {
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+              "reentry_date": "2023-12-05"
+            },
+            {
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+              "stop_date": "2023-10-25",
+              "reentry_date": "2024-01-03"
+            },
+            {
+              "symbol": "DASH",
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+              "reentry_date": "2024-01-09"
+            },
+            {
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+              "reentry_date": "2024-01-24"
+            },
+            {
+              "symbol": "DDOG",
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+              "reentry_date": "2024-01-31"
+            },
+            {
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+              "stop_date": "2022-12-08",
+              "reentry_date": "2024-04-23"
+            },
+            {
+              "symbol": "DDOG",
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+              "stop_date": "2024-04-17",
+              "reentry_date": "2024-04-24"
+            },
+            {
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+              "stop_date": "2023-12-04",
+              "reentry_date": "2024-04-29"
+            },
+            {
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+              "reason": "5_session_cooldown_complete",
+              "stop_date": "2024-02-16",
+              "reentry_date": "2024-05-07"
+            },
+            {
+              "symbol": "NFLX",
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+              "stop_date": "2024-04-10",
+              "reentry_date": "2024-05-07"
+            },
+            {
+              "symbol": "TPL",
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+              "reentry_date": "2024-05-21"
+            },
+            {
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+              "reentry_date": "2024-05-22"
+            },
+            {
+              "symbol": "UBER",
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+              "reason": "5_session_cooldown_complete",
+              "stop_date": "2023-09-21",
+              "reentry_date": "2024-06-06"
+            },
+            {
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+              "reentry_date": "2024-06-11"
+            },
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+              "stop_date": "2024-05-28",
+              "reentry_date": "2024-06-24"
+            },
+            {
+              "symbol": "FANG",
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+              "stop_date": "2022-09-19",
+              "reentry_date": "2024-06-24"
+            },
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+              "reentry_date": "2024-07-18"
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+              "reentry_date": "2024-07-22"
+            },
+            {
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+              "stop_date": "2024-07-08",
+              "reentry_date": "2024-07-25"
+            },
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+              "stop_date": "2024-08-02",
+              "reentry_date": "2024-08-12"
+            },
+            {
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+              "stop_date": "2024-07-25",
+              "reentry_date": "2024-09-11"
+            },
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+              "reentry_date": "2024-09-11"
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+              "reentry_date": "2024-09-18"
+            },
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+          ]
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+            {
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+            {
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+            {
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+              "reentry_date": "2024-11-06"
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+              "reentry_date": "2024-11-13"
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+            {
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+              "reentry_date": "2024-12-10"
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+              "reentry_date": "2025-01-27"
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+            {
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+              "reentry_date": "2025-01-27"
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+            {
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+              "reentry_date": "2025-01-29"
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+              "symbol": "CFG",
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+            {
+              "symbol": "CHRW",
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+            },
+            {
+              "symbol": "T",
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+              "reentry_date": "2025-03-19"
+            },
+            {
+              "symbol": "GDDY",
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+              "reentry_date": "2025-03-20"
+            },
+            {
+              "symbol": "FICO",
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+              "reentry_date": "2025-04-25"
+            },
+            {
+              "symbol": "IBKR",
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+              "reentry_date": "2025-05-15"
+            },
+            {
+              "symbol": "MSTR",
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+              "reentry_date": "2025-05-22"
+            },
+            {
