Survivorship bias. This back-test includes only companies that are listed today. Firms that went bankrupt, delisted, or were acquired during the simulation period are excluded from the universe, which likely overstates historical returns. The relative comparison (strategy vs equal-weight benchmark) uses the same surviving universe and is more informative than the absolute multiples.
What we own
Knocking on the door · next in line (ranks 31–50)
These rank well but aren't in the portfolio yet — usually waiting for their price trend to turn up. They enter as current holdings drop out. ▲/▼ = moving up or down the queue this week.