Contract

• Input: factor concept and universe definition.
• Output: Markdown backtest artifact.
• Side effects: none.
• Dependencies: none.
• Stop condition: artifact complete with verdict.
• Risk: low.
• Boundary: reasoning and optional code; no system changes.

Quant Factors

Build a factor — a signal that explains cross-sectional returns — and test it with discipline. A factor without a robust test is a story.

When to use