+              "symbol": "UAL",
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+              "reentry_date": "2025-05-23"
+            },
+            {
+              "symbol": "APP",
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+              "reentry_date": "2025-06-05"
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-        },
-        {
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-          "reentry_date": "2023-02-27"
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-        },
-        {
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-        {
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-          "reentry_date": "2023-04-28"
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-        {
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-        {
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-          "reentry_date": "2023-06-23"
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-        {
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-          "stop_date": "2023-06-09",
-          "reentry_date": "2023-07-11"
-        },
-        {
-          "symbol": "WYNN",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-04-27",
-          "reentry_date": "2023-07-27"
-        },
-        {
-          "symbol": "FCX",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-02-23",
-          "reentry_date": "2023-08-04"
-        },
-        {
-          "symbol": "HAL",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2022-12-08",
-          "reentry_date": "2023-08-09"
-        },
-        {
-          "symbol": "AXON",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2022-12-06",
-          "reentry_date": "2023-08-15"
-        },
-        {
-          "symbol": "AXON",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-08-18",
-          "reentry_date": "2023-08-25"
-        },
-        {
-          "symbol": "NFLX",
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-          "stop_date": "2023-08-24",
-          "reentry_date": "2023-09-01"
-        },
-        {
-          "symbol": "STLD",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-08-24",
-          "reentry_date": "2023-09-27"
-        },
-        {
-          "symbol": "VLO",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-02-17",
-          "reentry_date": "2023-09-27"
-        },
-        {
-          "symbol": "ADBE",
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-          "stop_date": "2023-09-15",
-          "reentry_date": "2023-10-20"
-        },
-        {
-          "symbol": "NFLX",
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-          "reason": "5_session_cooldown_complete",
-          "stop_date": "2023-09-13",
-          "reentry_date": "2023-10-20"
-        },
-        {
-          "symbol": "NOW",
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-          "stop_date": "2023-10-20",
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-        },
-        {
-          "symbol": "APP",
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-          "reentry_date": "2023-11-29"
-        },
-        {
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-          "reentry_date": "2024-05-02"
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-    {
-      "arm": "cooldown_5",
-      "segment": "test",
-      "split_date": "2025-01-01",
-      "capacity": 10,
-      "starting_capital": 10000.0,
-      "cost_per_side_pct": 0.1,
-      "final_equity": 15626.34,
-      "total_return_pct": 56.3,
-      "cagr_pct": 34.8,
-      "max_drawdown_pct": 17.9,
-      "sharpe": 1.46,
-      "trades": 181,
-      "win_rate": 36.5,
-      "avg_trade_pnl": 31.08,
-      "best_trade_r": 12.37,
-      "worst_trade_r": -2.98,
-      "best_trade_pnl": 1595.96,
-      "worst_trade_pnl": -176.93,
-      "avg_hold_days": 14.6,
-      "exit_reasons": {
-        "stop": 85,
-        "time": 32,
-        "trailing_stop": 64
-      },
-      "skipped_book_full": 230,
-      "spy_return_pct": 27.4,
-      "yearly_returns": [
-        {
-          "year": 2025,
-          "return_pct": 35.1
-        },
-        {
-          "year": 2026,
-          "return_pct": 15.7
-        }
-      ],
-      "start_date": "2025-01-02",
-      "end_date": "2026-07-02",
-      "post_stop_events": 85,
-      "post_stop_reentries": 37,
-      "post_stop_states_open_at_end": 48,
-      "turnover": {
-        "transaction_cost": 579.18,
-        "reentry_trades": 37,
-        "same_day_reentries": 0,
-        "next_session_reentries": 0,
-        "reentries_within_5_sessions": 1,
-        "avg_reentry_wait_sessions": 48.7,
-        "reentry_win_rate": 40.5,
-        "reentry_total_pnl": 469.56
-      },
-      "policy": {
-        "daily_checks": 9525,
-        "qualified_checks": 267,
-        "emitted_candidates_by_reason": {
-          "5_session_cooldown_complete": 229
-        }
-      }
-    },
-    {
-      "arm": "gate_reset",
-      "segment": "test",
-      "split_date": "2025-01-01",
-      "capacity": 10,
-      "starting_capital": 10000.0,
-      "cost_per_side_pct": 0.1,
-      "final_equity": 14711.19,
-      "total_return_pct": 47.1,
-      "cagr_pct": 29.5,
-      "max_drawdown_pct": 15.1,
-      "sharpe": 1.25,
-      "trades": 189,
-      "win_rate": 34.4,
-      "avg_trade_pnl": 24.93,
-      "best_trade_r": 12.37,
-      "worst_trade_r": -2.98,
-      "best_trade_pnl": 1610.68,
-      "worst_trade_pnl": -390.74,
-      "avg_hold_days": 13.8,
-      "exit_reasons": {
-        "stop": 95,
-        "time": 32,
-        "trailing_stop": 62
-      },
-      "skipped_book_full": 229,
-      "spy_return_pct": 27.4,
-      "yearly_returns": [
-        {
-          "year": 2025,
-          "return_pct": 52.2
-        },
-        {
-          "year": 2026,
-          "return_pct": -3.4
-        }
-      ],
-      "start_date": "2025-01-02",
-      "end_date": "2026-07-02",
-      "post_stop_events": 95,
-      "post_stop_reentries": 39,
-      "post_stop_states_open_at_end": 56,
-      "turnover": {
-        "transaction_cost": 627.79,
-        "reentry_trades": 39,
-        "same_day_reentries": 0,
-        "next_session_reentries": 1,
-        "reentries_within_5_sessions": 11,
-        "avg_reentry_wait_sessions": 40.3,
-        "reentry_win_rate": 30.8,
-        "reentry_total_pnl": 143.82
-      },
-      "policy": {
-        "daily_checks": 10274,
-        "qualified_checks": 262,
-        "emitted_candidates_by_reason": {
-          "gate_failed_then_requalified": 246
-        }
-      }
-    },
-    {
-      "arm": "gate_reset_improved",
-      "segment": "test",
-      "split_date": "2025-01-01",
-      "capacity": 10,
-      "starting_capital": 10000.0,
-      "cost_per_side_pct": 0.1,
-      "final_equity": 14292.0,
-      "total_return_pct": 42.9,
-      "cagr_pct": 27.0,
-      "max_drawdown_pct": 14.3,
-      "sharpe": 1.23,
-      "trades": 172,
-      "win_rate": 34.9,
-      "avg_trade_pnl": 24.95,
-      "best_trade_r": 12.03,
-      "worst_trade_r": -2.98,
-      "best_trade_pnl": 1481.91,
-      "worst_trade_pnl": -183.45,
-      "avg_hold_days": 14.6,
-      "exit_reasons": {
-        "stop": 82,
-        "time": 29,
-        "trailing_stop": 61
-      },
-      "skipped_book_full": 206,
-      "spy_return_pct": 27.4,
-      "yearly_returns": [
-        {
-          "year": 2025,
-          "return_pct": 38.4
-        },
-        {
-          "year": 2026,
-          "return_pct": 3.3
-        }
-      ],
-      "start_date": "2025-01-02",
-      "end_date": "2026-07-02",
-      "post_stop_events": 82,
-      "post_stop_reentries": 17,
-      "post_stop_states_open_at_end": 65,
-      "turnover": {
-        "transaction_cost": 556.93,
-        "reentry_trades": 17,
-        "same_day_reentries": 0,
-        "next_session_reentries": 0,
-        "reentries_within_5_sessions": 0,
-        "avg_reentry_wait_sessions": 51.4,
-        "reentry_win_rate": 35.3,
-        "reentry_total_pnl": -121.9
-      },
-      "policy": {
-        "daily_checks": 12523,
-        "qualified_checks": 414,
-        "emitted_candidates_by_reason": {
-          "gate_reset_with_improved_stop_and_rank": 93
-        }
-      }
-    },
-    {
-      "arm": "two_session_confirmation",
-      "segment": "test",
-      "split_date": "2025-01-01",
-      "capacity": 10,
-      "starting_capital": 10000.0,
-      "cost_per_side_pct": 0.1,
-      "final_equity": 14972.91,
-      "total_return_pct": 49.7,
-      "cagr_pct": 31.0,
-      "max_drawdown_pct": 14.6,
-      "sharpe": 1.36,
-      "trades": 177,
-      "win_rate": 35.0,
-      "avg_trade_pnl": 28.1,
-      "best_trade_r": 12.03,
-      "worst_trade_r": -2.98,
-      "best_trade_pnl": 1519.76,
-      "worst_trade_pnl": -327.58,
-      "avg_hold_days": 14.5,
-      "exit_reasons": {
-        "stop": 84,
-        "time": 34,
-        "trailing_stop": 59
-      },
-      "skipped_book_full": 82,
-      "spy_return_pct": 27.4,
-      "yearly_returns": [
-        {
-          "year": 2025,
-          "return_pct": 34.6
-        },
-        {
-          "year": 2026,
-          "return_pct": 11.3
-        }
-      ],
-      "start_date": "2025-01-02",
-      "end_date": "2026-07-02",
-      "post_stop_events": 84,
-      "post_stop_reentries": 22,
-      "post_stop_states_open_at_end": 62,
-      "turnover": {
-        "transaction_cost": 548.46,
-        "reentry_trades": 22,
-        "same_day_reentries": 0,
-        "next_session_reentries": 0,
-        "reentries_within_5_sessions": 0,
-        "avg_reentry_wait_sessions": 40.5,
-        "reentry_win_rate": 36.4,
-        "reentry_total_pnl": -349.15
-      },
-      "policy": {
-        "daily_checks": 11452,
-        "qualified_checks": 321,
-        "emitted_candidates_by_reason": {
-          "two_qualified_post_stop_closes": 118
-        }
-      }
-    }
-  ],
-  "portfolio_simulations_executed": 90,
-  "note": "The point-in-time daily setup replay and universe ranking are executed once. All arms reuse the identical production-qualified candidate set. Immediate is the daily no-lockdown baseline; next_session blocks only the stop day; cooldown_5 permits re-entry at wait_sessions=5; gate_reset requires an unqualified close before requalification; gate_reset_improved additionally requires a higher stop and a non-weaker production rank; two_session_confirmation requires two consecutive qualified post-stop closes and excludes the stop day's close. Transaction costs alter cash and position sizing, not just reported P&L."
+  },
+  "portfolio_simulations_executed": 180,
+  "validation_simulations_executed": 2,
+  "note": "The expensive point-in-time daily setup replay is executed once. backtest_legacy preserves the existing candidate-rank approximation; live_universe ranks every ticker once per session like production. Both modes remain strictly long-only after ranking and then run the same policy, lookback, cost, capacity, and holdout matrix. Each immediate callback must match its direct no-lockdown simulation exactly. Immediate is the daily no-lockdown baseline; next_session blocks only the stop day; cooldown_5 permits re-entry at wait_sessions=5; gate_reset requires an unqualified close before requalification; gate_reset_improved additionally requires a higher stop and a non-weaker production rank; two_session_confirmation requires two consecutive qualified post-stop closes and excludes the stop day's close. Transaction costs alter cash and position sizing, not just reported P&L."
 }